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In line; volumes declined 4% YoY to 181.8k units

* MSIL’s Aug’24 wholesales were in line with our estimate at ~181.8k units, down 4% YoY.

* Domestic volumes fell 5% YoY to 155.8k units (est. 154.7k units).

* Compact segment volumes declined 13% YoY to 68.3k units (est. 73.5k units).

* Mini segment volumes dropped 13% YoY to 10.65k units (est. 10.7k units).

* UV segment volumes grew 7% YoY to 62.7k units (est. 55.8k units).

* LCV segment volumes were down 3% YoY at 2.5k units (est. 2.7k units).

* Export volumes grew 6% YoY to 26k units (est. 24.1k units). YTD volumes for exports have increased by 10% YoY.

* We estimate FY25E volumes to grow by ~3% YoY, implying a residual growth of 4% or a run rate of ~188.6k units.

* The stock trades at 26x/22x FY24E/FY25E EPS. We maintain our BUY rating.

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