Hero MotoCorp's (Hero) Q2FY2020 results were broadly in line with our estimates. Hero managed to marginally improve its margins on a q-o-q basis, driven by cost-control initiatives and softening commodity prices. While management indicated marginal growth in retail sales during the festive season, it stated the same may not be sustainable. Management also stated that a sustained recovery would take more time. Moreover, due to higher inventory, wholesale would continue to remain negative even in the festive period. Steep...