HDFC Securities: Eicher Motors - ‘Meteor’ To Drive Sales; Valuations Remain Expensive
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HDFC Securities Report
Eicher reported Q2 FY21 PAT at Rs 3.4 billion (-34% YoY, up sharply QoQ).
The OEM has rolled out the ‘Meteor 350cc’ on a new platform along with personalisation options (MIY), which is expected to be a ‘differentiator’. The new launch comes at a time when the competition is increasing – the Honda H’ness CB350 has just been launched.
We value the RE business at 23x PE, which is at a 25% premium to the mass market OEMs.
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