Bajaj Auto (BJAUT)
Automobiles
Operationally weak quarter. Bajaj Auto reported an operationally weak quarter due
to inferior product mix led by lower three-wheeler exports and lower share of premium
domestic motorcycles in the product mix. We believe EBITDA margins are likely to inch
up gradually with improvement in premium motorcycle sales and recovery in export
volumes. We maintain our ADD rating on the stock due to attractive valuation and
gradual improvement in volume growth in 2HFY13E.
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link :http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19072012lu.pdf
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