Monthly Update | November 2014

December 5, 2014

Automobile Sector

Bharat Gianani
+91 22 39357800 Ext: 6817
bharat.gianani@angelbroking.com

Growth intact for passenger segment; CVs rebound

Passenger space maintains growth momentum; CVs recover: The auto industry
continued to build on the growth trend witnessed over the last two quarters. The
passenger segment viz (passenger vehicles (PV) and two-wheelers (2W) retained
their double digit growth momentum, reporting 12% and 9% yoy growth
respectively during November 2014. Also, the Commercial vehicle (CV) volumes
recovered, reporting the first month of positive growth in the fiscal which is the key
highlight of the monnth. Continued double digit growth in the medium and heavy
commercial vehicle (MHCV) segment due to improvement in fleet utilization and
moderation in decline in the light commercial vehicle (LCV) segment led to the
improvement in CV sales.
PV segment resumes double-digit growth: After a blip in October 2014 (due to
high base effect), the PV industry returned to double-digit growth trend during
November 2014. The PV segment (comprising of six large players) grew 12% yoy
during the month. Maruti Suzuki India (MSIL) and Honda India led the growth,
reporting a 17% and 64% yoy growth, respectively, during the month.
2W segment continues with growth momentum: 2Ws continued with their
uptrend, reporting a 9% yoy growth. The growth was led by Honda Motorcycles
and Scooters India (HMSI) and TVS Motors which grew in strong double-digits.
The market leader Hero MotoCorp reported a marginal growth while Bajaj Auto
continued to underperform, reporting a volume decline for the month.
HCVs maintain double digit growth, LCV decline moderates: The CV segment
continued to recover, reporting the first month of volume growth in the fiscal.
MHCVs maintained their double digit growth (grew 54% yoy) with the segment
being the clear beneficiary of an improving economic scenario and consequent
improvement in fleet utilization levels. Further, the drop in the LCV segment
moderated (witnessed 12% decline as compared to >25% drop in last one year).
Tata Motors (TTMT) underperformed, reporting a 5% yoy decline, indicating
market share loss. Ashok Leyland and Eicher Motors outperformed, growing 44%
and 20% respectively.
Tractor segment declines sharply; 3Ws strong: The tractor segment reported the
steepest fall in the fiscal (declining by 32%) on back of poor sentiments and under
sowing due to deficient rainfall. The three-wheeler (3W) segment reported a
robust growth (39% yoy) driven by new permits in the domestic market and strong
traction in exports.

Automobile segment-wise growth trend

Segment wise growth
Passenger Vehicles
Two wheelers

Nov-14

Nov-13

yoy%

Aug-14

mom%

YTD FY15

YTD FY14

yoy%

194,420

173,607

12.0

198,365

(2.0)

1,449,791

1,323,879

9.5

1,464,596

1,341,827

9.1

1,601,482

(8.5)

12,165,813

10,603,884

14.7

Commercial vehicles

48,819

47,782

2.2

53,496

(8.7)

406,025

471,157

(13.8)

MHCV

16,478

10,733

53.5

17,915

(8.0)

138,373

126,565

9.3

LCV

32,886

37,365

(12.0)

36,139

(9.0)

271,762

346,744

(21.6)

Tractors

19,639

29,007

(32.3)

40,461

(51.5)

227,821

245,626

(7.2)

Three wheelers

61,383

44,053

39.3

63,826

(3.8)

476,622

401,649

18.7

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

Auto Sector Update | August 2014

Tata Motors
Tata Motors performance improves in
both,
the
passenger
and
the
commercial vehicle segments

TTMTs sales improved in November 2014, reporting its first month of growth
after a gap of two years. Overall sales grew marginally by 2% yoy to 41,720
units.

Growth was led by the PV segment which grew in strong double digits by
16% yoy. An encouraging response for the recently launched Zest boosted
sales.

Also, decline in CV sales moderated to 5%. The MHCV segment continued on

the recovery path, posting a growth of 39%. The LCV segment continued to
decline due to sluggish industry and market share loss; however the pace of
decline has moderated.

TTMT aims to launch the new compact car Bolt in 4QFY2015, which would
further improve its PV sales.

Exhibit 1: Tata Motors Sales trend

Particulars

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

Commercial vehicles
M&HCV

9,452

6,823

38.5

10,352

(8.7)

76,277

72,879

4.7

LCV

15,954

19,993

(20.2)

16,897

(5.6)

132,120

196,702

(32.8)

Total CV

25,406

26,816

(5.3)

27,249

(6.8)

208,397

269,581

(22.7)

Passenger cars

10,286

7,910

30.0

9,594

7.2

63,096

73,400

(14.0)

1,735

2,466

(29.6)

1,917

(9.5)

17,091

20,844

(18.0)

Total PV

12,021

10,376

15.9

11,511

4.4

80,187

94,244

(14.9)

Total Domestic Sales

37,427

37,192

0.6

38,760

(3.4)

288,584

363,825

(20.7)

Export Sales

4,293

3,671

16.9

4,059

5.8

32,668

33,418

(2.2)

Total Sales

41,720

40,863

2.1

42,819

(2.6)

321,252

397,243

(19.1)

Utility vehicles (Safari, Sumo)

Source: Company, Angel Research

Source: Company, Angel Research

December 5, 2014

Nov-14

Sep-14

Jul-14

Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

(50.0)
Mar-13

0
Jan-13

(40.0)
Nov-12

10,000

May-14

(30.0)

20,000

Mar-14

(20.0)

30,000

Jan-14

(10.0)

40,000

Nov-13

0.0

50,000

(%)

yoy growth (RHS)

20.0
10.0
0.0
(10.0)
(20.0)
(30.0)
(40.0)
(50.0)
(60.0)
(70.0)
(80.0)
Sep-13

60,000

Volume(LHS)

Jul-13

(units)
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Nov-12

(%)
10.0

May-13

yoy growth (RHS)

70,000

Mar-13

Volume(LHS)

(units)

Exhibit 3: PV segment Monthly sales trend

Jan-13

Exhibit 2: CV segment Monthly sales trend

Source: Company, Angel Research

Auto Sector Update | August 2014

Ashok Leyland
Company outperforms peers on back of
higher MHCV mix

Ashok Leyland outpaced peers across the CV segment reporting a 44% yoy
growth in sales at 7,732 units.

The outperformance was mainly led by the MHCV segment, with sales
improving by a robust 92% yoy. Economic recovery and improving fleet
operator sentiment continue to boost the MHCV segment. Sales growth was
also boosted by a low base of the corresponding period of last year.

Sale of Dost series continue to remain lackluster, reporting a 5% yoy decline to

2,528 units.

Exhibit 4: Ashok Leyland Sales trend

Particulars

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

Commercial vehicles

5,204

2715

91.7

5,838

(10.9)

44,184

37,628

17.4

SCV (Dost)

2,528

2660

(5.0)

2,537

(0.4)

17,269

19,391

(10.9)

Total CV

7,732

5,375

43.9

8,375

(7.7)

61,453

57,019

7.8

Source: Company, Angel Research

Exhibit 5: CV segment (ex Dost) Monthly sales trend

Volume (LHS)

(units)
12,000

yoy growth (RHS)

(%)
100
80

10,000

60
8,000

40

6,000

20
0

4,000

(20)
2,000

(40)
(60)
Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

Mar-13

Jan-13

Nov-12

Source: Company, Angel Research

Maruti Suzuki
Double digit growth in both domestic as
well as exports

December 5, 2014

Maruti Suzukis sales grew strongly by 20% to 110,147 units led by improved
consumer sentiments.

Domestic sales grew by a robust 17% yoy. Growth was once again led by the
compact segment (18% growth) on back of strong demand for the Celerio and
Dzire models. The van segment (Omni, Eeco) also continued with its strong run
(52% growth), thereby contributing to the overall growth.

The recently launched Ciaz continues to receive good response from the
customers, clocking sales of 5,232 units for the month under review.

Export sales grew strongly by 53% yoy with the company tapping new markets in
Africa and Latin America.

Auto Sector Update | August 2014

Exhibit 6: Maruti Suzuki Sales trend

Particulars

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

Mini: Alto, Wagon R

37,746

38040

(0.8)

35,753

5.6

275,220

281,754

(2.3)

Compact- Swift, Ritz, Celerio, Dzire

39,328

33,408

17.7

38,491

2.2

337,518

279,543

20.7

5,232

200

2516.0

6,345

(17.5)

13,754

2,928

369.7

82,306

71,648

14.9

80,589

2.1

626,492

564,225

11.0

UVs- Gypsy, Ertiga

5,515

5840

(5.6)

6,027

(8.5)

43,911

39,480

11.2

Vans- Omni, Eeco

12,203

8021

52.1

10,453

16.7

85,020

64,774

31.3

Total domestic PV

100,024

85,510

17.0

97,069

3.0

755,423

668,480

13.0

10,123

6630

52.7

6,904

46.6

80,489

70,767

13.7

110,147

92,140

19.5

103,973

5.9

835,912

739,247

13.1

Mid Size- Ciaz

Total passenger cars

Export
Total sales
Source: Company, Angel Research

Exhibit 7: Total volumes - Monthly sales trend

Volume(LHS)

(units)

yoy growth (RHS)

(%)

1,40,000

70.0

1,20,000

60.0
50.0

1,00,000

40.0

80,000

30.0

60,000

20.0
10.0

40,000

0.0

Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

Mar-13

(20.0)
Jan-13

(10.0)

0
Nov-12

20,000

Source: Company, Angel Research

Mahindra & Mahindra

M&Ms
sales
dipped
due
to
underperformance in both the tractor
and the automotive space

December 5, 2014

M&M posted a double-digit decline in volumes due to weak demand and

market share loss in both the tractor and the automotive segment.

Tractor demand declined steeply by 34% yoy. Poor sentiment due to deficient
monsoon coupled with correction of dealer inventory led to the fall in sales.

Automotive sales declined 13% yoy on account of sluggish demand for both
the key segments, viz utility vehicle (UV)s and LCVs. M&M continues to lose
market share in the UV space due to lack of new products. Further, the LCV
industry has been sluggish, thereby exerting pressure on the volumes.

Automotive exports declined sharply by 27% yoy to 2,192 units.

Auto Sector Update | August 2014

Exhibit 8: Mahindra and Mahindra Sales trend

Particulars

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

Passenger vehicles

13,765

16771

(17.9)

19,254

(28.5)

134,773

150,186

(10.3)

4W pick-up

12,748

13186

(3.3)

14,812

(13.9)

107,637

115,738

(7.0)

5,005

5861

(14.6)

5,678

(11.9)

39,162

41,269

(5.1)

582

443

31.4

534

9.0

5,464

5,291

3.3

32,100

36,261

(11.5)

40,278

(20.3)

287,036

312,484

(8.1)

2,192

2993

(26.8)

2,502

(12.4)

18,312

18,594

(1.5)

Total automotive

34,292

39,254

(12.6)

42,780

(19.8)

305,348

331,078

(7.8)

Tractors - domestic

14,207

22343

(36.4)

30,800

(53.9)

174,360

188,501

(7.5)

1,126

776

45.1

1,107

1.7

8,587

6,722

27.7

Total tractors

15,333

23,119

(33.7)

31,907

(51.9)

182,947

195,223

(6.3)

Total sales

49,625

62,373

(20.4)

74,687

(33.6)

488,295

526,301

(7.2)

Three-wheelers
MTBL
Total domestic
Exports

Tractors - exports

Source: Company, Angel Research

Exhibit 9: PV segment Monthly sales trend

30,000

20.0

10.0

25,000

10.0

0.0

20,000

0.0

(10.0)

15,000

(10.0)

(20.0)

10,000

(20.0)

(30.0)

5,000

(30.0)

(40.0)

(40.0)

Source: Company, Angel Research

Nov-14

Sep-14

Jul-14

May-14

Mar-14

Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

Mar-13

Jan-13

Nov-12

30.0

20.0

Jan-14

5,000

40.0

35,000

(%)
50.0

yoy growth (RHS)

Nov-13

10,000

40,000

30.0

Sep-13

15,000

40.0

Volume (LHS)

Jul-13

20,000

(units)
45,000

May-13

25,000

(%)
50.0

Mar-13

yoy growth (RHS)

Jan-13

Volume (LHS)

Nov-12

(units)
30,000

Exhibit 10: Tractor segment Monthly sales trend

Source: Company, Angel Research

Bajaj Auto
Exports remain strong; company
continues to underperform in the
domestic market

December 5, 2014

Bajaj Autos overall sales remained flat at 309,259 units. The export volumes
continue to remain strong, growing by 24% yoy for the month under review.
This is the second time that export sales have surpassed domestic volumes
during the current fiscal. The domestic segment continued to lag, declining by
19% yoy during the month under review.

The company continues to underperform peers in the motorcycle segment with

sales declining by 6% yoy. The executive segment has seen a slew of launches
by the competition, resulting in market share loss for the company.

3W sales grew strongly by 48% yoy, led by opening of new permits in the
domestic market and low base of the corresponding period of last year.

The company expects export markets to continue to register double-digit

growth while domestic volumes are likely to recover given the improved
economic outlook and new product launches.

Auto Sector Update | August 2014

Exhibit 11: Bajaj Auto Sales trend

Particulars
Motorcycles
Three-wheelers

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

261,948

278,703

(6.0)

336,923

(22.3)

2,372,882

2,336,467

1.6

47,311

31,888

48.4

49,094

(3.6)

366,406

300,052

22.1

Total Sales

309,259

310,591

(0.4)

386,017

(19.9)

2,739,288

2636519

3.9

Domestic (incl above)

143,526

176,860

(18.8)

227,470

(36.9)

1,453,948

1,601,173

(9.2)

Exports (incl above)

165,733

133,731

23.9

158,547

4.5

1,285,340

1,035,346

24.1

Source: Company, Angel Research

Exhibit 12: Motorcycle segment Monthly sales trend

(%)
15.0

50,000

(20.0)

(25.0)

% yoy growth (RHS)

(%)
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
(10.0)
(20.0)
(30.0)
(40.0)

50,000

20,000
10,000
Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

Nov-12

Source: Company, Angel Research

May-13

Nov-14

Sep-14

(15.0)

Jul-14

1,00,000

May-14

30,000

(10.0)

Mar-14

(5.0)

1,50,000

Jan-14

2,00,000

Nov-13

40,000

Sep-13

0.0

Jul-13

2,50,000

May-13

5.0

Mar-13

10.0

3,00,000

Jan-13

3,50,000

Nov-12

Volume (LHS)

(units)
60,000

Mar-13

% yoy growth (RHS)

Jan-13

Volume (LHS)

(units)
4,00,000

Exhibit 13: 3W segment- Monthly sales trend

Source: Company, Angel Research

Hero MotoCorp
Sales grow marginally

Hero MotoCorps sales grew marginally by 3% yoy to 547,413 units. The

demand has moderated post the end of the festive season with the company
undertaking some correction of the dealer inventory.

Hero Motocorp has ventured in the Colombian market, introducing six new
models which are expected to boost export volumes.

Exhibit 14: Hero MotoCorp Sales trend

Total sales

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

547,413

530,530

3.2

575,056

(4.8)

4,530,121

4,131,443

9.6

Source: Company, Angel Research

December 5, 2014

Auto Sector Update | August 2014

Exhibit 15: HMCL Monthly sales trend

Volume(LHS)

(units)
7,00,000

yoy growth (RHS)

(%)
35.0
30.0

6,00,000

25.0

5,00,000

20.0

4,00,000

15.0

3,00,000

5.0

10.0
0.0

2,00,000

(5.0)

1,00,000

(10.0)
Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

Mar-13

Jan-13

(15.0)
Nov-12

Source: Company, Angel Research

TVS Motor
Outperforms the 2W industry led by
success of new products

TVS Motors sales grew by a robust 36% yoy growth to 220,046 units, led by
continued market share gains across segments.

2W sales grew by a healthy 36%, led by the scooter segment (which grew sharply
by 62%) due to continued success of the Jupiter and the recently launched Scooty
Zest. The motorcycle segment grew by 41% on back of good demand for the Star
City series. The moped segment continued with its double digit growth trend,
reporting a 12% yoy growth.

3W sales grew at a robust rate of 44% yoy, driven by strong growth in domestic as
well as export markets.

Total exports continued with the strong momentum, posting growth of 55% yoy led
by growth across the 2W and 3W segments.

Exhibit 16: TVS Motor Sales trend

Particulars

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD FY15

YTD FY14

yoy%

Motorcycle

86,424

61,471

40.6

90,779

(4.8)

669,237

539,535

24.0

Mopeds

62,332

55,802

11.7

70,640

(11.8)

525,187

473,551

10.9

62,223

38,331

62.3

70,571

(11.8)

487,678

299,157

63.0

210,979

155,604

35.6

231,990

(9.1)

1,682,102

1,312,243

28.2

Scooters
Total two-wheelers
Three-wheelers

9,067

6,304

43.8

9,054

0.1

71,054

53,392

33.1

Total Sales

220,046

161,908

35.9

241,044

(8.7)

1,753,156

1,365,635

28.4

Domestic (incl above)

180,831

136,570

32.4

206,189

(12.3)

1,477,847

1,163,842

27.0

Exports (from above)

39,215

25,338

54.8

34,855

12.5

275,309

201,793

36.4

Source: Company, Angel Research

December 5, 2014

Auto Sector Update | August 2014

Exhibit 17: Motorcycle segment Monthly sales trend

Exhibit 18: Scooter segment Monthly sales trend

(%)
50.0

10,000

(20.0)

(40.0)

Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

Mar-13

Jan-13

Nov-12

Nov-12

(10.0)

0.0

20,000

Source: Company, Angel Research

Nov-14

0.0

Sep-14

20,000

20.0

30,000

Jul-14

10.0

May-14

40,000

40.0

40,000

Mar-14

20.0

60.0

50,000

Jan-14

60,000

80.0

Nov-13

30.0

(%)
100.0

60,000

Sep-13

80,000

yoy growth (RHS)

70,000

Jul-13

40.0

May-13

1,00,000

Volume (LHS)

(units)
80,000

Mar-13

yoy growth (RHS)

Jan-13

Volume (LHS)

(units)
1,20,000

Source: Company, Angel Research

Eicher Motors
CV sales recover on improved economic
outlook and low base; 2W growth
strong on back of robust demand

Eicher Motors CV sales continued to recover, growing by 27% yoy to 2,896

units. Improved economic scenario coupled with low base of the
corresponding month of last year boosted the volumes. The growth was
primarily led by the heavy duty segment. The bus segment also reported a
double-digit growth (33%) while the LMD segment grew by 9% yoy.

The 2W segment (Royal Enfield) grew strongly by 52% yoy to 27,542 units,
driven by capacity expansion at the new Chennai plant. Royal Enfield has
witnessed strong demand traction with the current waiting period at 4-6
months despite increase in production capacity.

Exhibit 19: Eicher Motors Sales trend

Particulars

Nov-14

Nov-13

yoy%

Oct-14

mom%

YTD CY15

YTD CY14

yoy%

1,656

1,526

8.5

1,893

(12.5)

20,601

22,786

(9.6)

Eicher HD

610

333

83.2

617

(1.1)

6,925

6,318

9.6

Eicher Buses

512

385

33.0

542

(5.5)

8,968

8,639

3.8

Volvo Trucks

118

34

247.1

32

268.8

777

577

34.7

2,896

2,278

27.1

3,084

(6.1)

37,271

38,320

(2.7)

27,542

18,131

51.9

26,039

5.8

273,957

158,808

72.5

Eicher LMD

Total
Two-wheelers (Royal Enfield)
Source: Company, Angel Research

December 5, 2014

Auto Sector Update | August 2014

28,000

20.0

27,000

15.0

26,000

(5.0)

23,000

(10.0)

22,000

(15.0)

21,000

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

40

24,000

20
0
Mar-14

1,000

60

25,000

Nov-14

0.0

80

Oct-14

5.0

2,000

100

yoy growth (RHS)

Sep-14

10.0

Volume (LHS)

Aug-14

3,000

29,000

25.0

Jul-14

4,000

30.0

Jun-14

5,000

Exhibit 21: 2W segment Monthly sales trend

yoy growth (RHS)

May-14

Volume (LHS)

Apr-14

Exhibit 20: CV segment Monthly sales trend

Source: Company, Angel Research

Source: Company, Angel Research

Outlook
Better economic growth (two consecutive quarters of >5% GDP growth) and
positive consumer sentiment has resulted in marked improvement in automotive
sales over the last two quarters. The passenger segment (passenger cars and 2W)
has surged in double digits in YTD FY2015 (April 2014 to November 2014) and
we expect continued improvement going forward. The CV space also reported its
first month of volume growth in November 2014 after a gap of two years, led by
sharp improvement in MHCV volumes. With strong momentum in MHCVs and
recovery in LCV volumes, we expect the CV recovery to accelerate further in
FY2016.
Amongst our universe, we prefer Maruti Suzuki due to recovery in the PV space
and on likely gains in market share given its strong product pipeline. We like Tata
Motors for the strong performance of JLR and turnaround in the domestic business.
In the mid cap space we continue to prefer Ashok Leyland as it is a pure MHCV
play and would be huge beneficiary of turaround in the MHCV volumes. We also
like Eicher Motors due to huge demand potential and capacity expansion at Royal
Enfield and strong growth in VECV due to turnaround of the CV industry.

Exhibit 22: Relative valuation and recommendation

Sales
Valuation

Reco

Ashok Leyland

Accumulate

Bajaj Auto

Neutral

CMP

TP

FY15E

P/E (x)

P/BV (x)

ROE (%)

EV/EBIDTA (x)

CAGR EPS (%)

FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E

FY14-16E

54

60

13,567

17,667

64.5

16.6

2.9

2.6

4.5

15.8

17.3

9.7

2,620

23,053

27,984

20.6

16.6

6.7

5.5

30.4

33.3

13.9

11.0

18.6

Hero Motocorp Accumulate

3,217

3,462

28,387

33,935

22.4

17.7

9.2

8.0

41.2

45.2

14.9

11.4

31.4

Maruti Suzuki

Accumulate

3,408

3,750

50,178

62,256

26.4

17.5

4.2

3.6

15.9

20.6

14.4

9.9

42.9

M&M^

Accumulate

1,266

1,428

39,758

44,615

17.1

14.8

2.8

2.4

17.4

17.7

12.4

10.9

3.6

Tata Motors

Accumulate

528

595

2,52,586

3,06,563

11.2

10.2

2.2

1.8

19.1

17.6

5.5

4.8

6.7

TVS Motors

Neutral

254

10,521

12,856

29.8

16.9

7.1

5.3

23.7

31.5

18.7

12.0

65.7

15,416 16,805

11,916

16,150

36.2

22.9

12.1

8.6

33

37.6

21.3

13.7

65.8

Eicher Motors# Accumulate

Source: Company, Angel Research; Note: Price as on December 4, 2014; ^ valuation multiple adjusted for the value of subsidiaries;

December ending

company

December 5, 2014

Auto Sector Update | August 2014

Research Team Tel: 022 - 3935 7800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement

Analyst ownership
of the stock

Angel and its Group companies

ownership of the stock

Angel and its Group companies'

Directors ownership of the stock

Broking relationship
with company covered

Ashok Leyland

No

No

No

No

Tata Motors

No

No

No

No

Maruti Suzuki

No

No

No

No

Mahindra & Mahindra

No

No

Yes

No

Bajaj Auto

No

No

No

No

Hero MotoCorp

No

No

No

No

TVS Motor

No

No

No

No

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.

Ratings (Returns):

December 5, 2014

Buy (> 15%)

Reduce (-5% to -15%)

Accumulate (5% to 15%)

Sell (< -15%)

Neutral (-5 to 5%)

10

Auto Sector Update | August 2014

6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093. Tel: (022) 39357800
Research Team
Fundamental:
Sarabjit Kour Nangra

VP-Research, Pharmaceutical

sarabjit@angelbroking.com

Vaibhav Agrawal

VP-Research, Banking

vaibhav.agrawal@angelbroking.com

Amarjeet Maurya

Analyst

amarjeet.maurya@angelbroking.com

Bharat Gianani

Analyst

bharat.gianani@angelbroking.com

Shrenik Gujrathi

Analyst

shrenik.gujrathi@angelbroking.com

Umesh Matkar

Analyst

umesh.matkar@angelbroking.com

Twinkle Gosar

Analyst

gosar.twinkle@angelbroking.com

Tejas Vahalia

Research Editor

tejas.vahalia@angelbroking.com

Siddarth Bhamre

Head Technical & Derivatives

siddarth.bhamre@angelbroking.com

Sameet Chavan

Technical Analyst

sameet.chavan@angelbroking.com

Sneha Seth

Associates (Derivatives)

sneha.seth@angelbroking.com

Mayuresh Joshi

VP - Institutional Sales

mayuresh.joshi@angelbroking.com

Meenakshi Chavan

Dealer

meenakshis.chavan@angelbroking.com

Gaurang Tisani

Assistant Manager

gaurangp.tisani@angelbroking.com

Production Incharge

dilipm.patel@angelbroking.com

Technicals and Derivatives:

Institutional Sales Team:

Production Team:
Dilip Patel

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December 5, 2014

11