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. 

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.

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

Equity Bottom-Up

<ul><li>Minda Industries Ltd. (MIL) reported a decent set of results in a tough environment and the same was in line with our estimates</li><li>Despite a decline in automotive production due to semi-conductor shortages</li><li>We upgrade our rating from HOLD to BUY with a revised target price of Rs 1,250 (Rs 1,000 earlier), valuing the stock at 32x FY24E EPS, indicating an upside of 12% from the CMP.</li></ul><div class="content-highlight"><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></div>

Minda Industries Ltd. (MIL) reported a decent set of results in a tough environment and the same was in line with our estimatesDespite a decline in automotive production due to semi-conductor shortagesWe upgrade our rating from HOLD to BUY with a revised target price of Rs 1,250 (Rs 1,000 earlier), valuing the stock at 32x FY24E EPS, indicating an upside of 12% 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.

Minda Industries: Robust Performance; Outlook Remains Positive

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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 (MIL) is India’s largest maker of automotive switches, horns, seats &amp; PV alloy wheels and third largest automotive lighting player</li><li>FY21 segment mix – 4-W 53%, 2-W 47%; switches, lighting, castings, horns and seats comprised 28%, 22%, 12%, 10% and 10% of sales, respectively</li><li>We value the company at a revised target price of Rs 1060 i.e. 44x P/E on FY24E EPS of Rs 24.1 (earlier target price: Rs 940).</li></ul><div class="content-highlight"><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></div>

Minda Industries (MIL) is India’s largest maker of automotive switches, horns, seats &amp; PV alloy wheels and third largest automotive lighting playerFY21 segment mix – 4-W 53%, 2-W 47%; switches, lighting, castings, horns and seats comprised 28%, 22%, 12%, 10% and 10% of sales, respectivelyWe value the company at a revised target price of Rs 1060 i.e. 44x P/E on FY24E EPS of Rs 24.1 (earlier target price: Rs 940).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: Announces Fresh Round of Capex, Investment Spends

<p>Our Pick: From the auto component stocks under our coverage, we expect Minda Industries and Minda Corp to benefit from this scheme.</p><p>The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives (PLI) to encourage domestic production of automobiles and drones and their components to enhance India’s manufacturing capabilities.</p><div class="content-highlight"><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></div>

Our Pick: From the auto component stocks under our coverage, we expect Minda Industries and Minda Corp to benefit from this scheme.The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives (PLI) to encourage domestic production of automobiles and drones and their components to enhance India’s manufacturing capabilities.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.

<p>We downgrade our rating to HOLD on expensive valuations of the stock with a target price of Rs 730 (earlier target Rs 704), implying an upside of 5% from CMP.</p><div class="content-highlight"><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></div>

We downgrade our rating to HOLD on expensive valuations of the stock with a target price of Rs 730 (earlier target Rs 704), implying an upside of 5% from 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.

Minda Industries: Weak Performance; Downgrade To HOLD

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)

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

Minda Industries: Robust Performance; Outlook Remains Positive

We upgrade our rating from HOLD to BUY with a revised target price of Rs 1,250 (Rs 1,000 earlier), valuing the stock at 32x FY24E EPS, indicating...

Axis Direct

Minda Industries: Announces Fresh Round of Capex, Investment Spends

Minda Industries (MIL) is India’s largest maker of automotive switches, horns, seats & PV alloy wheels and third largest automotive lighting player

ICICI Securities Limited

PLI Scheme - EV Advantage Continues

We expect Minda Industries and Minda Corp to benefit from this scheme. The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives...

Axis Direct

Minda Industries: Weak Performance; Downgrade To HOLD

We downgrade our rating to HOLD on expensive valuations of the stock with a target price of Rs 730 (earlier target Rs 704), implying an upside of...

Axis Direct

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