External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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Equity Bottom-Up

<ul><li>We interacted with Chairman Nirmal Minda and visited Minda company plants.</li><li>Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market-share gains and EV adoption.</li><li>Minda expects to do well in both, core segments and new products, supported by a strong order-book.</li></ul><p><em>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.</em></p>

We interacted with Chairman Nirmal Minda and visited Minda company plants.Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market-share gains and EV adoption.Minda expects to do well in both, core segments and new products, supported by a strong order-book.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 - Robust Outlook; Wallet-Share Gain to Drive Outperformance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of strong YoY/QoQ growth across all the divisions.</li><li>The EBITDA grew by 40%/20% YoY/QoQ to ~Rs 318 Cr (inline) due to operating leverage driven by strong volumes (which were only partially offset by high energy and administrative expenses).</li><li>The company’s EBITDA margin expanded to 11.1% (43bps below estimates), up from 10.4%/10.8% in Q1FY23/Q2FY22 respectively.</li></ul><p><em>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.</em></p>

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of strong YoY/QoQ growth across all the divisions.The EBITDA grew by 40%/20% YoY/QoQ to ~Rs 318 Cr (inline) due to operating leverage driven by strong volumes (which were only partially offset by high energy and administrative expenses).The company’s EBITDA margin expanded to 11.1% (43bps below estimates), up from 10.4%/10.8% in Q1FY23/Q2FY22 respectively.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 -JVs and Capacity Expansions to Drive Growth; Outlook Positive

<div><div><div><div><ul><li>Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ, largely in line with our estimate while EBITDA at Rs 266 Cr (down 3% QoQ/up 81% YoY) missed our estimate mainly due to higher RM costs.</li><li>Revenue growth YoY is led by growth across divisions, casting up 2x, lighting, and switches up 70% and 60% respectively.</li><li>EBITDA margin contracted to 10.4% from 11.4% in Q4 (on higher other expenses), but improved from 9.2% in Q1FY22. Adj PAT stood at Rs 150 Cr, (down 4% QoQ/up 500% YoY on a low base) and stood below our estimate by 16%.</li></ul></div></div></div></div><p><em>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.</em></p>

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ, largely in line with our estimate while EBITDA at Rs 266 Cr (down 3% QoQ/up 81% YoY) missed our estimate mainly due to higher RM costs.Revenue growth YoY is led by growth across divisions, casting up 2x, lighting, and switches up 70% and 60% respectively.EBITDA margin contracted to 10.4% from 11.4% in Q4 (on higher other expenses), but improved from 9.2% in Q1FY22. Adj PAT stood at Rs 150 Cr, (down 4% QoQ/up 500% YoY on a low base) and stood below our estimate by 16%.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 - Robust Q1; Growth Outlook Positive

<div><div><div><div><ul><li>EBITDA tops estimates: Revenue grew by 8% yoy to Rs24.2bn (est.: Rs23.7bn), slightly above estimates.</li></ul><div><div><div><div><ul><li>Order wins continued in Q4FY22: 1) Received orders for new generation switches for sunroof, cruise control, paddle and vehicle stability from PV OEM and export orders from an Italian 2W OEM;</li></ul><div><div><div><div><ul><li>Retain Buy with a TP of Rs1,135. MNDA is focusing on strengthening its own R&amp;D capabilities and exploring tie-ups and acquisitions with a focus on PACE opportunities (Personalization, Autonomous, Connected and Electrification).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

EBITDA tops estimates: Revenue grew by 8% yoy to Rs24.2bn (est.: Rs23.7bn), slightly above estimates.Order wins continued in Q4FY22: 1) Received orders for new generation switches for sunroof, cruise control, paddle and vehicle stability from PV OEM and export orders from an Italian 2W OEM;Retain Buy with a TP of Rs1,135. MNDA is focusing on strengthening its own R&amp;D capabilities and exploring tie-ups and acquisitions with a focus on PACE opportunities (Personalization, Autonomous, Connected and Electrification).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.

Minda Industries - EBITDA Tops Estimates; Outlook Remains Intact

<ul><li>Minda Industries Ltd. (MIL) reported a strong set of results (slightly ahead of our estimates) despite a tough operating environment.</li><li>MIL posted a robust revenue growth led by an increase in content per vehicle, addition of new customers and products, and growth across segments as well as due to the ramp-up of new order wins</li><li>We maintain our BUY rating with a revised target price of Rs 1,100/share (Rs 1,250 earlier), valuing the stock at 32x FY24E EPS, indicating an upside of 32% from the CMP.</li></ul><p><em>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.</em></p>

Minda Industries Ltd. (MIL) reported a strong set of results (slightly ahead of our estimates) despite a tough operating environment.MIL posted a robust revenue growth led by an increase in content per vehicle, addition of new customers and products, and growth across segments as well as due to the ramp-up of new order winsWe maintain our BUY rating with a revised target price of Rs 1,100/share (Rs 1,250 earlier), valuing the stock at 32x FY24E EPS, indicating an upside of 32% from the CMP.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.

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 -JVs and Capacity Expansions to Drive Growth; Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of...

Axis Direct

Uno Minda - Robust Q1; Growth Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ

Axis Direct

Minda Industries - EBITDA Tops Estimates; Outlook Remains Intact

Q4 EBITDA declined by 9% yoy to Rs2.8bn, 5% above our estimates owing to a higher- than-expected gross margin. Revenue grew by 8% to Rs24.2bn,...

Emkay

Minda Industries: Robust Performance

We maintain our BUY rating with a revised target price of Rs 1,100/share (Rs 1,250 earlier), valuing the stock at 32x FY24E EPS, indicating an...

Axis Direct

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UNO Minda - Robust Outlook; Wallet-Share Gain to Drive Outperformance

Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market...

Emkay

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of...

Axis Direct

Uno Minda - Robust Q1; Growth Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ

Axis Direct

Minda Industries - EBITDA Tops Estimates; Outlook Remains Intact

Q4 EBITDA declined by 9% yoy to Rs2.8bn, 5% above our estimates owing to a higher- than-expected gross margin. Revenue grew by 8% to Rs24.2bn,...

Emkay

Minda Industries: Robust Performance

We maintain our BUY rating with a revised target price of Rs 1,100/share (Rs 1,250 earlier), valuing the stock at 32x FY24E EPS, indicating an...

Axis Direct