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

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6%, respectively).</p><ul><li>Exports comprised ~52% of FY21 volumes; &gt;125 cc motorcycles constituted ~28% of FY21 volumes with Pulsar 125 enjoying good success</li><li>Strong b/s with ~| 20,000 crore surplus cash on books, history of &gt;20% return ratios and one of the highest dividend yields among Nifty stocks</li></ul><div class="content-highlight"><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></div>

Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6%, respectively).Exports comprised ~52% of FY21 volumes; &gt;125 cc motorcycles constituted ~28% of FY21 volumes with Pulsar 125 enjoying good successStrong b/s with ~| 20,000 crore surplus cash on books, history of &gt;20% return ratios and one of the highest dividend yields among Nifty stocksContent 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: Switches Stake in KTM AG with Its Parent (PMAG)

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We maintain our BUY rating on the stock and keep our TP unchanged at Rs 4,250 (which includes Rs 200/share for the companys stake in KTM) as we value the stock at 17x its FY23E EPS.</p><div class="content-highlight"><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></div>

We maintain our BUY rating on the stock and keep our TP unchanged at Rs 4,250 (which includes Rs 200/share for the companys stake in KTM) as we value the stock at 17x its FY23E EPS.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 And Premiumization Story Continues; Strong Growth Prospects

<p>We maintain our BUY rating on the stock keeping our TP of Rs 4,250 unchanged (which includes Rs 200/share for the company's stake in KTM) as we value the stock at 17x its FY23E EPS.</p><div class="content-highlight"><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></div>

We maintain our BUY rating on the stock keeping our TP of Rs 4,250 unchanged (which includes Rs 200/share for the company's stake in KTM) as we value the stock at 17x its FY23E EPS.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: Marginally Weaker Performance; Outlook Remains Stable

<p>About the stock: Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6%, respectively).</p><ul><li>Exports comprised ~52% of FY21 volumes; &gt;125 cc motorcycles constituted ~28% of FY21 volumes with Pulsar 125 enjoying good success</li><li>Strong b/s with ~| 20,000 crore surplus cash on books, history of &gt;20% return ratios &amp; one of the highest dividend yields among Nifty stocks</li></ul><div class="content-highlight"><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></div>

About the stock: Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6%, respectively).Exports comprised ~52% of FY21 volumes; &gt;125 cc motorcycles constituted ~28% of FY21 volumes with Pulsar 125 enjoying good successStrong b/s with ~| 20,000 crore surplus cash on books, history of &gt;20% return ratios &amp; one of the highest dividend yields among Nifty stocksContent 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: Margin Bottom Not yet in Sight, Lacks Imminent Triggers

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

Motilal Oswal

<p>While its share in the domestic Motorcycle market declined marginally (50bp to 18%), led by market share loss of 770bp in the Sports segment due to cannibalization by Pulsar 125cc. It expects to further strengthen its position in the Premium segment, with...</p><div class="content-highlight"><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></div>

While its share in the domestic Motorcycle market declined marginally (50bp to 18%), led by market share loss of 770bp in the Sports segment due to cannibalization by Pulsar 125cc. It expects to further strengthen its position in the Premium segment, with...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.

Morning India: Bajaj Auto: Exports cushion domestic weakness

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto: Switches Stake in KTM AG with Its Parent (PMAG)

Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6%, respectively).

ICICI Securities Limited

Bajaj Auto: Exports And Premiumization Story Continues; Strong Growth Prospects

We maintain our BUY rating on the stock and keep our TP unchanged at Rs 4,250 (which includes Rs 200/share for the companys stake in KTM) as we...

Axis Direct

Bajaj Auto: Marginally Weaker Performance; Outlook Remains Stable

We maintain our BUY rating on the stock keeping our TP of Rs 4,250 unchanged (which includes Rs 200/share for the company's stake in KTM) as we...

Axis Direct

Bajaj Auto: Margin Bottom Not yet in Sight, Lacks Imminent Triggers

Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6%, respectively).

ICICI Securities Limited

Morning India: Bajaj Auto: Exports cushion domestic weakness

While its share in the domestic Motorcycle market declined marginally (50bp to 18%), led by market share loss of 770bp in the Sports segment due to...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)