Motilal Oswal - MOSL: AUTOMOBILES | Dec-19 wholesales-1. Bajaj Auto; 2. Hero MotoCorp; 3. TVS Motor; 4. Eicher Motors; 5. Ashok Leyland

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Motilal Oswal

Jinesh Gandhi

EUR 120.00 For Business Accounts Only

MOSL: AUTOMOBILES | Dec-19 wholesales-1. Bajaj Auto; 2. Hero MotoCorp; 3. TVS Motor; 4. Eicher Motors; 5. Ashok Leyland

AUTOMOBILES | Dec-19 wholesales: 1. Bajaj Auto; 2. Hero MotoCorp; 3. TVS Motor; 4. Eicher Motors; 5. Ashok Leyland

Bajaj Auto: Wholesales below estimate at ~336k units (-3% YoY); Domestic volumes down ~15% YoY, exports up ~10% YoY

BJAUT's wholesales declined 3% YoY to ~336k units (our estimate: 353k) in Dec'19.
Domestic volumes were down ~15% YoY to 153.2k units (our estimate: 168k), while exports increased ~10% YoY to ~182.9k units (our estimate: 185k).
Motorcycle volumes declined ~5% YoY to 284.8k units. Domestic motorcycle dispatches were down ~21% to 124.1k units, while motorcycle exports increased ~14% YoY to 160.7k units.
3W volumes increased ~8% YoY to ~51.3k units, with domestic volumes up ~26% at ~29k units but exports down ~8 % YoY at 22.2k units.
According to Soumen Ray, CFO of Bajaj Auto, "In the month of December, the retail sales have gone back to the trends that were tracking in Q2. In Q3, we have done the highest ever exports, primarily backed by motorcycles in all three geographies - Africa, Latin America and also in Southeast Asia".
The stock trades at 17.4x/16.6x FY20/21E consol. EPS. Maintain Neutral.

03/01/2020 6 EN

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Motilal Oswal

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Analysts

Jinesh Gandhi

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MOSL: AUTOMOBILES | Dec-19 wholesales-1. Bajaj Auto; 2. Hero MotoCorp; 3. TVS Motor; 4. Eicher Motors; 5. Ashok Leyland

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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