Buy HeroMotoCorp Ltd For Target Rs. 4,480 - Motilal Oswal Financial Services Ltd
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Wholesales at 393.95k miss estimates, flat YoY
? Wholesales were flat YoY at 393.95k units (vs. est. 441.5k units).
? We expect overall volumes to grow 6% YoY for HMCL, implying a monthly run rate of 474.8k units or 12% residual growth.
? As per management, increased government spending, improved liquidity, encouraging farm activity, and the upcoming marriage season should boost demand in 4QFY24.
? The stock trades at 20.3x/19.2x FY24E/FY25E EPS. We maintain our BUY rating.
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SEBI Registration number is INH000000412
