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Auto Expo 2016 India Equity Research |Automobiles © February 8, 2016 Sector Update Emkay Automobiles Your success is our success Auto Expo 2016 Ashok Leyland HOLD . The 2016 Auto Expo lacked the usual enthusiasm/euphoria for the event of this scale, possibly as most OEMs including Maruti, M&M, Bajaj, TVS, Honda had launched some CMP Target Price of their important products ahead of the Expo (in the past six months) 89 84 . In two-wheeler space, Bajaj, RE & HD were conspicuous by their absence; Hero showcased new 110cc/200cc engines to be mounted on existing product lines; TVS Bajaj Auto HOLD which had already launched Victor/Apache 200cc ahead of the Expo, showcased the CMP Target Price Akula, to be based upon the BMW G310R 2,355 2,650 . In the Car segment, noteworthy amongst small car launches are the Renualt Kwid with a 1.0L/AMT variants and Tata’s Zica which could likely create a stir in the market; the Eicher Motors ACCUMULATE compact sedan market would heat up with VW Ameo and Chevrolet’s Essentia CMP Target Price . In the UV space, Maruti’s compact UV Brezza stole the limelight and the sub-compact 18,385 19,175 UV Ignis to be launched later looks promising as well. Honda’s BRV and Tata’s Nexon could both provide stiff competition to peers in their respective categories Hero Motocorp BUY CMP Target Price Two wheelers: Important launches (much) ahead of the Expo including Bajaj V, TVS Victor & 2,568 2,975 Apache 200, Honda’s Hornet & Livo, Hero’s Maestro Edge and Duet and Royal Enfield’s Himalayan amongst others, already stole some thunder from the event. Premium bike makers Bajaj Auto, Royal Enfield and Harley Davidson chose to stay away from the Expo. Honda’s Mahindra & Mahindra ACCUMULATE Navi, a 110cc ungeared mini-bike, priced at ~Rs 39,500 in our view is an important launch, CMP Target Price trying to create a new category and could redefine the segment if customers take a liking. Hero 1,202 1,360 showcased two long awaited new indigenously developed engines – 110cc/200cc to be mounted on the Splendor/Xtreme. While BMW separately showcased the G310R (only BMW branded) developed by TVS, TVS seems to launching a faired version of the same branded Maruti Suzuki India BUY as TVS Akula. CMP Target Price Passenger Cars: Car segment again with a backdrop of important launches like Maruti’s 3,733 4,900 Baleno, Renault’s Kwid, Ford’s Figo/Aspire and Honda’s Jazz over the past six-odd months was left with a little less thunder. Important launches/showcases which caught our attention Tata Motors BUY were addition to the already successful Kwid franchise with a 1.0L and AMT variants and Tata CMP Target Price Motors Zica, which looks the best in class and should definitely improve footfalls at Tata Motors showrooms. Competition in compact sedan space (Dzire/Amaze/Xcent) will be heating up with 324 505 exciting new launches of the VW Ameo and the Chevrolet Essentia – which means that now almost every car maker has an offering in the segment. TVS Motor REDUCE Utility Vehicles: Competition in the compact SUV space will continue to soar. Most important CMP Target Price launch in the expo in our view was the Maruti’s Vitara Brezza to be launched with a 1.3L diesel 287 275 engine as a sub 4m product (petrol variant likely to come later) – not really competing with the Hyundai’s Creta, Brezza is more comparable to the Ford’s Ecosport, but nonetheless, is an important launch for Maruti Suzuki. Another important product showcased by Maruti Suzuki was the sub-compact SUV - the Ignis. Expected to be launched in FY17, the Ignis should address an important segment of micro-SUVs and definitely aid Maruti’s market share. Tata Motor’s compact SUV Nexon to be launch in end-FY17 too seems to be another good offering from Tata’s stable. Also showcased were the long awaited Honda’s BRV, a 7-seater premium cross over vehicle expected to be launched in FY17. Tata Motor’s is set to replace its Aria with the Hexa which again looks like a very sincere effort from the company to establish themselves in the MPV Kaushal Maroo segment. The new-gen Toyota’s Innova Crysta gives a refreshing new look to the most popular [email protected] large MPV in the country and should help it break out from the ‘commercial vehicle’ mould and +91 22 66121252 find more takers for personal use. Venil Shah [email protected] +91 22 66121334 Emkay Research is also available on www.emkayglobal.com, Bloomberg EMKAY<GO>, Reuters and DOWJONES. Emkay Global Financial Services Ltd. Automobiles India Equity Research | Sector Update Passenger Vehicles Hatchbacks Renault Kwid 1.0L Exhibit 1: Looking to expand the range of Kwid! . The new 1000cc variant of Kwid, the popular small car in the market gets a 1.0 litre DOHC smart control efficiency engine, which offers good drivability on city roads and highway . The Kwid Easy-R AT, the AMT model of the Kwid gets 5-speed Automated Manual Transmission . The Climber variant of Kwid comes with short overhangs, high ground clearance, big bumpers and side protective moldings, giving it the traits of an off-roader . Kwid Racer houses 18-inch alloy wheels, low- profile tyres, honed aerodynamics, bucket seats and roll cage . Likely launch in H2CY16 Source: Autoblogs, Emkay Research Tata Zica Exhibit 2: Can it create a stir in the market? . Tata Zica (soon to be re-branded) follows the ‘IMPACT’ design theme. The Zica measures 3,746 mm, 1,647 mm and 1,535 mm in length, width and height resp., and its wheelbase is 2,400 mm long. The Tata Zica is powered by two engines; a 1.05-liter Revotorq 3-cylinder diesel engine producing 70 PS and 140 Nm, and a 1.2-liter Revotron 3-cylinder engine generating 85 PS and 114 Nm of peak torque. Inside the hatchback is a Harman touch- screen infotainment system. The car will be launched immediately after it is rebranded. Source: Autoblogs, Emkay Research Emkay Research | February 8, 2016 2 Automobiles India Equity Research | Sector Update Volkwagen Polo GTI Exhibit 3: The most powerful hatchback in the country! . Powered by its four cylinder, turbocharged 1.8 TSI motor, the Polo GTI will be India's most powerful hatchback with a power of 192 PS and 250 Nm of torque. The GTI will only be sold as a 3-door version (initially), unlike the regular 5-door Polo. The car will be priced at a premium, likely in the range of Rs 15-18 lakhs as the 1.8 TSI engine is not manufactured in India and will be imported from Germany . Its performance is even better than executive sedans like the VW Jetta, Skoda Octavia and Toyota Corolla . Likely launch in September Source: Autoblogs, Emkay Research Compact Sedans Volkswagen Ameo Exhibit 4: A bit late to the compact sedan party? . “Ameo” is the first compact sedan made exclusively for the Indian car market by the German Carmaker Volkswagen . The VW Ameo comes with the same petrol and diesel engine options that are on the Polo. The petrol engine throws power of 74 PS and torque of 110 Nm from a 1.2-litre unit, while the diesel Ameo gets a 1.5-litre unit and makes 90 PS of power and 230 Nm of torque . Both these engines are mated to a 5-speed MT. The diesel trim will also come mated to a 7-speed DSG. The Ameo will compete against the likes of the Amaze, Swift DZire, Xcent, Zest and Figo Aspire. Likely launch in the next 6 months Source: Autoblogs, Emkay Research Emkay Research | February 8, 2016 3 Automobiles India Equity Research | Sector Update Chevrolet Beat Essentia Exhibit 5: Based on the Beat platform, the Essentia does exude style! . General Motors unveiled a brand new compact sedan, the Chevrolet Essentia . The Beat Essentia sedan features the 1.2-litre STEC II engine that is good for 77bhp and 107Nm, the diesel mill is the 1.0L XSDE unit 56bhp and 142.5Nm. The Essentia will take the Maruti Suzuki Swift Dzire, the Honda Amaze, the Ford Figo Aspire, the Honda Amaze, the Hyundai Xcent and the Volkswagen Ameo and will be placed in the sub 4-meter compact sedan segment. Likely launch in FY17 Source: Autoblogs, Emkay Research Compact SUVs Maruti Vitara Brezza Exhibit 6: A strong style statement! . Vitara Brezza marks MSIL’s entry in the highly-competitive sub-compact SUV segment, with Ford EcoSport and Mahindra TUV300 for company . The Vitara Brezza will be available only with the 1.3-litre diesel engine as of now and will be offered in a total of six variants - LDi, LDi (O), VDi, VDi (O), ZDi and ZDi+ . A petrol engine is likely be added later in 2016 . Likely launch Mar-Apr 2016 Source: Autoblogs, Emkay Research Exhibit 7: A quick comparison Maruti Vitara Brezza Hyundai Creta Ford EcoSport Renault Duster Type 1.3 L Diesel 1.4 L Diesel 1.6 L Diesel 1.5 L Diesel 1.5 L Diesel Displacement 1248 cc 1,396 cc 1,582cc 1,498 cc 1,461cc Power 89 bhp 89 bhp 126 bhp 99 bhp 84/108 bhp Torque 200 Nm 224 Nm 259 Nm 205 Nm 200/248 Nm Transmission 5-speed manual 6-speed manual 6-speed MT/ 6-speed AT 5-speed manual 5-speed/6-speed MT Mileage 25.9 kmpl 21.38 kmpl 19.67/17.01 kmpl 22.7 kmpl 19.87/19.64 kmpl Source: Autoblogs, Emkay Research Emkay Research | February 8, 2016 4 Automobiles India Equity Research | Sector Update Maruti Ignis Exhibit 8: Maruti's premium mini-SUV piques interest! .
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