Four Directors at Bajaj Auto Ltd sold 1,670,098 shares at 10,000.000INR. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
. Bajaj Auto: Worst behind in both exports and India (BJAUT IN, Mkt Cap USD12.5b, CMP INR3569, TP INR4000, 12% Upside, Neutral) Commodity/Fx to drive margins | Completes share buyback Bajaj Auto (BJAUT)'s 2QFY23 witnessed a good all-round performance, driven by favorable FX and operating leverage. While domestic outlook is improving, exports have bottomed out in 2QFY23. The on-going buy-back of shares, which supported the stock price, is now complete. We largely maintain our EPS for FY23E...
Bajaj Auto (BJAUT)’s 1QFY23 beat was driven by better mix, favorable FX and higher other income. While near-term exports outlook has turned cautious due to macro headwinds, domestic demand recovery is on track along with alleviating supply-side issues. In EVs, BJAUT is ramping up sales of Chetak with a target to expand to 100 cities by end-FY23. We raise our EPS by 6%/3% for FY23E/FY24E, respectively, to factor in the favorable FX, price hikes, near-term export weakness and higher income. Mai...
The general evaluation of BAJAJ AUTO (IN), a company active in the Automobiles industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 18, 2022, the closing price was INR 3,4...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
BAJAJ AUTO: Below our estimate; higher RM cost keeps margin under pressure (BJAUT IN, Mkt Cap USD15b, CMP INR3853, TP INR4250, 10% Upside, Neutral) Near term outlook muted for domestic 2Ws; Chetak to soon get FAME-2 approval BJAUT’s 1QFY22 performance was impacted by high RM and employee cost. While core business recovery is ahead of the market, its ramp-up in EVs would be a key monitorable as the inflection point for EVs comes closer. Higher dividend yield will provide a floor to valuat...
BAJAJ AUTO | Annual Report: Exports cushion domestic weakness; Prudent cost management led to margin expansion (BJAUT IN, Mkt Cap USD16.2b, CMP INR4187, TP INR4211, 1% Upside, Neutral) 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&D. Its focus on exports and on Premium Motorcycles helped it to outperform the 2W industry in a tough year. Contribution of exports to net sales grew...
Bajaj Auto: Beat on margins, but lower other income drives in-line PAT (BJAUT IN, Mkt Cap USD12.7b, CMP INR3144, TP INR3400, 8% Upside, Neutral) Best of volumes/margins in 3Q, expect moderation due to BS6 shift BJAUT’s strong operating performance in the quarter was driven by mix, RM and FX. However, BS6-led volume weakness (op. leverage) and RM are likely to exert pressure on margins over the next 2-3 quarters. We marginally upgrade our EPS estimate but maintain our Neutral rating with...
Q2FY20 results PAT beats estimates: Bajaj Auto reports Q2FY20 PAT at Rs 14bn (up 22% yoy) was well ahead of estimates. The beat reflects a stronger than expected operating performance and a reversal in the tax rate. Sharp improvement in gross margins: Revenues at Rs77bn (down ~4% yoy) were 5% ahead of estimates with favourable product mix (higher share of 3Ws/higher priced products). The gross margins showed sharp improvement (120bps qoq, 200bps yoy) which reflects the higher share of 3W/exp...
Q1FY20 results PAT beats estimates: Bajaj Auto reports Q1FY20 PAT at Rs 11.2bn (up 1% yoy) was ~7% above our estimates on account of higher other income and lower tax rate. Operating performance adjusted for accounting policy changes was broadly inline with estimates. Revenues improves; EBITDA margin boosted by change in accounting policy: Revenues at Rs 77.6bn (up 4% yoy) were 3% ahead of estimates as realisations improved on ABS/CBS led price hikes. This negated a weaker product mix (lower...
Q1FY20 results PAT beats estimates: Bajaj Auto reports Q1FY20 PAT at Rs 11.2bn (up 1% yoy) was ~7% above our estimates on account of higher other income and lower tax rate. Operating performance adjusted for accounting policy changes was broadly inline with estimates. Revenues improves; EBITDA margin boosted by change in accounting policy: Revenues at Rs 77.6bn (up 4% yoy) were 3% ahead of estimates as realisations improved on ABS/CBS led price hikes. This negated a weaker product mix (lower...
Bajaj Auto: In-line; industry dynamics challenging; expects margin to stabilize at 15-16% (BJAUT IN, Mkt Cap USD11b, CMP INR2619, TP INR2900, 11% Upside, Neutral) Weaker mix, higher cost impact profitability: Revenues grew 4% YoY to INR77.5b (our estimate: INR75.7b). Despite the weak mix, realizations were flat QoQ (+2.2% YoY) at INR62k/unit (our estimate: INR60.7k) due to favourable FX and price increases for ABS. EBITDA margin shrank 250bp YoY (-110bp QoQ) to 15.4% (our estimate: 15.5%)...
Bajaj Auto | Annual Report update: Milestone year led by market share focus in India; Competitive intensity to remain high; Watch out for action in ‘Commuter’ segment (BJAUT IN, Mkt Cap USD12.1b, CMP INR2886, TP INR2988, 4% Upside, Neutral) Our analysis of Bajaj Auto’s FY19 annual report highlights the company’s strategic intent, update on the key export markets and outlook for the 2W industry. Key insights from the annual report: BJAUT expects BS6 to be the joker in the pack; there is r...
Q4FY19 results Operating performance inline: Bajaj Auto’s reported Q4FY19 PAT at Rs 13.1 bn (up 21% yoy) was ahead of our estimates largely on account of one-offs. However, the operating performance performance was broadly inline with expectations with slightly higher realisations offsetting lower than estimated margins. Revenues ahead; margins weak: Revenues at Rs 73.9bn (up 9% yoy) was 3% with realisations rising 5% qoq on the back of a better product mix and ABS/CBS linked price hikes. H...
Bajaj Auto: In-line operating performance; FY20 domestic 2W industry outlook cautious (BJAUT IN, Mkt Cap USD12.5b, CMP INR3042, TP INR3050, Neutral) EBITDA margins flat QoQ despite better mix, favorable commodity prices: Revenues grew 9% YoY to INR74b (our est. INR71.4b), with volume growth of 14% YoY. Realization improved 5.3% QoQ (down 4.6% YoY) to INR62k/unit (our est. INR59.8k/unit) due to favorable mix. EBITDA declined 12.6% YoY to INR11.6b (in-line), implying an EBITDA margin of 15.7% ...
Q3FY19 results PAT ahead; Operating performance below expectations: Bajaj Auto’s Q2FY19 PAT at Rs 11.01 bn (up 16% yoy) was ~5% ahead of our estimates. However, the operating performance remained weak with margins showing a greater than expected decline. This was offset by treasury gains led higher other income. Revenues in-line; Operating performance weak: Revenues at Rs 74.1bn (up 16% yoy) reflected the strong volume growth (up 26% yoy) while realizations continued to drop (-1.7% qoq; -8% ...
Bajaj Auto: Margin miss driven by adverse FX; expect volume growth of 8-10% in FY20 (BJAUT IN, Mkt Cap USD10.2b, CMP INR2499, TP INR3045, 22% Upside, Buy) Product mix, FX hurt realization: Revenue increased 16% YoY (-7.5% QoQ) to INR74b (our estimate: ~INR75.5b), led by 26% YoY volume growth. Realization declined 7.8% YoY (-1.7% QoQ) to INR58.8k/unit (our estimate: INR59.9k/unit), led by the unfavorable product mix and the FX impact (-50bp QoQ). EBITDA margin impacted by multiple factors...
Q2FY19 results PAT in-line; Operating performance tad below expectations: Bajaj Auto’s Q2FY19 PAT at Rs 11.5 bn (up 4% yoy) was in-line with our estimates. A weaker operating performance due to rising raw material put pressure on EBITDA margins. Revenues in-line; Operating performance weak: Revenues at Rs 79.9bn (up 21% yoy) reflected the volume trend (up 25% yoy) while realizations continued to drop (-1.3% qoq) due to higher discounting in the economy segment as reflected in the strong volu...
Bajaj Auto: Operating performance in-line; Domestic mix unlikely to deteriorate further (BJAUT IN, Mkt Cap USD9.8b, CMP INR2478, TP INR3196, 29% Upside, Buy) CT100-led growth leads to second straight quarter of realization decline: Net sales grew 21.4% YoY (+7.6% QoQ) to INR79.9b (in-line), as volumes increased by 25% YoY (+9.2% QoQ). Realization declined for the second consecutive quarter by 2.9% YoY (-1.4% QoQ) to INR59.6k/unit (in-line) due to an unfavorable product mix (share of Econo...
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