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>TTMT stock price has corrected 16% from its peak, amid outlook downgrade at peer BMW (incl. due to muted China demand), and slowness in domestic CVs/PVs (incl. rising discounts/price cuts).</li><li>We highlight that: i) for JLR, China is a relatively smaller market (~24% vs ~32% for BMW), while profitability and debt outlook are largely intact; ii) India CV outlook is improving, with margins likely to see strong increase led by healthy fleet operator profitability, sustained pricing discipline; iii) new launches, lower inventory would help outperformance vs a weak PV industry.</li><li>TTMT’s B/S is healthier now, with valuations least demanding among OEMs.</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>

TTMT stock price has corrected 16% from its peak, amid outlook downgrade at peer BMW (incl. due to muted China demand), and slowness in domestic CVs/PVs (incl. rising discounts/price cuts).We highlight that: i) for JLR, China is a relatively smaller market (~24% vs ~32% for BMW), while profitability and debt outlook are largely intact; ii) India CV outlook is improving, with margins likely to see strong increase led by healthy fleet operator profitability, sustained pricing discipline; iii) new launches, lower inventory would help outperformance vs a weak PV industry.TTMT’s B/S is healthier now, with valuations least demanding among OEMs.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.

Tata Motors - Upgrade to BUY; Healthy Profitability Outlook, Undemanding Valuation

Tata Motors Ltd

Tata Motors - Upgrade to BUY; Healthy Profitability Outlook, Undemanding Valuation