External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We revise our FY22/FY23 earnings downward by 9.1%/2.0% on account of higher credit costs and downgrade the stock to REDUCE from ADD with a revised TP of INR 4,832 from INR 4,928 (implied 5.5x Mar'23 ABV), implying a 19% downside Bajaj Finance (BAF) issued mid-quarter business guidance around the likely impact of the second wave on the companys AUM growth (lower by INR40-50bn) and credit costs (higher by INR11-13bn). The net impact of this update is neutral on our AUM growth estimates (we were conservative on AUM accretion compared to the managements earlier guidance) while we raise our above-consensus provisioning forecasts further.</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 revise our FY22/FY23 earnings downward by 9.1%/2.0% on account of higher credit costs and downgrade the stock to REDUCE from ADD with a revised TP of INR 4,832 from INR 4,928 (implied 5.5x Mar'23 ABV), implying a 19% downside Bajaj Finance (BAF) issued mid-quarter business guidance around the likely impact of the second wave on the companys AUM growth (lower by INR40-50bn) and credit costs (higher by INR11-13bn). The net impact of this update is neutral on our AUM growth estimates (we were conservative on AUM accretion compared to the managements earlier guidance) while we raise our above-consensus provisioning forecasts further.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 Finance (Update): Mid-quarter profit warning calls for a reality check. Downgrade to REDUCE

Bajaj Finance Ltd

Bajaj Finance (Update): Mid-quarter profit warning calls for a reality check. Downgrade to REDUCE