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Automobiles: Bosch India (BOSH.BO, Buy, on our Conviction List)
• technology differentiation top quartile cash Strong drives top-returns and margins stability through the cycle, in our view. About 75% market share
in Fuel Injection space, track record of industry-shaping innovations in areas like braking, traction control systems, etc
• Step-up in growth and returns driven by strong demand - 30% CY09-12E EPS CAGR (avg. CROCI 28%) versus 3% CY06-09 EPS CAGR
(avg. CROCI 24%). Valuation below historical averages on P/E, P/B and EV/GCI, vs. Indian auto coverage trading near upcycle multiples and
MSCI India at 1 standard deviation above its historical average
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