Hero Motors, one of the largest player in the Industry in the two-wheeler industry
(38% market share as on FY2018); has been facing strong headwinds after its breakup with Honda. The company has been underperforming the industry growth; in spite
of strong business fundamentals- like product basket, branding & strong distribution
network. The key reason behind its underperformance has been the missing links like
no main product in the premium / scooter segment and very less aggression in
expanding the export markets. At this stage, the company is building blocks for future
by investing in missing blocks to make sure that it emerges in next 4-5 years as a
complete two wheeler player, having products across market segments. Thus, we
recommend a HOLD.
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