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HDFC Securities Report
Hero MotoCorp - Business outlook remains favorable
Hero MotoCorp Ltd.'s business outlook remains favorable, as demand momentum continues post the festive season, and will be aided by continuing traction with recent launches, the upcoming marriage season, and expected conversion of the good Rabi sowing into a healthy harvest season.
As the channel inventory remains low, the brokerage believes there is huge scope for channel filling, which should aid business operations in the near term.
With the new CEO coming onboard, the brokerage already senses a focused strategy to grow underpenetrated segments of the company like: scooters, premium motorcycles, global business, EV and parts, accessories and merchandise (PAM).
HDFC Securities values the company at 19x Dec-27 EPS, adding the value of its stakes in Hero FinCorp (Rs 334) and Ather Energy (Rs 424), arriving at a target price of Rs 7,279. Hence maintains a Buy rating.
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