External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Equity Bottom-Up

<ul><li>Bajaj Auto: Bajaj Auto’s Q4 PAT at INR19.4bn was ahead of our estimate of INR 17.7bn, driven by soft commodity prices and a better mix in the export markets</li><li>While BAL has posted a healthy performance in FY24, it is unlikely to sustain it, as (1) exports will take longer to revive in key markets of Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall in FY24, (3) in 2W EVs, BAL is facing intense competitive pressure and uncertainty exists due to the upcoming general elections, (4) higher ad spending is expected due to the upcoming launches under the Pulsar brand</li><li>Given its outperformance in FY24, we raise estimates for FY25-26E marginally by 2% each.</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: Bajaj Auto’s Q4 PAT at INR19.4bn was ahead of our estimate of INR 17.7bn, driven by soft commodity prices and a better mix in the export marketsWhile BAL has posted a healthy performance in FY24, it is unlikely to sustain it, as (1) exports will take longer to revive in key markets of Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall in FY24, (3) in 2W EVs, BAL is facing intense competitive pressure and uncertainty exists due to the upcoming general elections, (4) higher ad spending is expected due to the upcoming launches under the Pulsar brandGiven its outperformance in FY24, we raise estimates for FY25-26E marginally by 2% each.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.

バジャジ・オート - 好調なショーだが、今後は逆風が予想される

Bajaj Auto Ltd

バジャジ・オート - 好調なショーだが、今後は逆風が予想される