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

<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

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>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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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><span style="font-size: var(--content-font-size);">Domestic business sees strong growth momentum in key segments</span></li></ul><div><div><ul><li>New order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, <span style="font-size: var(--content-font-size);">(1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.</span></li></ul><div><div><div><ul><li>Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.</li></ul></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>

Domestic business sees strong growth momentum in key segmentsNew order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, (1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.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.

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

<div><div><div><div><ul><li>Production ramp-up in progress on improving demand: The Pune switches plant caters to PV switches for OEMs such as Mahindra &amp; Mahindra, Tata Motors, Volkswagen Group, etc. </li></ul><div><div><div><ul><li>Tie-ups and inorganic initiatives: MNDA will continue to explore global tie-ups and acquisitions with an objective of improving time-to-market for new technology products relating to PACE.</li></ul><div><div><div><div><ul><li>The introduction of safety regulations, such as BNVSA (Bharat New Vehicle Safety Assessment Program) and mandatory implementation of six airbags, as well as localization efforts through PLI/FAME2 schemes should drive sales for products such as airbags, EV parts and other electronic components.</li></ul></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>

Production ramp-up in progress on improving demand: The Pune switches plant caters to PV switches for OEMs such as Mahindra &amp; Mahindra, Tata Motors, Volkswagen Group, etc. Tie-ups and inorganic initiatives: MNDA will continue to explore global tie-ups and acquisitions with an objective of improving time-to-market for new technology products relating to PACE.The introduction of safety regulations, such as BNVSA (Bharat New Vehicle Safety Assessment Program) and mandatory implementation of six airbags, as well as localization efforts through PLI/FAME2 schemes should drive sales for products such as airbags, EV parts and other electronic components.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 - Outlook Intact; New Products to Drive Outperformance

Thematic (Sector/Industry)

<ul><li>The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.</li><li>Commercial Vehicle (CV) segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilization levels</li><li>OUR TOP POSITIVE PLAYS ARE: Auto OEMs: Ashok Leyland, Eicher Motors, TVS Motors; Auto Ancillaries: Minda Industries, SSWL</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>

The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.Commercial Vehicle (CV) segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilization levelsOUR TOP POSITIVE PLAYS ARE: Auto OEMs: Ashok Leyland, Eicher Motors, TVS Motors; Auto Ancillaries: Minda Industries, SSWLContent 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 Q4FY22 Preview: A Mixed Bag Quarter with a Sequential Volume Recovery

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)

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

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

BHFC’s recent stock underperformance has been attributed to: (1) concerns around slowdown in Europe and US amid geopolitical tensions

HDFC Securities

Minda Industries - Outlook Intact; New Products to Drive Outperformance

Production ramp-up in progress on improving demand: The Pune switches plant caters to PV switches for OEMs such as Mahindra & Mahindra, Tata...

Emkay

Auto Q4FY22 Preview: A Mixed Bag Quarter with a Sequential Volume Recovery

The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle...

Axis Direct

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