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

Thematic (Sector/Industry)

<ul>
<li>The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing Legislative elections. </li>
<li>The objective is to know the on-ground narrative about business and elections and is not aimed at forecasting the outcome of the event. </li>
<li>Business sentiment is not very encouraging, however, most of them seem to be hinting at the ruling party BJP remaining in power. </li>
</ul>


The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing Legislative elections. 
The objective is to know the on-ground narrative about business and elections and is not aimed at forecasting the outcome of the event. 
Business sentiment is not very encouraging, however, most of them seem to be hinting at the ruling party BJP remaining in power. 


India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

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>Bajaj Auto (BAL) Q3FY22 results stood slightly ahead of our expectations, particularly on the margin front.</li><li>The company reported net revenues of Rs 9,022 Cr (our estimate – Rs 8,928 Cr) v/s Rs 8,910 Cr in Q3FY21, posting a flattish growth YoY</li><li>We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's stake in PMAG) as we value the stock at 17x its FY24E EPS.</li></ul><div class="content-highlight"><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></div>

Bajaj Auto (BAL) Q3FY22 results stood slightly ahead of our expectations, particularly on the margin front.The company reported net revenues of Rs 9,022 Cr (our estimate – Rs 8,928 Cr) v/s Rs 8,910 Cr in Q3FY21, posting a flattish growth YoYWe maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's stake in PMAG) as we value the stock at 17x its FY24E EPS.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: Strong Exports, Premiumisation & EVs to Drive Growth; Outlook Stable

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
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Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a> reported record quarterly profit of INR 2,125cr on the back of strong growth in AUM and improving asset quality.</li>
<li>BAF has launched its Phase 1 digital transformation. This quarter, it shared detailed updates around it. It is now working on year-long step-wise Phase 2 launch.</li>
<li>With liquidity buffer normalizing, asset quality improving, and customer acquisition accelerating led by digital initiatives, we believe BAF is at an interesting inflection point.</li>
</ul>



Bajaj Finance Ltd (BAF IN) reported record quarterly profit of INR 2,125cr on the back of strong growth in AUM and improving asset quality.
BAF has launched its Phase 1 digital transformation. This quarter, it shared detailed updates around it. It is now working on year-long step-wise Phase 2 launch.
With liquidity buffer normalizing, asset quality improving, and customer acquisition accelerating led by digital initiatives, we believe BAF is at an interesting inflection point.


Bajaj Finance: Gearing Up To Become India's Dominant Fintech

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.

<p>Bajaj Auto (BJAUT)'s 3QFY22 beat was driven by lower RM cost pressures and favorable Fx. While exports remained robust and domestic 3W continued to recover, domestic 2Ws are yet to see recovery. In EVs, BJAUT is focusing on aggressively rolling out Chetak after ironing out supply chain issues. The e-3W launch is planned for FY23E. While we maintain our EPS estimates, we cut our P/E multiple to 16x (v/s 18x earlier) to account for hyper-competition in e-2Ws and the EV threat to...</p><div class="content-highlight"><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></div>

Bajaj Auto (BJAUT)'s 3QFY22 beat was driven by lower RM cost pressures and favorable Fx. While exports remained robust and domestic 3W continued to recover, domestic 2Ws are yet to see recovery. In EVs, BJAUT is focusing on aggressively rolling out Chetak after ironing out supply chain issues. The e-3W launch is planned for FY23E. While we maintain our EPS estimates, we cut our P/E multiple to 16x (v/s 18x earlier) to account for hyper-competition in e-2Ws and the EV threat to...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.

RM pressures easing, but domestic demand remains weak

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6% respectively)</li><li>Exports comprised ~52% of FY21 volumes; &gt;125 cc motorcycles constituted ~28% of FY21 volumes with Pulsar 125 enjoying good success</li><li>We value BAL at Rs 3,460 on SOTP basis (17x PE on FY23-24E average standalone EPS, stake in PMAG; previous target Rs 4,220)</li></ul><div class="content-highlight"><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></div>

Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically (FY21 market share at 18%, 50.6% respectively)Exports comprised ~52% of FY21 volumes; &gt;125 cc motorcycles constituted ~28% of FY21 volumes with Pulsar 125 enjoying good successWe value BAL at Rs 3,460 on SOTP basis (17x PE on FY23-24E average standalone EPS, stake in PMAG; previous target Rs 4,220)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:Stable Performance; Steadily Charging EV Game Plan

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)

India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing...

Pranav Bhavsar

Bajaj Auto: Strong Exports, Premiumisation & EVs to Drive Growth; Outlook Stable

We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's...

Axis Direct

Bajaj Finance: Gearing Up To Become India's Dominant Fintech

BAF is at an inflection point led by its digital transformation. Recent volatility in its stock offers a good opportunity to accumulate.

Ankit Agrawal, CFA

RM pressures easing, but domestic demand remains weak

Bajaj Auto (BJAUT)'s 3QFY22 beat was driven by lower RM cost pressures and favorable Fx. While exports remained robust and domestic 3W...

Motilal Oswal

Bajaj Auto:Stable Performance; Steadily Charging EV Game Plan

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

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India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing...

Pranav Bhavsar

Bajaj Auto: Strong Exports, Premiumisation & EVs to Drive Growth; Outlook Stable

We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company&#x27;s...

Axis Direct

Bajaj Finance: Gearing Up To Become India's Dominant Fintech

BAF is at an inflection point led by its digital transformation. Recent volatility in its stock offers a good opportunity to accumulate.

Ankit Agrawal, CFA

RM pressures easing, but domestic demand remains weak

Bajaj Auto (BJAUT)&#x27;s 3QFY22 beat was driven by lower RM cost pressures and favorable Fx. While exports remained robust and domestic 3W...

Motilal Oswal

Bajaj Auto:Stable Performance; Steadily Charging EV Game Plan

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's...

Bajaj Auto (BJAUT)'s 3QFY22 beat was driven by lower RM cost pressures and favorable Fx. While exports remained robust and domestic 3W...