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Hero MotoCorp: Riding high, buy for the long term

Our winning call is on Hero MotoCorp and we continue to repose faith in it. Though its Q1 is weak due to lockdown, the demand continues to recover sharply

August 17, 2020 / 01:57 PM IST
Hero MotoCorp: Riding high, buy for the long term

Hero Xtreme 160R | Rs 1 lakh | The Hero Xtreme 160R is the latest entry into Hero’s stable and has proven to be a surprising motorcycle.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

We had recommended Hero MotoCorp (HMCL) (CMP: Rs2,796, Mcap: Rs56,007 crore) after the partial lifting of the countrywide lockdown in June. Since June 4th, the stock has gained by 22 percent, outperforming the Nifty’s 11 percent gain in this period. We retain our optimism on the stock. Tepid Q1, on expected lines The company’s Q1 performance was weak due to the effect of lockdown that was in force during a major part of the quarter. Its volumes shrank and while revenues...

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