Prabhudas Lilladher recommends to buy Bajaj Auto with target price of Rs 3911

Prabhudas Lilladher recommends to buy Bajaj Auto with target price of Rs 3911

We trim our estimates by 2/4% for FY23/24 and maintain ‘BUY’ with a target price of Rs 3,911 at 16x Dec-23E EPS. More Info on Trent At 16:00 hrs Bajaj Auto was quoting at Rs 3,495.00, down Rs 3.65, or 0.10 percent. It has touched an intraday high of Rs 3,560.50 and an intraday low of Rs 3,485.50. It was trading with volumes of 13,398 shares, compared to its thirty day average of 16,178 shares, a decrease of -17.18 percent.

Bajaj Auto’s performance in the third quarter of FY22 was in line with our expectations, with realisation up 12% YoY on the back of price hikes and stronger exports (56 percent of total volumes vs 53/54 percent YoY/QoQ). We remain optimistic about Bajaj’s growth prospects because (1) exports are projected to drive the company’s growth in the short term, with management targeting 2.5 million units in FY22, up from 2.1 million in FY20 (2) Despite slow 2W sales in 3QFY22, Bajaj’s fall (-20%) was less than the industry’s (-25%), resulting in market share gains (100bps from FY21) partly due to the positive reception of the Pulsar 125 NS. (3) 3W volumes are improving (+16 percent QoQ) as the economy opens up, the CNG network expands, and retail financing becomes more readily available.

In the previous trading session, the share closed up 0.97 percent or Rs 33.70 at Rs 3,498.65. The share touched its 52-week high Rs 4,361.20 and 52-week low Rs 3,028.35 on 04 February, 2021 and 20 December, 2021, respectively. Currently, it is trading 19.86 percent below its 52-week high and 15.41 percent above its 52-week low. Market capitalisation stands at Rs 101,133.77 crore.

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