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7/28/2019 Auto Sector Update, June 2013
http://slidepdf.com/reader/full/auto-sector-update-june-2013 1/12
Please refer to important disclosures at the end of this report 1
Domestic automotive sales remained weak in June 2013, in-line with expectations,
impacted by slowdown in economic activity and negative consumer sentiments.
While the medium and heavy commercial vehicle (MHCV), passenger car (PC) and
motorcycle segments continued to remain the most impacted, growth in the utility
vehicle (UV) and light commercial vehicle (LCV) segments too has tapered off since
the beginning of FY2014. The tractor segment however witnessed a strong growth
on expectations of a normal monsoon. Going ahead, we expect the demand
environment for the sector to remain sluggish in 2QFY2014 as well; however, we
expect a marginal recovery in volumes in 2HFY2014 led by continuous softening of
interest rates, expectation of a normal monsoon, festival season demand and also
on account of the base effect.
Tata Motors (TTMT) continued with its downward sales momentum in the domestic
markets as its commercial vehicle (CV) and passenger vehicle (PV) businesses
reported a decline of 13% and 31.2% yoy respectively. Consequently, total volumes
registered a decline of 18.1% yoy to 52,708 units. While MHCV and PV sales
continued to slide sharply, LCV sales too witnessed a decline during the month.
Ashok Leyland (AL) reported broadly in-line volumes with total sales witnessing a
decline of 32% yoy (4.1% mom) to 6,967 units, following weak industrial activity. CV
sales (ex. Dost) declined by 37.3% yoy (4.4% mom); Dost sales reported a decline of
17.3% yoy to 2,253 units.
Maruti Suzuki (MSIL) Maruti Suzuki posted a 12.6% yoy (flat mom) decline in totalsales to 84,455 units, which was in-line with our expectations. The weak
performance could be attributed to continued slowdown in domestic demand and
macroeconomic uncertainty in key export markets. While domestic volumes declined
7.8% yoy (1.1% mom), export volumes posted a significant decline of 43% yoy.
Mahindra & Mahindra (MM) reported a mixed performance. Its automotive segment
witnessed a sharp decline of 7.8% yoy (12.4% mom) due to a slowdown in the PV
segment; however the tractor segment continued with the strong momentum and
reported a better-than-expected growth of 16.8% yoy (17.5% mom). Total sales
posted a modest growth of 1.2% yoy (down 1.9% mom) to 65,841 units. The
automotive segment recorded lower-than-expected sales as volumes were impacted
due to a 12.9% yoy (22.5% mom) decline in the PV segment on account ofslowdown in demand for utility vehicle (UV)s following an increase in excise duty and
also due to increasing competition in the segment.
Two-wheelers and three-wheelers: Two-wheeler manufacturers in our coverage
universe posted an extremely poor performance as demand continued to remain
weak and with competition remaining at elevated levels. Bajaj Auto (BJAUT)
registered lower-than-expected volumes (sales down 14.3% yoy and 12.8% mom)
led by weakness in the domestic motorcycle segment and also on account of the
production loss due to strike at its Chakan plant. Hero MotoCorp (HMCL) posted a
6% yoy (10% mom) decline in volumes, which was lower-than-expected, impacted
by slowdown in demand and also on account of higher dispatches that had
happened in the month of April and May. TVS Motor Company (TVSL) reportedin-line volumes with total volumes remaining flat mom (down 2.7% yoy) led by poor
performance by the two-wheeler segment. Three-wheeler sales on the other hand
continued with the strong momentum and posted a growth of 108.2% yoy (16.7%
mom) driven by exports.
Automobile Sector
Downtrend intact
Monthly Update | June 2013
July 2, 2013
Yaresh Kothari
+91 22 39357800 Ext: 6844
7/28/2019 Auto Sector Update, June 2013
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Auto Sector Update | June 2013
July 2, 2013 2
Tata Motors
Tata Motors maintained its downward sales momentum in the domestic
markets as the CV and PV businesses reported a decline of 13% and 31.2%
yoy respectively. Consequently, total volumes registered a decline of 18.1%
yoy to 52,708 units.
Within the CV space, MHCV and LCV segments witnessed a decline of 14.9%
and 12.2% yoy respectively, while in the PV segment, utility vehicle and
passenger cars witnessed a decline of 41.3% and 28.5% yoy respectively.
Exports too registered a decline of 34.2% yoy during the month.
On a mom basis though, total volumes posted a growth of 6.9%, driven by 8%
and 3.5% mom growth in the CV and PV segments respectively.
Exhibit 1: Tata Motors–
Sales trend
SegmentJune
2013June
2012% chg
YTDFY2014
YTDFY2013
% chg
Total sales 52,708 64,341 (18.1) 153,172 188,774 (18.9)
MHCV 11,733 13,789 (14.9) 32,997 37,151 (11.2)
LCV 28,630 32,608 (12.2) 83,500 89,483 (6.7)
CV 40,363 46,397 (13.0) 116,497 126,634 (8.0)
Utility vehicles 2,232 3,800 (41.3) 7,216 11,168 (35.4)
Cars 10,113 14,144 (28.5) 29,459 50,972 (42.2)
PV 12,345 17,944 (31.2) 36,675 62,140 (41.0)
Exports 3,996 6,071 (34.2) 11,435 13,071 (12.5)
Source: Company, Angel Research
Exhibit 2: CV segment – Monthly sales trend
Source: Company, Angel Research
(20.0)
(15.0)
(10.0)
(5.0)0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume(LHS) yoy growth (RHS)
TTMT’s sales continue to decline due to
poor demand in PV and MHCV
segments
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Auto Sector Update | June 2013
July 2, 2013 3
Exhibit 3: PV segment – Monthly sales trend
Source: Company, Angel Research
Ashok Leyland
Ashok Leyland reported broadly in-line volumes with total sales witnessing a
decline of 32% yoy (4.1% mom) to 6,967 units.
Volumes continued to be impacted by slowdown in demand for MHCVs
following weak industrial activity in the country, which led to a 37.3% yoy
(4.4% mom) decline in CV sales (ex. Dost).
Dost’s sales too reported a decline of 17.3% yoy to 2,253 units.
Exhibit 4: Ashok Leyland – Sales trend
June2013
June2012
% chgYTD
FY2014YTD
FY2013% chg
Total sales 6,967 10,244 (32.0) 21,721 27,585 (21.3)
CV (ex. Dost) 4,714 7,519 (37.3) 14,897 20,337 (26.7)
Dost 2,253 2,725 (17.3) 6,824 7,248 (5.8)
Source: Company, Angel Research
Exhibit 5: CV segment – Monthly sales trend
Source: Company, Angel Research
(80.0)
(60.0)
(40.0)
(20.0)
0.0
20.0
40.0
60.080.0
100.0
0
5,000
10,000
15,000
20,000
25,000
30,00035,000
40,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume(LHS) yoy growth (RHS)
(50)
(40)
(30)
(20)
(10)
0
10
20
30
40
50
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
J u n - 1 1
A u g -
1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r -
1 2
J u n - 1 2
A u g -
1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r -
1 3
J u n - 1 3
(%)(units) Volume (LHS) yoy growth (RHS)
L’s CV sales continued to reel under
pressure led by slowdown in economic
activity
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Auto Sector Update | June 2013
July 2, 2013 4
Maruti Suzuki
Maruti Suzuki posted a 12.6% yoy (flat mom) decline in total sales to 84,455
units, which was in-line with our expectations. The weak performance could be
attributed to continued slowdown in domestic demand and macroeconomic
uncertainty in key export markets.
While domestic volumes declined 7.8% yoy (1.1% mom), export volumes
posted a significant decline of 43% yoy.
The compact (down 7.2% yoy), super compact (down 8.7% mom) and UV
(down 11.4%) segments, which have been driving growth over the past one
year, witnessed a sluggish performance on account of continued slowdown in
demand and also due to increasing competition.
Exhibit 6: Maruti Suzuki
–
Sales trendSegment
June2013
June2012
% chgYTD
FY2014YTD
FY2013% chg
Total sales 84,455 96,597 (12.6) 266,434 295,896 (10.0)
A: Mini: M800, A-star, Alto, Wagon R
31,314 34,198 (8.4) 97,668 94,813 3.0
A: Compact: Swift, Estilo, Ritz 20,996 22,624 (7.2) 59,678 72,986 (18.2)
A: Super Compact: Dzire 12,548 13,741 (8.7) 49,259 46,958 4.9
A: Mid-size: SX4 314 408 (23.0) 1,418 1,447 (2.0)
A: Executive: Kizashi 0 6 (100.0) 0 21 (100.0)
Total passenger vehicles 65,172 70,977 (8.2) 208,023 216,225 (3.8)
B: UV - Gypsy,
Grand Vitara, Ertiga 4,997 5,638 (11.4) 14,622 18,965 (22.9)
C: Vans: Omni, Eeco 6,833 6,916 (1.2) 22,701 28,074 (19.1)
Total domestic sales 77,002 83,531 (7.8) 245,346 263,264 (6.8)
Total exports 7,453 13,066 (43.0) 21,088 32,632 (35.4)
Source: Company, Angel Research
Exhibit 7: Total volumes - Monthly sales trend
Source: Company, Angel Research
(80.0)
(60.0)
(40.0)
(20.0)
0.0
20.0
40.060.0
80.0
100.0
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume(LHS) yoy growth (RHS)
MSIL registered in-line volumes; sales
were impacted by demand slowdown in
domestic and export markets
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Auto Sector Update | June 2013
July 2, 2013 5
Mahindra & Mahindra
Mahindra & Mahindra reported a mixed performance with the automotive
segment witnessing a sharp decline of 7.8% yoy (12.4% mom) due to
slowdown in the PV segment; however, the tractor segment continued its
strong momentum and reported better-than-expected growth of 16.8% yoy
(17.5% mom). As a result, the total sales of the company posted a modest
growth of 1.2% yoy (down 1.9% mom) to 65,841 units.
The automotive segment recorded lower-than-expected sales, being impacted
by a 12.9% yoy (22.5% mom) decline in PV sales. The PV segment was hit by a
slowdown in demand for utility vehicles following an increase in excise duty
and also due to increasing competition in the segment.
The tractor segment witnessed a strong growth with domestic volumes
increasing by 18.8% yoy (18.9% mom) on expectations of a normal monsoonand improved prospects for the kharif crop.
Exhibit 8: Mahindra & Mahindra – Sales trend
SegmentJune
2013June
2012% chg
YTDFY2014
YTDFY2013
% chg
Total sales 65,841 65,087 1.2 197,562 185,606 6.4
Passenger vehicles 17,232 19,792 (12.9) 60,225 61,500 (2.1)
Four-wheel pick-up (GIO, Maxximo) 13,761 13,103 5.0 43,023 39,411 9.2
Three-wheelers (Champion, Alfa) 4,303 4,836 (11.0) 12,367 13,815 (10.5)
LCV/MHCV 911 1,220 (25.3) 2,599 3,458 (24.8)
Exports 1,885 2,371 (20.5) 4,771 7,841 (39.2)
Total automotive sales 38,092 41,322 (7.8) 122,985 126,025 (2.4)
Tractor sales – Domestic 26,723 22,493 18.8 71,390 56,561 26.2
Tractor sales – Exports 1,026 1,272 (19.3) 3,187 3,020 5.5
Total tractor sales 27,749 23,765 16.8 74,577 59,581 25.2
Source: Company, Angel Research
Exhibit 9: PV segment – Monthly sales trend
Source: Company, Angel Research
(20.0)
(10.0)
0.0
10.0
20.0
30.0
40.050.0
0
5,000
10,000
15,000
20,000
25,000
30,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume (LHS) yoy growth (RHS)
MM registered a mixed performance
with automotive sales witnessing a
decline; however, tractor sales posted a
strong growth
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Auto Sector Update | June 2013
July 2, 2013 6
Exhibit 10: Tractor segment – Monthly sales trend
Source: Company, Angel Research
Bajaj Auto
Bajaj Auto registered lower-than-expected volumes on account of continued
weakness in the domestic motorcycle segment. Total volumes declined
significantly by 14.3% yoy (12.8% mom) to 295,749 units with motorcycle
sales witnessing a decline of 20% yoy (16.5% mom).
While domestic sales reported a sharp decline of 23.5% yoy (22.9% mom) due
to weak demand for motorcycles; exports registered a growth of 3.7% yoy
(7.7% mom) during the month.
Three-wheeler sales posted a strong growth of 53.8% yoy (19.2% mom);
however, it came on a low base of last year.
The company’s Management has indicated that production during the month
was impacted due to the ongoing labor problem at the Chakan plant which
led to a production loss of 20,000-25,000 units.
Exhibit 11: Bajaj Auto – Sales trend
SegmentJune
2013June
2012% chg
YTDFY2014
YTDFY2013
% chg
Total sales 295,749 345,162 (14.3) 979,275 1,078,971 (9.2)
Motorcycles 254,544 318,377 (20.0) 860,151 982,623 (12.5)
Three-wheelers 41,205 26,785 53.8 119,124 96,348 23.6
Exports (included above) 120,399 116,062 3.7 362,563 415,645 (12.8)
Source: Company, Angel Research
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
30.040.0
50.0
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume (LHS) yoy growth (RHS)
BJAUT reported weak sales led by
weakness in the domestic motorcycle
segment and also due to production
loss at the Chakan plant on account of
labor strike
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Auto Sector Update | June 2013
July 2, 2013 7
Exhibit 12: Motorcycle segment – Monthly sales trend
Source: Company, Angel Research
Exhibit 13: Three-wheeler segment – Monthly sales trend
Source: Company, Angel Research
Hero MotoCorp
Hero MotoCorp posted a 6% yoy (10% mom) decline in volumes to 502,000
units, which was lower than our expectations. Total volumes were impacted by slowdown in demand and also on account of higher dispatches that had
happened in the month of April and May.
Going ahead, the company expects normal monsoon coupled with improving
consumer sentiments to revive growth.
Exhibit 14: Hero MotoCorp – Sales trend
June2013
June2012
% chgYTD
FY2014YTD
FY2013% chg
Total sales 502,000 534,091 (6.0) 1,559,003 1,640,290 (5.0)
Source: Company, Angel Research
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
0
50,000
100,000
150,000
200,000
250,000
300,000350,000
400,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume (LHS) % yoy growth (RHS)
(60.0)
(40.0)
(20.0)
0.0
20.0
40.0
60.0
0
10,000
20,000
30,000
40,000
50,000
60,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume (LHS) % yoy growth (RHS)
HMCL registered lower-than-expected
volumes; total volumes declined 6% yoy
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Auto Sector Update | June 2013
July 2, 2013 8
Exhibit 15: HMCL – Monthly sales trend
Source: Company, Angel Research
TVS Motor
TVS Motor reported in-line volumes with total volumes registering a decline of
2.7% yoy (flat mom) to 164,128 units.
The company continued its sluggish performance in the two-wheeler segment
(down 4.9% yoy and 1.3% mom) on account of poor demand and increased
competitive activity in the motorcycle (down 3.7% mom) and scooter (up 1.4%
mom; however up 14.6% mom due to base effect) segments.
Three-wheeler sales on the other hand continued with the strong momentum
and posted a growth of 108.2% yoy (16.7% mom) driven by exports.
The overall exports registered a strong growth of 31.9% yoy (6.8% mom)
during the month. The company’s Management expects export volumes to
touch a monthly run-rate of 28,000-30,000 units within the next six months.
Exhibit 16: TVS Motor – Sales trend
SegmentJune
2013June
2012% chg
YTDFY2014
YTDFY2013
% chg
Total sales 164,128 168,693 (2.7) 494,494 519,160 (4.8)
Motorcycles 59,015 61,274 (3.7) 193,470 193,374 0.0
Scooters 38,684 38,166 1.4 102,123 112,832 (9.5)
Mopeds 59,652 65,998 (9.6) 181,606 203,875 (10.9)
Total two-wheelers 157,351 165,438 (4.9) 477,199 510,081 (6.4)
Three-wheelers 6,777 3,255 108.2 17,295 9,079 90.5
Exports (included above) 26,047 19,750 31.9 72,154 64,839 11.3
Source: Company, Angel Research
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
30.0
40.0
0
100,000
200,000
300,000
400,000
500,000
600,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume(LHS) yoy growth (RHS)
TVSL’s performance continues to be
impacted by the on-going slowdown
and rising competition in the industry
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Auto Sector Update | June 2013
July 2, 2013 9
Exhibit 17: Motorcycle segment – Monthly sales trend
Source: Company, Angel Research
Exhibit 18: Scooter segment – Monthly sales trend
Source: Company, Angel Research
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
30.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume (LHS) yoy growth (RHS)
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
30.0
40.0
0
10,000
20,000
30,000
40,000
50,000
60,000
J u n - 1 1
A u g - 1 1
O c t - 1 1
D e c - 1 1
F e b - 1 2
A p r - 1 2
J u n - 1 2
A u g - 1 2
O c t - 1 2
D e c - 1 2
F e b - 1 3
A p r - 1 3
J u n - 1 3
(%)(units) Volume (LHS) yoy growth (RHS)
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Auto Sector Update | June 2013
July 2, 2013 10
Outlook
While the near term environment continues to remain challenging for the
automotive sector, we believe the long-term structural growth drivers for the
industry such as GDP growth (leading to increasing affluence of rural and urban
consumers), favorable demographics, low penetration levels, entry of global
players and easy availability of finance will remain intact. We continue to prefer
stocks that have strong fundamentals, high exposure to rural and export markets
and command superior pricing power. We maintain our positive stance on Ashok
Leyland, Maruti Suzuki and Tata Motors.
Exhibit 19: Relative valuation and recommendation
Companies Reco.CMP
(`)TP(`)
Sales (` cr) P/E (x) P/BV (x) RoE (%) EV/EBITDA (x) FY13-15EEPS CAGR (%)Y14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
AL Buy 20 27 14,038 16,442 19.3 9.0 1.7 1.5 6.2 12.5 6.1 4.3 102.9
BJAUT Accumulate 1,896 2,096 23,005 26,460 16.0 13.6 5.8 4.6 40.4 37.7 11.0 8.9 15.3
HMCL Accumulate 1,659 1,820 25,298 27,665 15.0 11.9 5.5 4.3 39.8 40.7 7.7 6.9 14.9
MSIL Buy 1,561 1,822 47,923 55,002 14.6 12.9 2.2 1.9 16.1 15.8 7.2 6.2 23.8
MM Accumulate 978 1,103 45,254 51,197 16.0 13.9 3.3 2.8 22.7 21.9 8.9 7.3 11.1
TTMT* Buy 284 347 215,016 237,404 7.9 6.9 1.8 1.4 24.6 23.2 3.8 3.2 13.8
TVSL Accumulate 33 35 7,715 8,584 6.6 5.7 1.1 1.0 18.1 18.5 2.3 1.6 15.3
Source: Company, C-line, Angel Research; Note: Price as on July 2, 2013; *Consolidated financials
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Auto Sector Update | June 2013
July 2, 2013 11
Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.
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or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Analyst ownership Angel and its Group companies Angel and its Group companies' Broking relationship
of the stock ownership of the stock Directors ownership of the stock with company covered
Ashok Leyland No No No No
Tata Motors No No No No
Maruti Suzuki No No No No
Mahindra & Mahindra No No No No
Bajaj Auto No No No No
Hero MotoCorp No No No No
TVS Motor No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
7/28/2019 Auto Sector Update, June 2013
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Auto Sector Update | June 2013
July 2 2013 12
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Research Team
Fundamental:Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]
Vaibhav Agrawal VP-Research, Banking [email protected]
Bhavesh Chauhan Sr. Analyst (Metals & Mining) [email protected]
Viral Shah Sr. Analyst (Infrastructure) [email protected]
Sharan Lillaney Analyst (Mid-cap) [email protected]
V Srinivasan Analyst (Cement, FMCG) [email protected]
Yaresh Kothari Analyst (Automobile) [email protected]
Ankita Somani Analyst (IT, Telecom) [email protected]
Sourabh Taparia Analyst (Banking) [email protected]
Bhupali Gursale Economist [email protected]
Vinay Rachh Research Associate [email protected]
Amit Patil Research Associate [email protected]
Twinkle Gosar Research Associate [email protected]
Tejashwini Kumari Research Associate [email protected]
Akshay Narang Research Associate [email protected]
Harshal Patkar Research Associate [email protected]
Technicals:
Shardul Kulkarni Sr. Technical Analyst [email protected]
Sameet Chavan Technical Analyst [email protected]
Sacchitanand Uttekar Technical Analyst [email protected]
Derivatives:
Siddarth Bhamre Head - Derivatives [email protected]
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales [email protected]
Meenakshi Chavan Dealer [email protected]
Gaurang Tisani Dealer [email protected]
Akshay Shah Sr. Executive [email protected]
Production Team:
Tejas Vahalia Research Editor [email protected]
Dilip Patel Production Incharge [email protected]
CSO & Registered Office: G-1, Ackruti Trade Centre, Road No. 7, MIDC, Andheri (E), Mumbai - 93. Tel: (022) 3083 7700. Angel Broking Pvt. Ltd: BSE Cash: INB010996539 / BSE F&O: INF010996539, CDSL Regn. No.: IN - DP - CDSL - 234– 2004, PMS Regn. Code: PM/INP000001546, NSE Cash: INB231279838 /NSE F&O: INF231279838 / NSE Currency: INE231279838, MCX Stock Exchange Ltd: INE261279838 / Member ID: 10500. Angel Commodities Broking (P) Ltd.: MCX Member ID: 12685 / FMC Regn. No.: MCX / TCM / CORP / 0037 NCDEX: Member ID 00220 / FMC Regn. No.: NCDEX / TCM / CORP / 0302.