External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bajaj Auto (BJAUT)'s 2QFY23 witnessed a good all-round performance, driven by favorable FX and operating leverage.</li><li>While domestic outlook is improving, exports have bottomed out in 2QFY23.</li><li>The on-going buy-back of shares, which supported the stock price, is now complete.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Bajaj Auto (BJAUT)'s 2QFY23 witnessed a good all-round performance, driven by favorable FX and operating leverage.While domestic outlook is improving, exports have bottomed out in 2QFY23.The on-going buy-back of shares, which supported the stock price, is now complete.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto - Worst Behind in Both Exports and India

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>Exports: Management expects double-digit growth in retail sales, led by healthy demand in key markets and a continuous focus on network expansion.</li></ul><div><div><div><div><ul><li>Domestic 2Ws: Management expects strong growth in volumes, with a focus on profitable categories.</li><li>The share of first-time buyers stands at ~60% of demand, while the remaining portion is contributed by replacement/additional vehicle buyers.</li></ul><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Exports: Management expects double-digit growth in retail sales, led by healthy demand in key markets and a continuous focus on network expansion.Domestic 2Ws: Management expects strong growth in volumes, with a focus on profitable categories.The share of first-time buyers stands at ~60% of demand, while the remaining portion is contributed by replacement/additional vehicle buyers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto - Domestic 2W Recovery on Track

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Results beat expectations; gross margin ahead of our estimate: Reported revenue at Rs79.7bn was ahead of broader expectations.</li></ul><div><div><div><ul><li>Initial signs of demand recovery in 2Ws; Management remains cautious</li></ul><div><div><div><div><ul><li>Valuation and outlook: At CMP, the company is trading at 16x FY24E core EPS, which is broadly in line with its long-term mean multiple.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Results beat expectations; gross margin ahead of our estimate: Reported revenue at Rs79.7bn was ahead of broader expectations.Initial signs of demand recovery in 2Ws; Management remains cautiousValuation and outlook: At CMP, the company is trading at 16x FY24E core EPS, which is broadly in line with its long-term mean multiple.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto - Exports Growing on Strong Footing; Focus Shifting to EVs

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and flattish demand outlook in key export markets.</li>
<li>Though we keep our FY23E revenue estimates largely unchanged, we trim FY23E EBITDA margin by ~300bps to ~14.5% due to surge in RM costs, resulting in 2% cut in FY24E earnings.</li>
<li>Though recent cost inflation would get partially reflected in Q4FY22, bulk of it would come Q1FY23E onward.</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and flattish demand outlook in key export markets.
Though we keep our FY23E revenue estimates largely unchanged, we trim FY23E EBITDA margin by ~300bps to ~14.5% due to surge in RM costs, resulting in 2% cut in FY24E earnings.
Though recent cost inflation would get partially reflected in Q4FY22, bulk of it would come Q1FY23E onward.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto: Since Its Q3FY22 Result, Bajaj Auto (BJAUT) Has Outperformed NIFTY50 by ~15%

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto - Worst Behind in Both Exports and India

While domestic outlook is improving, exports have bottomed out in 2QFY23.The on-going buy-back of shares, which supported the stock price, is now...

Motilal Oswal

Bajaj Auto - Domestic 2W Recovery on Track

In an interaction with Emkay, new CFO Mr. Dinesh Thapar reiterated expectations of a strong recovery in domestic 2Ws and an aggressive focus on EVs

Emkay

Bajaj Auto - Exports Growing on Strong Footing; Focus Shifting to EVs

Results beat expectations; gross margin ahead of our estimate: Reported revenue at Rs79.7bn was ahead of broader expectations. Initial...

Nirmal Bang

Bajaj Auto: Since Its Q3FY22 Result, Bajaj Auto (BJAUT) Has Outperformed NIFTY50 by ~15%

Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and...

ICICI Securities Limited

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

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