Maruti Suzuki India Rating- ADD; At 9
时间:2024-06-26 14:42:52 阅读(143)
Auto major maruti Suzuki’s Q2FY23 Ebitda margin at 9.3% was in line consensus estimates at 9.2%, up 204bps q-o-q on raw material (RM) cost benefit and 55bps gain from favourable Japanese yen (JPY) movement. Average selling price (ASP) was up 2% q-o-q through improvement in model variant mix, and partial benefit from 2% price hike taken in Q1FY23. MSIL lost production of 35k units in Q2FY23 due to chip shortage. But with improving chip supply, new launches and steady retail demand, we are building-in 2mn and 2.25mn units in FY23 and FY24e.
Blended discounts were largely similar q-o-q at Rs 13.8k/unit, with a slight increase of Rs 1.1k/unit led by model mix shifting towards higher-discount models in Q2FY23. Keeping our estimates largely unchanged, we downgrade the stock to ADD with a DCF-based TP of Rs 10,494.
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