M&M – Tractors to disappoint due to a high base
Expect tractors to see YoY decline due to a high base and extended monsoon
this year.
Expect UV volumes to see a 10% MoM jump due to higher production and
lower dealer level inventory. Expect Scorpio and Xylo to do well.
Steady decline in pick-up dispatches a cause of worry and may be due to
customers shifting to LCVs.
With a SOTP value of `750 the stock offers limited upside; BUY at dips.
No comments:
Post a Comment