Tag: 上海虹口特殊按摩OP

Maruti Suzuki Rating: Neutral

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Targeted at mid-size SUV segment, top four variants are priced Rs 1.5mn & Rs1.9mn

Aggressively pricedThe top-end (Neodrive) petrol variant of the Hyryder is priced at par with Hyundai’s Creta top-end petrol variant. The top-end hybrid Hyryder is priced at a `100k/ `200k premium to Creta diesel/ petrol top-end variants, and compared with the Honda City Hybrid, it is priced ~`90k lower. In comparison with its principal competitor Creta, the Hyryder has more fuel-efficient Hybrid options, brake assist, 360-degree parking assist camera, Arkamys surround sound system, but misses out on features such as a Bose sound system, bigger touch screen of 10.25” (vs 9” in the Hyryder), power-adjustable driver seat, electric parking brake and options for diesel and DCT variants with a much higher power/torque. Overall, the Hyryder hybrid looks aggressively priced and should result in market share gains but at narrow margins, we think.

Our viewPricing of the Hyryder hybrid is attractive and should lead to better than expected adoption. Pricing, compared with other SUV models, is competitive and profitability will be less. As hybrids have lesser boot space compared with ICE SUVs, the hybrid models will be more suitable for long-distance usage without much luggage – e.g. intra city or low occupancy. The very aggressive pricing for Hybrids suggests that Toyota wants a high Hybrid adoption. We maintain our view that the Hyryder model has potential for high volumes (~10-15k units per month, we estimate). With such aggressive pricing, we maintain our estimate that Toyota may be able to sell upto 40% of the volumes for this model. We currently factor in ~8k units per month for MSIL’s version of this model. We expect MM’s recently unveiled XUV400 (link ) to be priced close to the hybrid variants of the Hyryder, mainly due to the tax advantage enjoyed by EVs. We believe EVs like the XUV400 will be a more preferred option for customers who have access to a charging network.

Targeted at mid-size SUV segment, top four variants are priced Rs 1.5mn & Rs 1.9mn

Toyota announced prices for the top four variants of its upcoming Urban Cruiser Hyryder recently – the strong-hybrid variants and the top-spec mild-hybrid AT variant. The top four variants are priced between `1.5mn and `1.9mn (exshowroom).The pricing announcement comes almost two months after the car was unveiled. Bookings for the model are already underway with reports suggesting bookings to be at the 60k units mark, similar to the last reported 50k unit bookings number by Maruti Suzuki (MSIL IN, Neutral) for its Grand Vitara.The Hyryder targets the mid-size SUV segment, which has models like the Hyundai Creta, Kia Seltos, Skoda Kushaq, XUV 700, etc. This segment sells ~39k units per month and continues to see strong preference from consumers. The SUV has been jointly developed by Toyota and Suzuki (7269 JP, Neutral), with production for the vehicle commencing in Aug-22 at Toyota’s plants.

Also read: Wall Street hits more than two-week high on energy, tech gains

Aggressively priced

The top-end (Neodrive) petrol variant of the Hyryder is priced at par with Hyundai’s Creta top-end petrol variant. The top-end hybrid Hyryder is priced at a `100k/ `200k premium to Creta diesel/ petrol top-end variants, and compared with the Honda City Hybrid, it is priced ~`90k lower. In comparison with its principal competitor Creta, the Hyryder has more fuel-efficient Hybrid options, brake assist, 360-degree parking assist camera, Arkamys surround sound system, but misses out on features such as a Bose sound system, bigger touch screen of 10.25” (vs 9” in the Hyryder), power-adjustable driver seat, electric parking brake and options for diesel and DCT variants with a much higher power/torque. Overall, the Hyryder hybrid looks aggressively priced and should result in market share gains but at narrow margins, we think.

Also read: Wall Street hits more than two-week high on energy, tech gains

Our view

Pricing of the Hyryder hybrid is attractive and should lead to better-than-expected adoption. Pricing, compared with other SUV models, is competitive and profitability will be less. As hybrids have lesser boot space compared with ICE SUVs, the hybrid models will be more suitable for long-distance usage without much luggage – e.g. intra city or low occupancy. The very aggressive pricing for Hybrids suggests that Toyota wants a high Hybrid adoption. We maintain our view that the Hyryder model has potential for high volumes (~10-15k units per month, we estimate). With such aggressive pricing, we maintain our estimate that Toyota may be able to sell upto 40% of the volumes for this model. We currently factor in ~8k units per month for MSIL’s version of this model. We expect MM’s recently unveiled XUV400 (link ) to be priced close to the hybrid variants of the Hyryder, mainly due to the tax advantage enjoyed by EVs. We believe EVs like the XUV400 will be a more preferred option for customers who have access to a charging network.

FPIs turn net sellers again; withdraw Rs 7,600 cr from equities in September

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After infusing funds in the last two months, foreign investors turned sellers again in September and pulled out over Rs 7,600 crore from the Indian equity markets amid hawkish stance by the US Fed and sharp depreciation in rupee. With this, the total outflow by Foreign Portfolio Investors (FPIs) from the Indian equity markets has reached Rs 1.68 lakh crore so far in 2022, data with depositories showed.

FPI flows are expected to remain volatile in the coming months on slew of global and domestic factors, experts said.

Also Read: 5G to be available in over 200 cities by March 2023; BSNL 5G launch on Aug 15 2023: Ashwini Vaishnaw 

According to the data, FPIs have sold equities worth a net Rs 7,624 crore in September. This came following a net investment of Rs 51,200 crore in August and nearly Rs 5,000 crore in July. Prior to that, FPIs were net sellers in Indian equity markets for nine months in a row beginning October 2021.

Although FPIs started the month of September on a positive note, the pace of net flows was lower compared to August on the back of enhanced global uncertainty.

“Concerns over the aggressive rate hike by US Fed to control rising inflation, sharp depreciation in rupee, surge in US bond yields and fear of a global recession, fuelled pessimism among investors. “Continuing Russia-Ukraine war also dented sentiments,” said Himanshu Srivastava, Associate Director – Manager Research, Morningstar India.

The scenario turned adverse after hotter-than-expected inflation report dashed hopes that the US Federal Reserve would scale down its rate hikes in the coming months. The August US inflation edged 0.1 per cent higher from the preceding month to 8.3 per cent. Inflation stood at 8.5 per cent in August last year.

In addition, a 75 basis points (bps) rate hike by the US Fed for the third consecutive time last month to control inflation and indication of further aggressive rate hikes have made investors risk averse. This has also raised concerns over the global economic growth and fanned fears of the US economy going into recession, Srivastava said.

Besides, sharp depreciation in the rupee also triggered FPI outflows. Rising bond yields in the US provided investors an opportunity to move away from riskier markets during these uncertain times and invest in safe havens like US treasuries, he noted.

“With the dollar strengthening hard in September, there is a rush towards the safety of the US dollar… Indian rupee may lose much more ground in coming times and hence an exit now and a re-entry later may make sense for some,” said Alok Jain, smallcase manager and founder, Weekend Investing.

The FPIs may be exiting on pressures of redemption from emerging market funds of which India is a part, he added. On the other hand, foreign investors have pumped in Rs 4,000 crore in the debt market during September. Apart from India, FPI flow was negative for the Philippines, South Korea, Taiwan and Thailand, while it was positive for Indonesia during the period under review.