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Bajaj Auto Ltd.
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Weak start to FY12, Maintain BUY
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BUY
CMP: Rs1,421 Target Price: Rs1,700
n APAT at Rs 7.1bn is below est. (Rs 7.8bn) due to lower sales (Rs 47.8bn vs est-Rs.49.3bn) and other inc. (Rs 731mn vs est.-Rs 1bn). Margins at 19.1% was below est of 20.4%
n 2.2% QoQ decline in domestic ASP to Rs 43,563 is the key reason for disappointment in sales. Exports ASP at Rs 39,498 was in line with est.
n Outlook remains positive driven by strong momentum in two wheelers, launch of Boxer and exports
n Currently, retain our FY13E EPS of Rs 113 and BUY rating. Shall further update post conference call scheduled on 18th July
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