MOSL: TATA MOTORS (Neutral)- JLR wholesales miss estimates in Aug’19-China market recovery continues
TATA MOTORS: JLR wholesales miss estimates in Aug’19; China market recovery continues | All other markets decline
(TTMT IN, Mkt Cap USD5.8b, CMP INR134, TP INR146, 9% Upside, Neutral)
- JLR's wholesale volumes declined 7.1% YoY (-5.2% MoM) to 39.6k units (our estimate: ~43k) in Aug'19, whereas China JV volumes were down 14% YoY to 4.7k units.
- Jaguar volumes declined ~29% YoY to ~10k units (our estimate: 12.7k), whereas LR volumes grew ~3.8% YoY to 29.5k units (our estimate: 30k units).
- JLR's retail volumes declined ~7% YoY with de-growth across markets (marginal in Europe). However, China sales grew ~17% YoY to 8.8k units.
- Jaguar's retail volumes declined ~18% YoY, led by lower sales in models like XF, XK/E-pace and Others/F-types. XJ and I-Pace sales were higher at 291 and 903 units, respectively, in the month.
- LR's retail volumes declined marginally by 1.4% YoY owing to lower sales growth for Discovery, Freelander, RR and RR Velar. RR Evoque sales were up ~51% YoY to 5.4k units.
Tata Motors is an automobile company, engaged in the manufacture and sale of commercial and passenger vehicles primarily in India. Co. provides cars, utility vehicles, trucks, buses, and defense vehicles, as well as develops electric and hybrid vehicles for personal and public transportation. In addition, Co. is engaged in the provision of engineering and automotive applications, as well as machine tools and factory automation applications; construction equipment manufacturing; automotive vehicle components manufacturing, among others. Co. markets its vehicles in Europe, Africa, the Middle East, South East Asia, South Asia, and South America.
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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