Maruti
MACQUARIE ON MARUTI : 02.09.2021
* MAINTAIN NEUTRAL TARGET: 6,800
* Management Sees Sep Production At 40% Of Normal Level
* We See 7-19% Downside To Our FY22 Volume Estimate
• Timing & Intensity Of Recovery In Semiconductor Supply Is Key
* Current Valuations Cap Downside Risk
GOLDMAN SACHS ON MARUTI : 01.09.2021
• Maintain BUY, Target at Rs 9036/share
* Chip shortage to cause further production cuts in September
• Cut FY22E EBITDA by 5%, FY23 / FY24 estimates mostly unchanged
* September production cuts due to semiconductor shortages
* Vol impact to be partially offset by price hikes
MORGAN STANLEY ON MARUTI : 29.07.2021
• Maintain Overweight, Target at Rs 8,307/share
* Troughs in margins, volumes, and the model cycle keep us OW
• P/E in the context of depressed earnings is also attractive
• India's PV cycleisata multi-year low; reiterate OW
BERNSTEIN ON MARUTI : 29.07.2021
* Bernstein maintains OUTPERFORM rating on Maruti as management indicates a recovery in overall demand
* Q1 Results Reflect Challenges On Multiple Fronts
* Commodity Prices Continue An Uptrend & Not Fully Offset By Price Increase In Recent Months
* COVID-related Production Disruption Impacted Operating Leverage
* Commencement of Provisioning For Wage Revision In A Weak Quarter Was An Additional Impact
• Mgmt Commentary Indicated Recovery In Overall Demand
* MAINTAIN OUTPERFORM TARGET: 7,850
KOTAK INSTITUTIONAL EQ ON MARUTI : 29.07.2021
* Maruti's Q1 EBITDA 5% below our expectations due to higher input costs & employee expenses, Kotak Institutional Equities says, maintains SELL call
* Q1 EBITDA 5% Below Our Expectations Due To Higher Input Costs & Employee Expenses
* Volume Growth Outlook Remains Strong Given Strong Order Backlog
* Maintain Sell As We Are Concerned On Market Share Loss In SUV Segment & Rich Valuations
* MAINTAIN SELL TARGET: 6,000
