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

Emkay

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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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. 

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>Emkay Global Financial's research report on Hero MotoCorp We reiterate BUY on HMCL as a defensive pick with strong growth and re-rating triggers; HMCL trades at ~20x FY26E PER vs. ~26-30x for other 2Ws (~4% FY26E dividend yield).</li><li>The 2W recovery continues to broaden, with the rural segment also making a return; we continue to expect 2-3 year growth visibility led by return of first-time buyers, with likely normal monsoons in CY24 acting as a near-term catalyst.</li><li>Importantly, HMCL’s positioning in the fast-growing 125cc motorcycle category has been uplifted by the recently-launched Xtreme 125R (over a month of waiting per channel checks despite strong competition; market share has improved to 17% in Apr-24 vs. the recent 9% low).</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>

Emkay Global Financial's research report on Hero MotoCorp We reiterate BUY on HMCL as a defensive pick with strong growth and re-rating triggers; HMCL trades at ~20x FY26E PER vs. ~26-30x for other 2Ws (~4% FY26E dividend yield).The 2W recovery continues to broaden, with the rural segment also making a return; we continue to expect 2-3 year growth visibility led by return of first-time buyers, with likely normal monsoons in CY24 acting as a near-term catalyst.Importantly, HMCL’s positioning in the fast-growing 125cc motorcycle category has been uplifted by the recently-launched Xtreme 125R (over a month of waiting per channel checks despite strong competition; market share has improved to 17% in Apr-24 vs. the recent 9% low).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.

Hero MotoCorp - Defensive Bet with Strong Growth, Re-Rating Triggers

Hero Motocorp

Hero MotoCorp - Defensive Bet with Strong Growth, Re-Rating Triggers