8048.85 -27.90 (-0.35%)
NSEJan 22, 2021 03:31 PM
The 47 reports from 17 analysts offering long term price targets for Maruti Suzuki India Ltd. have an average target of 6841.00. The consensus estimate represents a downside of -15.01% from the last price of 8048.85.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-12-16||Maruti Suzuki India .. +||ICICI Securities Limited||7796.35||6450.00||7796.35 (3.24%)||19.86||Sell|
ICICI Securities Limited
Domestic auto industry volumes have been on a steady mend in the months post lifting of lockdown restrictions. Manufacturing and distribution activities have been getting ramped up gradually since June 2020, in step with the rest of the economy. However, the impact of the pandemic on the supply chain continues to inhibit a complete return to production normalcy. Nevertheless, most automotive industry segments have reported successive improvement in offtake throughout June-November 2020 (Exhibit 1) on the back of (i) initial bounce provided by pent-up aspect,...
|2020-12-14||Maruti Suzuki India .. +||Motilal Oswal||7765.25||8150.00||7765.25 (3.65%)||Target met||Buy|
|2020-11-11||Maruti Suzuki India .. +||LKP Securities||6981.45||7802.00||6981.45 (15.29%)||Target met||Buy|
MSIL's Q2 FY21 revenues grew by 10.4% yoy and 380% qoq to 187.4 bn on the back of strong recovery in volumes, which grew by 16.2% yoy driven by pent-up demand stemming from personal mobility, Realizations fell by 5.6%/6.3% yoy and qoq respectively, due to shift to low value hatchbacks and absence of diesel variants. EBITDA margins stood at 10.3%, 80bps higher yoy on lower selling and operating expenses and higher capacity utilization, which was partly offset by adverse product mix, higher commodity prices and currency fluctuations. Discounting in the quarter was at 17.3K v/s 25 k yoy. PAT for the quarter. On the back of lower other income (34%...
|2020-11-09||Maruti Suzuki India .. +||Axis Direct||6872.15||7920.00||6872.15 (17.12%)||Target met||Buy|
Maruti Suzuki India Limited is the market leader in the PV segment, commanding a market share of about 50%. The Company has 2 state-of-the-art manufacturing facilities located in Gurugram and Manesar in Haryana, capable of producing ~1.5 mn units per annum.
|2020-10-30||Maruti Suzuki India .. +||ICICI Securities Limited||6965.15||6335.00||6965.15 (15.56%)||21.29||Sell|
ICICI Securities Limited
For MSIL, share of UVs in total domestic volumes was at 18.2% in H1FY21 vs. 16.6% in FY20. Despite improvement in category mix, however, the company's UV market share has reduced from 24.9% as of FY20 to 22.9% as of H1FY21. Its chief offerings in the category i.e. Brezza, Ertiga, XL6 are witnessing intense competition from the likes of Venue, Nexon, Seltos, Creta and Hector (Exhibit 7). MSIL's commentary suggests that demand for PC category is higher vis--vis UV (i.e. downtrading) post Covid. This could lead...
|2020-10-30||Maruti Suzuki India .. +||Nirmal Bang Institutional||6965.15||7778.00||6965.15 (15.56%)||Target met||Accumulate|
Maruti Suzuki India- 2QFY21 Result Update- Cautiously optimistic on post festive demand; Maruti well placed
Nirmal Bang Institutional
Cautiously optimistic on post festive demand; Maruti well placed Maruti Suzuki reported 2QFY21 PAT of Rs13.7bn, up 1% YoY and below our expectation, as other income declined due to lower fair value gains on invested surplus. EBITDA margin stood at 10.3%, a tad better than NBIE estimate of 10% and up 80bps YoY on account of higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts. These were partially offset by higher commodity prices and adverse foreign exchange movement. Total income came in at Rs187.4bn, up 10.4% YoY, driven by higher other operating income whereas ASP decline of 5.6% YoY was a drag. MSIL witnessed strong demand during Navratri-Dusherra festive period with deliveries rising by 27% YoY. New...
|2020-10-30||Maruti Suzuki India .. +||Axis Direct||6965.15||7920.00||6965.15 (15.56%)||Target met||Buy|
We expect company's volumes to decline by 13% YoY in FY21E followed by strong growth of 25% and 12% in FY22E/23E respectively. We maintain our BUY rating and TP of Rs.7,920 and continue to value the stock at 25x its FY23E EPS.
|2020-10-30||Maruti Suzuki India .. +||Motilal Oswal||6965.15||7850.00||6965.15 (15.56%)||Target met||Buy|
Maruti Suzuki (MSIL)'s 2QFY21 operating performance was impacted by higher non-RM cost, which diluted the benefits of lower discounts and operating leverage. While demand visibility is good up to Dec'20, whether demand will sustain after this month is currently an uncertainty. We maintain our FY21/FY22 EPS. Maintain Buy, with TP of INR7,850....
|2020-10-29||Maruti Suzuki India .. +||BOB Capital Markets Ltd.||6965.15||6500.00||6965.15 (15.56%)||19.24||Sell|
|2020-10-29||Maruti Suzuki India .. +||Sharekhan||6868.35||8000.00||6868.35 (17.19%)||Target met||Buy|
Festive outlook is strong with the company posting strong double-digit growth in deliveries and bookings in Navratra-Dusherra season. We expect strong recovery from FY22 driven by normalisation of economic activity. Operating leverage, cost-control measures, and lower discounting would drive margin improvement going ahead; expect margins to reach historical levels of 1213% in FY23. P/E of 24.7x FY23 earnings is close to historical average but given early recovery...
|2020-10-29||Maruti Suzuki India .. +||Dolat Capital||6913.35||7815.00||6913.35 (16.42%)||Target met||Accumulate|
Driven by increasing preference for personal mobility, better financing availability and strong rural pick up, MSIL printed strong numbers in Q2FY21. EBITDA grew 20% YoY to Rs. 19.3bn with expanded margin at 10.3% (+86bps YoY) led by lower discounts ( Rs 17.3k/vehicle vs Rs.25k in 2Q last year) and cost control measures, partially offset by commodity inflation and adverse FX movement. PV demand has recovered in the past 2-3 months and dealer confidence has improved materially after strong Navratri sales, this...
|2020-10-20||Maruti Suzuki India .. +||Axis Direct||6844.60||7920.00||6844.60 (17.59%)||Target met||Buy|
|2020-09-23||Maruti Suzuki India .. +||ICICI Securities Limited||6501.30||5700.00||6501.30 (23.80%)||29.18||Sell|
ICICI Securities Limited
Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...
|2020-09-10||Maruti Suzuki India .. +||Sharekhan||7193.60||8000.00||7193.60 (11.89%)||Target met||Buy|
Positive outlook for festive season; expect strong double-digit growth from FY22: Maruti retail sales decline has narrowed down to 5% driven by improving economic activities due to unlock measures and increased preference for personal mobility. With improving consumer sentiments and the upcoming festive season, dealers expect sales to improve further. We expect Maruti to resume its positive growth trend from the festive season.FY22 is likely to witness a strong double-digit growth with normalization of economic activity and pent...
|2020-08-04||Maruti Suzuki India .. +||Geojit BNP Paribas||6608.90||6748.00||6608.90 (21.79%)||Target met||Hold|
Geojit BNP Paribas
Maruti Suzuki India Limited (MSIL) is an automobile manufacturer with a 56.2% ownership in Japanese car and motorcycle manufacturer Suzuki Motor Corporation. It is one of the largest passenger car companies and...
|2020-07-30||Maruti Suzuki India .. +||HDFC Securities||6265.40||6980.00||6265.40 (28.47%)||Target met||Buy|
RBL Bank: Significant treasury gains and strong NIMs buoyed RBK's 1Q earnings. While QoQ deposit growth was healthy, deposit granularity remains an area of concern. Moratorium trends in the credit card and micro-credit portfolios, where LGDs are high, are concerning. These segments could contribute disproportionately to slippages and LLPs. Provisions are likely to remain elevated in the near term, denting return ratios. This underpins our REDUCE rating. Our price target of Rs 148 remains unchanged. CDSL: CDSL delivered a robust performance both on the revenue and margins front, driven by traction in transaction charges (32% of revenue, +59.2% QoQ). The transaction charges surged due to high retail activity, an increase in delivery volume, and strong addition of new accounts. The COVID-19 impact was felt on KYC revenue (April and May-20) and the addition of unlisted companies. NSDL also witnessed a ~59% drop in the addition of unlisted companies. CDSL continued to gain BO account market share from NSDL(stood at 53.7% in June-20 vs. 48.4% in FY19). Its incremental market share stood at 85% due to exclusive arrangements with discount brokers. BO accounts are the building blocks for a depository and have a high correlation to revenue growth. SEBI allowed Aadhaar-based e-KYCfor account opening, which will boost KYC volumes. We increase the FY21/22E EPS estimate by 20.1/16.8% due to a surge in transaction revenue and expansion in margins. We value CDSL on an SoTP basis by assigning 30x to June-22E core profit and adding net cash to arrive at a target price of Rs 412. The stock...
|2020-07-30||Maruti Suzuki India .. +||Nirmal Bang Institutional||6262.75||5887.00||6262.75 (28.52%)||Target met||Accumulate|
Maruti Suzuki India- 1QFY21 Result Update- Dismal quarter; portfolio to benefit from changing trends
Nirmal Bang Institutional
Dismal quarter; portfolio to benefit from changing trends Downgrade to Accumulate Maruti Suzuki reported a loss of Rs2.49bn for 1QFY20, higher than NBIE estimate of Rs1.43bn. The miss was mainly due to lower operating performance. EBITDA margin stood at -21% as against 10.4% in 1QFY20 and 9.2% in 4QFY20. Total income came in at Rs41bn, down 79% YoY. ASP was up 3.2% YoY vs our expectation of 3% decline. The management refrained from giving forward guidance given the huge uncertainty around Covid-19. Car buying is a discretionary purchase and affordability and sentiments will play key role in demand recovery. The management expects shift from public transport and shared mobility towards personal mobility....
|2020-07-30||Maruti Suzuki India .. +||Motilal Oswal||6265.40||6850.00||6265.40 (28.47%)||Target met||Buy|
30 July 2020 MSILs 1QFY21 revenues declined 79% to ~INR41b; EBITDA/PAT loss was reported at ~INR8.6b/INR2.5b. MSILs domestic PV market share declined sharply by 430bp YoY (700bp While MSILs 1QFY21 performance was insignificant as normal operations were there only for two weeks in 1Q, commentary on demand recovery is positive. However, commentary on demand recovery is positive. Management has not given any demand outlook as the situation in dynamic and operating environment is changing frequently. We upgrad our FY21/FY22E EPS by ~13%/5% to factor in for cost cutting initiatives, higher other income and lower depreciation. Maintain QoQ) to 47.3% in 1QFY21 due to supply side challenges. Net realization saw steep increase of 9.3% QoQ (+13.2% YoY) to ~INR536k (v/s est. ~INR471k) as non-vehicular revenue contribution was very high, though vehicle ASP were stable. Gross margin contracted ~120bp QoQ (140bp YoY) due to sharp decline in inventory levels (impact of INR1.1b or 3.
|2020-07-30||Maruti Suzuki India .. +||SMC online||6262.75||6262.75 (28.52%)|
|2020-07-30||Maruti Suzuki India .. +||SPA Research||6165.20||5243.00||6165.20 (30.55%)||34.86||Sell|
performance on all fronts during 2QFY20. The reported profit jumped by 21% YoY to Rs2,550mn levels and could be considered as a one-off. The management claims demand recovery, but looks on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better unsustainable as discretionary spends majorly depend on how Covid situation evolves, which...