Dashboard
The Monthly Auto Update
January 2016
Data Track:
December 2015 volume update of auto majors
Sector overview and outlook ........................................................ 2
Hero MotoCorp ............................................................................. 3
Bajaj Auto ......................................................................................4
HMSI ............................................................................................. 6
TVS Motor ..................................................................................... 6
Maruti Suzuki .................................................................................8
Mahindra & Mahindra ................................................................. 10
Tata Motors ................................................................................. 12
Ashok Leyland .............................................................................. 14
Eicher Motors .............................................................................. 15
Two-wheelers .............................................................................. 16
Three-wheelers ........................................................................... 18
Cars and UVs ................................................................................ 20
Commercial vehicles..................................................................... 22
Speedometer
Dec 2015 relative performance
105
100
95
90
1-Dec
MOSL Auto Index
Sensex
Sector Gauge:
November 2015 update
11-Dec
21-Dec
31-Dec
12-month relative performance
MOSL Auto Index
Sensex
122
108
94
80
Dec-14
News and developments
Renault to pitch Kwid against Maruti's Alto; plans to launch new
versions in February………………………………………………………………….24
Hyundai's India unit set to close 2015 with record numbers; Creta
sees bookings for 75,000 units ……………………………………………….. 24
Other Auto news….……………………………………………………………….. 24
Mar-15
Jun-15
Sep-15
Dec-15
Comparative valuation
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors#
# Nos. are on CY basis
CMP
(INR)*
2,488
2,646
286
1,244
4,583
377
92
17,506
Rating
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
TP
(INR)
2,923
3,050
326
1,265
5,428
473
99
21,196
P/E (x)
FY16E
FY17E
20.2
16.0
16.5
13.9
29.0
17.8
19.7
15.7
26.9
20.4
10.7
8.2
25.4
13.3
52.4
32.3
EV/EBITDA (x)
FY16E FY17E
12.6
10.5
10.5
8.9
17.5
11.5
15.0
13.1
13.2
10.8
3.7
3.1
12.1
7.5
28.5
18.3
RoE (%)
FY16E FY17E
31.4
34.8
43.9
42.3
25.8
33.2
15.7
15.7
18.4
20.8
18.2
18.8
18.9
30.1
32.8
40.3
RoCE (%)
EPS CAGR (%)
FY16E FY17E
FY16E-18E
45.1
46.5
17.0
61.2
57.8
18.2
24.6
32.7
39.1
17.3
17.7
10.8
25.7
28.0
31.9
16.8
17.1
31.4
20.0
30.8
59.8
34.8
46.2
49.5
Source: Company, MOSL
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 3982 5416