Hero Honda Motorcycles
About Hero Honda of India. Motorcycles and scooters. Compare the Glamour, Karizma, Hero Honda Dawn, HH CBZ and the new HH CBZ Xtreme, Hero Honda Joy and other bikes.
Hero Honda Stock Update - 19th June 2009
| Company Name | - | Hero Honda Motors Ltd |
| Research Firm | - | Emkay Research |
| Research Analyst | - | Chirag Shah |
| Recommendation | - | Accumulate |
Emkay Research is bullish on Hero Honda Motors limited.
We came from our meeting with the management of Hero Honda with respect to the impact of monsoon, product and branding strategy and the preparedness for increasing competiton in the executive motocycle segment. We have upgraded our FY10E volumes estimates by 1.7% to 4,084,568 units and lowered other income estimates to factor in lower treasury yield. As a result, we have upgraded our FY10E and FY11E earnings estimates by 1.7% and 1.8% to Rs 85.5 and Rs 96 respectively. More importantly, the current volume estimates are based on expectation of subdued monsoon. We expect an additional volumes of around 4to 5% in case there is normal monsoon and good crop output. We maintain our ACCUMULATE rating with a target price of Rs 1445.
Key extracts of the meeting are as follows
Impact
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