Auto Industry Volume Update - June 2016 Kotak
Performance by various companies was mixed in June 2016. In the 2W segment, while TVS Motors, Honda Scooters and Motorcycles and Royal Enfield reported high growth, Hero MotoCorp's growth was tepid. In the passenger vehicle segment, most key car makers posted growth - however Maruti Suzuki (production issues) and Honda Cars (dealer inventory correction) posted decline. Surprisingly MHCV segment growth tapered significantly as compared with growth witnessed in the past 12 months. Post two consecutive years of decline, tractor segment continued to recover on expectation of good monsoons. Expected good monsoon, seventh pay commission implementation and economic recovery will likely translate into growth across all segments within the auto segment. Currently we like Ashok Leyland (Rating -Accumulate, TP - Rs115) and Escorts Limited (Rating -Accumulate, TP - Rs244) in the auto OE space.
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