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HomeNewsbusinessstocks

Emkay bullish on auto; picks 9 stocks with a 32% upside

According to Emkay, the auto sector will benefit from easing of lockdowns and pent-up demand in Q2 FY22

Rakesh Patil | July 05, 2021 / 12:17 IST
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Lockdowns and restrictions across the country amid the second wave of the pandemic brought consumer discretionary sectors to their knees. However, the auto sector proved to be an anomaly, with automakers reporting volumes ahead of estimates for the month of June. Broking house Emkay expect volumes to further improve in Q2 FY22 due to the easing of lockdowns and pent-up demand. It sees these 9 stocks as the biggest beneficiaries of the upturn
2/10
Maruti Suzuki | LTP: Rs 7,573 | Target: Rs 8,500 | Upside: 12 percent | We expect further improvement in Q2FY22 driven by the easing of lockdowns, pent-up demand and low dealer inventory.
Maruti Suzuki | LTP: Rs 7,573 | Target: Rs 8,500 | Upside: 12 percent 
3/10
Mahindra & Mahindra | LTP: Rs 782 | Target: Rs 920 | Upside: 17 percent | FY22 Auto volume growth should be robust (30%+), supported by healthy demand, waiting period in few models and low dealer inventory. In the Farm segment, we expect domestic volumes to be muted on a high base and lower government subsidies
Mahindra & Mahindra | LTP: Rs 782 | Target: Rs 920 | Upside: 17 percent
4/10
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Escorts | LTP: Rs 1,203 | Target: Rs 1,240 | Upside: 3 percent
5/10
Ashok Leyland | LTP: Rs 122 | Target: Rs 155 | Upside: 27 percent | FY22 CV volume growth should be robust (50%+), supported by a recovery in replacement demand, government thrust on infra spending, new products in LCVs and a favorable base.
Ashok Leyland | LTP: Rs 122 | Target: Rs 155 | Upside: 27 percent 
6/10
Tata Motors | LTP: Rs 345 | Target: Rs 410 | Upside: 19 percent | FY22 volumes growth should be robust (30%+ yoy), aided by an upcycle in both CVs and PVs.
Tata Motors | LTP: Rs 345 | Target: Rs 410 | Upside: 19 percent 
7/10
Eicher Motors
Eicher Motors | LTP: Rs 2,661 | Target: Rs 3,180 | Upside: 20 percent
8/10
Bajaj Auto | LTP: Rs 4,175 | Target: Rs 4,340 | Upside: 4 percent | The company is witnessing healthy demand in export markets and volumes are likely to remain elevated. Domestic demand is likely to recover ahead with the easing of lockdowns
Hero MotoCorp | LTP: Rs 2,920 | Target: Rs 3,870 | Upside: 32 percent
9/10
Bajaj Auto | LTP: Rs 4,175 | Target: Rs 4,340 | Upside: 4 percent | The company is witnessing healthy demand in export markets and volumes are likely to remain elevated. Domestic demand is likely to recover ahead with the easing of lockdowns
Bajaj Auto | LTP: Rs 4,175 | Target: Rs 4,340 | Upside: 4 percent
10/10
TVS Motor | LTP: Rs 612 | Target: Rs 730 | Upside: 19 percent | The uptrend in exports should continue, with 20%+ growth in FY22. Domestic demand is likely to recover ahead with the easing of lockdowns. We expect market share gains for the company in FY22 in both domestic and export segments.
TVS Motor | LTP: Rs 612 | Target: Rs 730 | Upside: 19 percent

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