External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.</li><li>Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.</li><li>The export volume is expected to grow in the mid-teens (despite concerns around KTM).</li></ul>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.

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.The export volume is expected to grow in the mid-teens (despite concerns around KTM).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 Auto Ltd - Earnings Miss Estimates; Valuations Fair

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

<ul><li>Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.</li><li>Bajaj, with its presence in multiple power trains – petrol, CNG, and EVs – is projected to achieve a higher growth rate of 11-12% YoY.</li><li>The company has lined up new launches from Nov’24 onwards which includes new e2W and e3W variants. </li></ul>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.

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.Bajaj, with its presence in multiple power trains – petrol, CNG, and EVs – is projected to achieve a higher growth rate of 11-12% YoY.The company has lined up new launches from Nov’24 onwards which includes new e2W and e3W variants. 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 Auto Ltd - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business.</li><li>The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.</li><li>In exports, the strong demand in Latin America and ASEAN is being offset by the continued slowdown in Africa and Bangladesh, and the management expects exports to post a single-digit growth in FY25E.</li></ul>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.

We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business.The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.In exports, the strong demand in Latin America and ASEAN is being offset by the continued slowdown in Africa and Bangladesh, and the management expects exports to post a single-digit growth in FY25E.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 Auto - Volume Growth to Moderate in the Domestic Market

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market. Latam export volumes grew over 40%

Axis Direct

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Bajaj Auto Ltd - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.

Axis Direct

Bajaj Auto - Volume Growth to Moderate in the Domestic Market

The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.

Motilal Oswal

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

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