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Automobiles9 February | Auto Expo 201 2018 8 Automobile Automobiles9 February | Auto Expo 201 2018 8 Automobile Auto Expo 2018: Action in 125cc scooters and EVs No big new launch in PVs We attended Auto Expo 2018 held at Greater Noida, NCR. While there were no major new launches in PVs, the 2W segment witnessed several launches in 125cc scooters and the premium segment. Also, on expected lines, there was high focus on EVs in all the segments, with several concepts on display and few launches as well. Key highlights: No major new launches in 4Ws: In PVs, no major new launch was announced except MSIL’s new Swift, which has already touched bookings of ~40k units and waiting period of 8-10 weeks. Honda has launched new Amaze, new CR-V, and new Civic while Toyota has launched Yaris in the mid size sedan segment. M&M showcased G4 Rexton in the premium SUV segment under the Mahindra badge while Tata Motors showcased H5X concept (expected launch by 4QFY19; to compete with Hyundai’s Creta and M&M’s XUV 500) in the mid-SUV segment. High focus on 125cc scooters and premium motorcycles: In 2Ws, rising OEM focus on the 125cc scooter segment was visible, with five new product launches – TVS’ NTORQ 125, Hero’s Duet 125 and Maestro Edge 125, Suzuki’s Burgman maxi-scooter and Piaggio Aprillia SR125. The premium motorcycle segment witnessed further heating up of competition, with HMCL launching xPulse 200 and HMSI unveiling its third 160cc bike, X-Blade, which will be competing with Bajaj Pulsar 160, Suzuki Gixxer and TVS Apache. EVs – several concepts, a few launches: As expected, there was high focus on EVs across segments, with a slew of concepts unveiled in the PV and 2W segments. 2W EV start-up, Twenty Two Motors launched lithium-ion based BEV scooter, Flow at INR74,740 (post subsidy). Mahindra showcased its production- ready eKUV100 apart from eVerito and e2o plus, which will further strengthen its position to ride the EV wave. Ashok Leyland unveiled its first electric bus, Circuit S, powered with Sun Mobility's Swappable Smart Battery. Mahindra to strengthen EV presence through MESMA, a 380-volt powertrain: M&M unveiled a range of electric vehicles (EVs) and of significant interest among these was a preview of MESMA (Mahindra Electric Scalable Modular Architecture). It’s a flexible platform and will be used to develop EVs – from hatchbacks to SUVs. It showed concepts of lithium-ion battery powered three- wheeler – Treo (e-Auto - 1st in India) and Atom – as a part of urban mobility solutions. TVS Motors showcased interesting concepts like Zeppelin – a premium 200cc cruiser, Apache RTR – an ethanol-based concept, and CREON, an e-scooter concept along with recent launch of NTORQ 125cc scooter. Royal Enfield – competition gearing up: UM launched two cruiser bikes, Renegade Duty S and Renegade Duty Ace at competitive price of INR110k (ex- showroom Delhi). It also launched its first electric cruiser, Renegade Thor with a price tag of INR490k (ex-showroom Delhi). Also, TVSL's Zeppelin concept is aimed at cruiser segment. Jinesh Gandhi – Research Analyst ([email protected]); +91 22 6129 1524 Deep A Shah – Research Analyst ([email protected]); Suneeta Kamath – Research Analyst ([email protected]) Investors9 February are 201 advised8 to refer through important disclosures made at the last page of the Research Report. 1 Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital. Automobiles | Auto Expo 2018 Exhibit 1: Auto Expo 2018: Key products showcased Company Model Segment Launch by Segment leader Passenger Vehicles Maruti New Swift Compact Car Feb-18 Maruti Swift, Baleno Maruti Future S Concept M&M G4 Rexton Premium SUV - Toyota Fortuner. Ford Endeavor Tata Motors H5X Concept Mid SUV FY19 Hyundai Creta, M&M XUV Toyota Yaris Compact Sedan Apr-18 Maruti Ciaz, Honda City Honda Cars New Amaze Compact Sedan CY18 Maruti Dzire Kia SP Concept Compact SUV 2HCY19 Maruti Vitara Brezza Two-Wheelers Hero MotoCorp Maestro Edge 125 Scooter 125cc Feb-18 HMSI Acitva 125 Hero MotoCorp Duet 125 Scooter 125cc Feb-18 HMSI Acitva 125 Hero MotoCorp XPulse Premium 200cc Feb-18 Bajaj Pulsar TVS Motor NTORQ Scooter 125cc Feb-18 HMSI Acitva 125 TVS Motor Zeppelin Concept Premium (Cruiser) 200cc - Royal Enfield Classic TVS Motor Apache RTR Ethanol Concept Premium 200cc - Bajaj Pulsar TVS Motor CREON Concept E-Scooter - Piaggio Aprillia SR125 Scooter 125cc 4QFY18 HMSI Acitva 125 HMSI XBlade Premium <200cc Feb-18 Bajaj Pulsar HMSI Activa 5G Scooter 100cc 4QFY18 Honda Activa Twenty Two Motors Flow E-Scooter Feb-18 UM Renegade Duty S Premium (Cruiser) 200cc Jul-18 Royal Enfield Classic UM Renegade Duty Ace Premium (Cruiser) 200cc Jul-18 Royal Enfield Classic Source: Company, MOSL Exhibit 2: Auto Expo 2018: Focus was on 125cc scooters and EVs No. of launches in Focus Year Focus Segment Key launches Segment 2010 Small Cars 4 Toyota Etios, Honda Brio, VW Polo 2012 Uvs/MPVs 8 Maruti Ertiga, Ford EcoSport 2012 Scooters 110cc 6 Hero Maestro 2014 Compact Sedans 3 Maruti Celerio, Hyundai Xcent 2014 Scooters 110cc 9 Honda Activa 125 2016 Compact car/sedan 7 Maruti Vitara Brezza, Tata Tiago 2018 Scooters 125cc 5 TVS Ntorq, HMCL Maestro Edge 125, Duet 125 2018 Electric PVs Concepts 10 TTMT, MM, MSIL, Hyundai, Kia 2018 Electric Buses 4 AL-Sun Mobility, TTMT, MM, JBM Auto Source: Company, MOSL 9 February 2018 2 Automobiles | Auto Expo 2018 Exhibit 3: Implications on our coverage universe: Positive for MSIL, MM; Mixed bag for TVSL and Negative for BJAUT, RE Company Positive takeaways Negative takeaways Toyota's Yaris could pose credible competition to Ciaz. New Amaze New Swift - Excellent package to replace higly successful seems to offer improved package than the outgoing model. Pricing key model. for success of these models. Also, Kia's SP Concept Compact SUV looks MSIL promising, but still some time away. Future S Concept interesting and different looking product, though we will have to see how they position it. Though MM didn't showcase its upcoming MPV and Tivoli based compact SUV, its showcasing of SYMC's G4 TTMT's H5X Concept (based on Discovery Sport platform) would Rexton was step in right direction. MM has decided to challenge MM XUV5OO. Apart from this, there were not any sell SYMC's product under MM's badge in India, starting competitive launches in MM's domain. with Rexton. MM It showcased Treo e-Auto - India's 1st e-Auto based on Li-ion battery. Also, MM showcased its MESMA EV platform, which is developed grounds up and would be key for its future EV models. TTMT TTMT's H5X Concept (based on Discovery Sport e-Buses segment is getting more attention with several launches by platform) would be positioned in mid-size SUV segment. competitors like AL, MM & JBM Auto. Showcased its EV solutions across PVs and Buses. HMCL Showcased XPulse 200cc adventure bike - its attempt to Several e-Scooters were launched from start-ups like Twenty-Two make a comeback in premium motorcycle. Motors (Flow), Okinawa (Praise, Ridge) and concept from TVSL. While HMCL has nothing to lose in 150-200cc premium motorcycle, Launched two 125cc scooters - Maestro Edge 125cc and competition is further heating up with new launches from HMSI Duet 125cc, in fast growing 125cc segment. (XBlade), TVS Apache RTR 200 Ethanol Concept, UM Duty twins etc. 150-200cc premium motorcycle is witnessing further heating up with BJAUT Didn't participate new launches from HMSI (XBlade), TVS Apache RTR 200 Ethanol Concept, UM Duty twins etc. MM showcased India's first e-Auto - Treo based on Li-ion battery. e- Auto segment has potential to disrupt competitive landscape for BJAUT's cash cow 3W business. Launched 125cc scooter NTORQ with very attractive Several e-Scooters were launched from start-ups like Twenty-Two TVSL package and pricing. Motors (Flow), Okinawa (Praise, Ridge) etc. As always, TVSL had very exicitng line-up of concepts 150-200cc premium motorcycle is witnessing further heating up with like CREON, Zeppelin, Apache RTR 200 Ethanol. new launches from HMSI (XBlade), HMCL xPulse, UM Duty twins etc. While it has nothing to lose in 125cc scooter, it is turning into very competitive space with 5 launches (incl TVSL). Royal Strong growth in Cruiser segment is attracting more competition, as Didn't participate reflected in launches from nascent player like UM (Duty twins) as well Enfield as mainstream player like TVS showcasing Zeppeling Concept. Source: Company, MOSL Valuation and view We prefer 4Ws over 2Ws and CVs due to stronger volume growth and a stable competitive environment. While we expect 2W volumes to benefit from a rural recovery in the near term, competitive intensity remains high in the segment due to changing customer preferences. Our top picks in Autos are MSIL, Bajaj Auto and Tata Motors. We also consider MM as the best bet on a rural market recovery. In the 2W space, we have Buy rating on BJAUT and EIM, and Neutral on HMCL and TVSL. 9 February 2018 3 Automobiles | Auto Expo 2018 Exhibit 4: Comparative valuations EPS CMP Rating TP P/E (x) EV/EBITDA (x) RoE (%) Div Yld (%) CAGR (%) INR (INR) FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E FY18-20E Auto OEM's Bajaj Auto 3,104 Buy 4,031 17.8 15.4 13.1 11.0 25.3 26.2 2.4 2.7 15.8 Hero MotoCorp 3,546 Neutral 3,986 17.7 16.7 11.0 10.1 32.0 29.9 2.7 3.0 7.2 TVS Motor 664 Neutral 741 26.4 19.6 16.8 12.5 35.3 35.6 0.6 0.8 56.0 M&M 750 Buy 874 16.9 15.4 13.4 11.8 14.6 14.9 1.3 1.3 13.8 Maruti Suzuki 8,946 Buy 10,972 24.2 19.0 15.3 12.3 22.8 24.5 1.2 1.5 30.8 Tata Motors 369 Buy 515 6.4 6.3 2.8 2.5 24.3 19.6 0.1 0.1 44.7 Ashok Leyland 134 Buy 158 21.6 17.4 10.9 8.9 24.7 26.4 1.7 1.9 25.3 Eicher Motors 27,743 Buy 34,315 26.3 20.8 21.9 17.7 34.6 33.2 0.6 0.7 26.9 Auto Ancillaries Bharat Forge 762 Buy 859 28.9 22.2 16.9 13.6 23.4 25.2 0.7 0.8 33.2 Exide Industries 208 Buy 268 20.4 17.9 12.0 10.6 14.4 14.7 1.1 1.5 20.4 Amara Raja Batt.
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