Motilal Oswal - MOSL: AUTOMOBILES | AUG-19 VOLUMES: 1. Maruti Suzuki; 2. Mahindra Mahindra; 3. Tata Motors; 4. Eicher Motors; 5. Hero MotoCorp; 6. Escorts

Report

Motilal Oswal

Jinesh Gandhi

EUR 120.00 For Business Accounts Only

MOSL: AUTOMOBILES | AUG-19 VOLUMES: 1. Maruti Suzuki; 2. Mahindra & Mahindra; 3. Tata Motors; 4. Eicher Motors; 5. Hero MotoCorp; 6. Escorts

Automobiles | AUG-19 VOLUMES: 1. Maruti Suzuki; 2. Mahindra & Mahindra; 3. Tata Motors; 4. Eicher Motors; 5. Hero MotoCorp; 6. Escorts

Maruti Suzuki: Wholesales below est. at ~106k units (v/s est. 109.8k units); Domestic volumes decline ~34% YoY; exports decline ~11% YoY

MSIL's Aug'19 wholesales were below est. at 106.4k units (~-33% YoY).
Domestic volumes declined ~34% YoY to 97k units (v/s est. 100.8k units).
Compact segment volumes remained weak; volumes declined ~21% YoY to ~56.6k units (v/s est. 60k units) despite addition of Wagon-R to this segment from Apr'19.
UV volumes grew 3% YoY to ~18.5k.
Export volumes were above est. at ~9.4k units (-11% YoY).
Based on volume decline estimate of ~7% in FY20, implied residual run-rate is ~158.9k units or ~6% residual growth. Our FY20 estimates are at risk of further cut if volume recovery isn't sharp during the upcoming festive season.
The stock trades at 26.9x/21.3x FY20E/FY21E earnings. Maintain Buy.

03/09/2019 1 EN

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Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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Analysts

Jinesh Gandhi

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MOSL: AUTOMOBILES | AUG-19 VOLUMES: 1. Maruti Suzuki; 2. Mahindra & Mahindra; 3. Tata Motors; 4. Eicher Motors; 5. Hero MotoCorp; 6. Escorts

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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