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hero moto GS
Sales, TP Rs 3730
3Q Inline: Aiming to expand market share with ICE+EV
Hero expects industry revenue growth to be in the double-digit range in FY25
ICE 2W Portfolio currently has an EBITDA margin of 16% and can invest in EV business at 125-150 bps per year
Nomura talks about Hero Moto
Neutral, TP ¥5356
The right strategy to increase growth and market share
The margins for the third quarter are even. 125cc, EV, Harley key execution can be monitored and re-evaluated
Management expects industry revenue to increase by more than 10% in FY25 and HMCL to grow faster.
hero moto MS
West Coast of America, TP ¥3638
F3Q was in line with expectations.
Management appears to be successfully executing its strategy.
Increasing market share in the premium segment will be key to the chase.
The company remains in a challenging position due to the risk of disruption and high valuations in its core segments.
[8:33 am, 12/02/2024] KS BadriNarayanan: Power Finance Corporation
Rating: Buy
Target price: INR 569
Increase: 21%
CMP: INR 469 (as of February 8, 2024)
Leverage asset quality downcycles
A healthy top line.Increase in operating profit marred by foreign exchange losses
Power Finance Corporation (POWF)’s Q3 PAT was Rs 33.8 billion (estimated Rs 34.3 billion), with healthy NII, but lower quarter-on-quarter due to lower dividend income, foreign exchange losses and optical increase in provisions. The growth rate was only 12%. reversal in base quarter). NIM rose slightly by 3.4% (5bps QoQ). This was driven by a slight increase in yields due to the impact of higher funding costs on borrowers. Although loan volumes visibly declined due to high base effects, POWF witnessed healthy 16% YoY traction led by non-power, renewable energy and distribution sectors.
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