Hero Motocorp (HMCL)
Automobiles
In-line quarter. Hero Motocorp’s results were operationally in line with our estimates,
but average selling prices were flat qoq despite a price increase taken during the
quarter indicating downtrading by customers. We expect EBITDA margins to remain
under pressure as volume growth stays sluggish. We maintain our SELL rating on the
stock due to expensive valuations and rising competitive pressure which limit ability of
the company to take pricing actions to offset rising input costs.
��
link: http://www.kotaksecurities.com/pdf/indiadaily/indiadaily20072012mk.pdf
No comments:
Post a Comment