Neutral Bajaj Auto; target of Rs 4200: Motilal Oswal

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Motilal Oswal's research report on Bajaj Auto

Bajaj Auto’s (BJAUT) 2QFY22 performance was impacted by high RM cost. While exports remained robust and domestic 3W continued to recover, a recovery in domestic 2Ws is still awaited. BJAUT’s ramp-up in EVs would be a key monitorable as the competitive landscape evolves. The company’s higher dividend yield will provide support to the stock’s valuation.

Outlook

We lower our FY22E/FY23E EPS by 5%/4% to account for the weaker domestic volumes and cost inflation. Maintain Neutral with a TP of INR4,200.

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