External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<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

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

ICICI Securities Limited

<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

<p>BJAUT's FY21 annual report highlights its resilient performance in a year impacted by the COVID-19 outbreak, led by continuous premiumization and focus on R&amp;D.; Its focus on exports and on Premium Motorcycles helped it to outperform the 2W...</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>

BJAUT's FY21 annual report highlights its resilient performance in a year impacted by the COVID-19 outbreak, led by continuous premiumization and focus on R&amp;D.; Its focus on exports and on Premium Motorcycles helped it to outperform the 2W...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: 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

Exports cushion domestic weakness

BJAUT's FY21 annual report highlights its resilient performance in a year impacted by the COVID-19 outbreak, led by continuous premiumization and...

Motilal Oswal

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

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