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

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<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.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<p>In this insight, we present an on-ground narrative based on the channel interactions with dealers of <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> (two-wheelers) and <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> . </p>
<p>The channels we interacted with were based out of Maharashtra, Bihar, Gujarat. </p>
<h3>
<br>About India Channel Insight</h3>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>

In this insight, we present an on-ground narrative based on the channel interactions with dealers of Bajaj Auto Ltd (BJAUT IN), Honda Motor (7267 JP) (two-wheelers) and Hero Motocorp (HMCL IN) . 
The channels we interacted with were based out of Maharashtra, Bihar, Gujarat. 

 About India Channel Insight

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


India Channel Insight | Bajaj, Honda, Hero Motocorp

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: 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

India Channel Insight | Bajaj, Honda, Hero Motocorp

In this Insight, We present an on-ground narrative based on channel interactions with dealers of Bajaj Auto Ltd (BJAUT IN), Honda Motor (7267 JP)...

Pranav Bhavsar

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