汇丰银行-印度汽车产业-indian 2w industry demand outlook positive,but already priced in-20170718-hsbc.pdfVIP

18 July 2017   Indian 2W industry EQUITIES AUTO Demand outlook positive, but already priced in India  2W industry did well in 1Q, despite disruption from events Yogesh Aggarwal* such as transition to BS-IV and GST implementation Head of Research, India HSBC Securities and Capital Markets (India) Private Limited yogeshaggarwal@hsbc.co.in  Near-term outlook appears positive led by improved rural +91 22 2268 1246 demand, post GST price cuts and low finance costs Vivek Gedda* Analyst  Eicher (Buy) is our top pick in 2Ws; prefer Hero (Hold) over HSBC Securities and Capital Markets (India) Private Limited vivekgedda@hsbc.co.in Bajaj (Hold) and TVS (Reduce). We maintain our ratings and +91 22 6164 0693 increase HMCL’s TP to INR3,800 from INR3,600