External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Uno Minda Q2FY2 beat our and consensus estimates on all fronts.</li><li>Revenue grew by 26%/17% YoY/QoQ with growth across all key product segments, led by the ramp-up of Lighting plant and higher-than-expected growth in Alloy Wheel division and Others (Sensors and Controllers).</li><li>The company’s EBITDA grew by 26%/22% YoY/QoQ and EBITDA Margins (inline) stood at 11.1% up 2/42bps YoY/QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda Q2FY2 beat our and consensus estimates on all fronts.Revenue grew by 26%/17% YoY/QoQ with growth across all key product segments, led by the ramp-up of Lighting plant and higher-than-expected growth in Alloy Wheel division and Others (Sensors and Controllers).The company’s EBITDA grew by 26%/22% YoY/QoQ and EBITDA Margins (inline) stood at 11.1% up 2/42bps YoY/QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda - Outperformance Across All Divisions; Sustainable Business Model

<ul><li>With the introduction of new products, premiumization trends (higher kit value) and continuous capacity building to meet industry demand, UNO Minda has been outpacing the industry growth in both 2W/4W segments.</li><li>We like UNO Minda as a play on Auto, especially with a strong EV product portfolio, robust order book and capacity expansion projects, the benefits of which are expected in FY25 and beyond.</li><li>We now forecast Revenue/EBITDA/ PAT CAGR of 15%/16%/18% over FY23-26E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the introduction of new products, premiumization trends (higher kit value) and continuous capacity building to meet industry demand, UNO Minda has been outpacing the industry growth in both 2W/4W segments.We like UNO Minda as a play on Auto, especially with a strong EV product portfolio, robust order book and capacity expansion projects, the benefits of which are expected in FY25 and beyond.We now forecast Revenue/EBITDA/ PAT CAGR of 15%/16%/18% over FY23-26E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda - Estimates Largely Inline; Valuations Full at CMP

<ul><li>Uno Minda’s numbers missed our Revenue/EBITDA/PAT estimates.</li><li>Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate), as benefits from lower commodity prices were passed on to customers and PV volume growth in the quarter was offset by the drop in 2W volumes.</li><li>The company’s EBITDA grew by 16% YoY, but it declined 6% on a QoQ basis and missed our estimates by 14%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda’s numbers missed our Revenue/EBITDA/PAT estimates.Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate), as benefits from lower commodity prices were passed on to customers and PV volume growth in the quarter was offset by the drop in 2W volumes.The company’s EBITDA grew by 16% YoY, but it declined 6% on a QoQ basis and missed our estimates by 14%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda - Growth Drivers in Place; Maintain BUY

Thematic (Sector/Industry)

<ul><li>We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 19%/29%/29% YoY in Q4FY23.</li><li>On a sequential basis, too, we expect Auto OEMs to register a growth of 8%/11%/11%, which would be led by double-digit volume growth in the PV/CV segment (though this will be partially offset by lower 2W sales on account of lower exports).</li><li>EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 19%/29%/29% YoY in Q4FY23.On a sequential basis, too, we expect Auto OEMs to register a growth of 8%/11%/11%, which would be led by double-digit volume growth in the PV/CV segment (though this will be partially offset by lower 2W sales on account of lower exports).EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto Q4fy23 Preview - Improved Product Mix, Moderation in Rm Costs to Drive Margin Growth

<ul><li>In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.</li><li>The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.</li><li>New Orders: During the quarter, the company has won (1) Incremental orders with an annual peak value of ~Rs 300 Cr comprising of Off-board chargers, Motor controllers, BMS and DC- DC Converters, (2) New orders from a Korean customer for 4W switches, with an annual value of ~Rs 40 Cr, (3) Incremental orders from an American 2W OEM for switches as well as heated grips</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.New Orders: During the quarter, the company has won (1) Incremental orders with an annual peak value of ~Rs 300 Cr comprising of Off-board chargers, Motor controllers, BMS and DC- DC Converters, (2) New orders from a Korean customer for 4W switches, with an annual value of ~Rs 40 Cr, (3) Incremental orders from an American 2W OEM for switches as well as heated gripsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda -Strong Show Across Numbers; Valuations Attractive

India

UNO Minda Limited designs, develops, and manufactures sales diverse auto components. The Company offers alternate fuel and air filtration systems, canisters, brake and fuel hoses, noise suppressor caps, alloy wheels, seat belts, air brakes, air ducts and washer bottle, and body sealing products. UNO Minda serves customers worldwide.

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UNO Minda (UNOMINDA IN)

Uno Minda - Outperformance Across All Divisions; Sustainable Business Model

Revenue grew by 26%/17% YoY/QoQ with growth across all key product segments, led by the ramp-up of Lighting plant and higher-than-expected growth...

Axis Direct

Uno Minda - Estimates Largely Inline; Valuations Full at CMP

We like UNO Minda as a play on Auto, especially with a strong EV product portfolio, robust order book and capacity expansion projects, the benefits...

Axis Direct

Uno Minda - Growth Drivers in Place; Maintain BUY

Uno Minda’s numbers missed our Revenue/EBITDA/PAT estimates. Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate)

Axis Direct

Auto Q4fy23 Preview - Improved Product Mix, Moderation in Rm Costs to Drive Margin Growth

EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.

Axis Direct

Uno Minda -Strong Show Across Numbers; Valuations Attractive

The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.

Axis Direct

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