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Below est., wholesales at 16.3k units down 10% YoY

M&HCV/LCV sales declined 12%/6% YoY

? Wholesale volumes declined 10% YoY to 16.3k units (below est.).

? M&HCV volumes declined 12% YoY to 10.8k units (vs. est.11.4k units), lower than TTMT volume growth of 12%.

? LCV volumes fell 6% YoY to 5.5k units (vs. est.6.1k units).

? We expect MHCV volumes to grow by ~10% in FY24, implying a monthly run rate of ~16.3k units, or 21% residual growth. LCV volumes are expected to grow 6% YoY, implying a monthly run rate of 7.1k units or 11% residual growth.

? The stock trades at 11.2x FY24E EV/EBITDA and 5x FY24E P/BV. Maintain BUY.

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