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. 

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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.

Equity Bottom-Up

<ul><li>The CV industry has grown at a CAGR of ~21% over FY21-24E. After a strong upcycle we factor muted growth over the next few quarters because of a high base; and hence downgrade our rating from BUY to HOLD on the stock as valuation appears full at CMP.</li><li>Post the recent run-up in stock price, the valuation appears full and hence we downgrade our rating from BUY to HOLD with the TP at Rs 180/share (earlier Rs 205/share), valuing the stock at 18x P/E on FY26E EPS (earlier 19x P/E on Sep’25E EPS ).</li><li>Ashok Leyland’s Q3FY24 reported robust numbers - Revenue grew by 3% YoY (4% down QoQ), a 1.4% beat on our estimate due to higher ASP. </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 CV industry has grown at a CAGR of ~21% over FY21-24E. After a strong upcycle we factor muted growth over the next few quarters because of a high base; and hence downgrade our rating from BUY to HOLD on the stock as valuation appears full at CMP.Post the recent run-up in stock price, the valuation appears full and hence we downgrade our rating from BUY to HOLD with the TP at Rs 180/share (earlier Rs 205/share), valuing the stock at 18x P/E on FY26E EPS (earlier 19x P/E on Sep’25E EPS ).Ashok Leyland’s Q3FY24 reported robust numbers - Revenue grew by 3% YoY (4% down QoQ), a 1.4% beat on our estimate due to higher ASP. 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.

Ashok Leyland - Robust Q3FY24; CV Industry Outlook Flattish in the Near Term