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The domestic auto industry reported muted wholesale numbers (factory dispatch) for November 2018, indicating 4.2% YoY growth, with consequent YTD industry growth maintained at a healthy 12.2% YoY. With the 2018 festive season being muted vis--vis robust growth seen in the past, OEMs found themselves on the backfoot having miscalculated the retail demand, resulting in large inventory pileup at the dealer's end. According to Federation of Automotive Dealers Association (FADA), dealer inventory, at the end of the festive season, amounted to ~50 days...
Demand to remain flat in near term; expect gradual improvement from Q4FY2019: Hero Motocorp Ltd (HMCL) volumes have been under pressure led by moderation in the 2W demand on the back of higher mandatory insurance costs for 2W, NBFC liquidity squeeze, rise in fuel prices. The festive demand moderated (festive demand growth at retail level was...
GST Council announced a cut in tax rates for 22 goods and services. Asian markets are trading mixed following last week market flat note. Sgx Nifty is trading lower by 0.01%....
GST cut on movie tickets likely to give impetus to industry: In the Goods and Services Tax (GST) Council meeting held on December 22, 2018, the government has reduced the GST rate on cinema tickets costing more than Rs. 100 to 18% from 28% and for tickets below Rs. 100 to 12% from 18%. The new GST rates are likely to be implemented from January 1, 2019. With...
We initiate with BUY and TP of Rs 352/sh (at 15x Dec-20E EPS, BDD NPV at Rs 15/sh). Capacite Infraprojects Ltd. (CIL) is a Buildings - EPC focused company with expertise in the Super High Rise/High Rise segments. These are typically dominated by high end luxury residential projects and pose high entry barriers for contractors.
View: Surprisingly, disbursals across the branches we visited were resilient. We believe low regional disbursals at CIFC will be balanced by robust performance in other geographies, especially eastern India. Asset quality was stable, in line with expectations. Our constructive stance on CIFC (TP Rs 1,625, 3.25x Dec-20 ABV of Rs 500) and MMFS (TP Rs 500, 2.75x Dec-20 ABV of 175 + Rs 18 for MIBL) remains unchanged. In the light of recent developments in the NBFC space, we visited branches of NBFCs/HFCs in the outskirts of Pune to ascertain the (anecdotal) impact on key metrics.
Donimalai mine. Unperturbed by the ongoing legal issue, we are rather more concerned on the i) structural risk to the domestic iron ore pricing and ii) sharp shrinkage in market share of merchant miners post auction of mines expiring by March-2020 in Odisha. Mine auctions benefit the manufacturer as it serves raw material security replacing the dependence on merchant miner at lower cost. It would act as the key enabler for capacity creation with no impact on State Govt's revenue from royalty. We downgrade NMDC to Reduce as we expect steep increase in Odisha's production (due to last year of...
Varroc Engineering Ltd. is a global tier-1 auto components supplier engaged in the design, manufacture and supply of auto exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components used in passenger cars, commercial vehicles, 2-wheelers (2W), 3-wheelers (3W), and off-highway vehicles (OHV) OEMs. Varroc Lighting Systems division is the sixth-largest supplier globally and one of the top three independent exterior lighting suppliers. Varroc's business consists 1) Global Lighting Business involved in design, manufacture and supply of exterior lighting for passenger cars,with the products sold to OEMs globally; 2) India Business involved in design, manufacture and supply of a variety of...
