MOSL: AUTOMOBILES | NOV-17 VOLUMES-1. Maruti Suzuki-2. Mahindra & Mahindra 3.-Tata Motors-4. EICHER Motors-5. Ashok Leyland

​AUTOMOBILES | NOV-17 VOLUMES: 1. Maruti Suzuki; 2. Mahindra & Mahindra; 3. Tata Motors; 4. EICHER Motors; 5. Ashok Leyland; 6. TVS Motor; 7. Bajaj Auto; 8. Hero MotoCorp

Maruti Suzuki: Volume up 14.1% YoY to 154.6k units (above est. of 149k); Domestic sales grew 15% YoY to 145k units

• MSIL's Sep-17 wholesales came in at 154,600 units (+14.1% YoY), higher than our estimate of 148,970 units. YTD growth was at 14.6%, with a residual monthly run-rate of 148.5k units.
  
• Domestic volumes grew 15% YoY to 145k (est. of 138k), led by growth in the compact (+24.8% YoY) and UV (+34% YoY) segments.
  
• Growth in the compact segment was led by Baleno and new Dzire, while that in UVs was led by Brezza and the new S-cross.
  
• Ciaz sales declined 26.2% YoY to 4k (est. of 3.8k).
  
• Export volumes were flat YoY at 9,300 units (est. of 11,000 units).
  
• The stock trades at 22.6x/19.2x FY19E/20E consol. EPS of ~INR381/448. Maintain Buy.
  

Mahindra & Mahindra: Volumes grew 23.2% YoY to 61.3k units (below est. of 70.3k); UV volumes up by 18.3% YoY, Tractors up by 31.8% YoY

• MM's volumes grew by 23.2% YoY to 61.3k units (est. of 70.3k units), led by an increase in as both tractor and UV volumes reported growth.
  
• Tractors sales of 22.8k (+31.8% YoY) were below our estimate (25k), as domestic sales and exports grew by ~32% YoY and ~27% YoY, respectively.
  
• UV sales (incl. pick-ups) stood at 32.8k units (+18.3% YoY), below estimate of 38.2k.
  
• Momentum in pick-ups continued with 20% YoY growth, while passenger utility vehicles reported a growth of 21% YoY.
  
• LCV (>3.5t) sales grew by ~11% YoY and M&HCV sales grew by ~122% YoY.
  
• 3W volumes increased ~12.7% YoY to 4.5k units (est. of 6k units).