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Slovakia, known as "Europe's Detroit," faces significant risks from potential U.S. tariffs under President-elect Trump, as nearly 74% of its exports to the U.S. are passenger cars. The country, which has rapidly developed its automotive industry, now relies heavily on this sector, employing over 250,000 people. While European lawmakers are wary of Chinese competition, the uncertainty surrounding U.S. trade policies poses a new challenge for Slovakia's economy.
The automotive industry is undergoing a significant shift as companies aim to cut costs after years of excessive spending on electric and autonomous vehicles. Major players like GM and Ford are laying off thousands and restructuring to enhance capital efficiency, while Stellantis faces challenges despite achieving cost reductions post-merger. Analysts highlight the need for collaboration and shared resources to avoid the wasteful practices that have plagued the sector.
Hyundai Motor India reported a decline in revenue and EBITDA by 8% and 10% YoY, respectively, with an EBITDA margin drop to 12.8% due to lower volumes and increased discounts. The company anticipates low-single digit growth in the PV industry amid a challenging demand environment, leading to a projected EPS CAGR of only 4% from FY24-27E. Emkay Global Financial maintains a REDUCE rating with a target price of Rs 1,750, favoring MSIL for its stronger operational metrics and growth potential.
Hyundai has unveiled the all-electric Ioniq 9, a three-row SUV designed for the U.S. market, capable of seating up to seven passengers. Set to launch in spring 2025, it boasts a range of 335 miles, fast charging from 10% to 80% in 24 minutes, and a 0-60 mph time of 4.9 seconds. Production will take place at a new plant in Georgia, with pricing details to be announced closer to its release.
Mahindra and Mahindra (M&M) shares rose 4% to Rs 2,959 after CLSA maintained an "outperform" rating with a target price of Rs 3,440, indicating a 16% upside. Analysts expect growth to focus on mid and premium SUVs, supported by a strong pipeline of new model launches and shifting consumer preferences. M&M also reported an 18% YoY growth in passenger vehicle volumes in Q2 FY24, outperforming competitors, while the tractor segment is projected to enter a growth cycle with significant volume and EPS increases through FY27.
Macquarie has rated Swiggy as 'Underperform' with a target price of Rs 325, significantly below its IPO price of Rs 390, citing concerns over challenging valuations in the quick commerce sector. Analyst Sandeep Bhatia emphasized the importance of unit economics for long-term viability, noting that while Swiggy and Zomato are innovative, the current valuations are demanding. Swiggy's shares debuted on November 13 with modest gains but later attracted investor interest.
Swiggy's shares surged 15% on their debut after a successful IPO, raising ₹113.27 billion ($1.34 billion) and becoming India's second-largest listing this year. The IPO was oversubscribed over three times, with strong demand from institutional and retail investors. Analysts see potential growth for Swiggy's delivery arm, Instamart, despite challenges in profitability and competition in the quick commerce sector.
Swiggy's upcoming IPO aims to raise Rs 11,330 crore, with shares currently trading at a Grey Market Premium (GMP) of Rs 22-25, suggesting modest listing gains of approximately 6.41%. The launch comes amid concerns over urban demand slowdown and recent flat listings, notably Hyundai Motor India, which have dampened investor sentiment.
Hyundai Motor reported a 7% decline in third-quarter operating profit, falling short of forecasts, as global demand for cars slows and competition intensifies. The company maintained its 2024 earnings target despite a 5% drop in global retail sales, primarily due to warranty costs and increased sales incentives. Shares fell over 5% following the announcement, reflecting investor disappointment amid a challenging automotive market.
Asia markets mostly declined following a slip in major U.S. indexes, with Hyundai Motor India shares dropping over 5% on their debut after a $3.3 billion IPO. Meanwhile, YG Plus shares surged nearly 30% after a collaboration track by Blackpink's Rosé topped streaming charts. Gold prices hit a record high of $2,700 per ounce, driven by central bank buying and macroeconomic uncertainties, while JPMorgan highlighted potential catalysts for a rally in Xpeng shares.
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