Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
India Auto Sector
Oct’10 –Festive season drive record growth
Passenger vehicles: Maruti domestic segment shows robust growth
Maruti reported a strong volume growth 39% YoY (+10% MoM) driven by a
strong increase in domestic volumes (+50%YoY). Domestic segment benefited
from strong growth in A2 (+51% YoY), A3 (+32% YoY) and Van segments
(+92% YoY). Exports declined 18% YoY. M&M Passenger UVs sales increased
21% YoY. Hyundai’s domestic sales increased 23% YoY.
Hero Honda 2W and M&M domestic tractors show strong growth
Hero Honda recorded very strong growth of 43%YoY (+17%MoM). M&M 3Ws
grew at 31% YoY. 4-W pick ups (including Gio & Maximmo) continued its strong
growth and recorded a growth of 53% YoY. M&M domestic tractor shipments
grew 31% YoY, while the exports declined by 7%YoY.
Tata Motors –CV shows modest growth, Nano shipment slows further
Tata Motors M&HCV segment grew 14%YoY while LCV’s grew at 11% YoY.
Passenger vehicles registered an increase of 22% YoY (+3% MoM). Nano
shipments declined 44% MoM to 3,018 units. The UVs segment had a growth of
38%YoY (+2% MoM).
Selectively bullish on the sector
Our preferred pick in the sector are Ashok Leyland, M&M and Bajaj Auto.
No comments:
Post a Comment