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Buy Bajaj Auto, target of Rs 1030: IIFL

Posted on: May 25th, 2009 and is filed under Brokerage Recommendations.

IIFL has maintained its buy rating on Bajaj Auto with a target price of Rs 1030 in its May 22, 2009 research report.

“Bajaj Auto’s operational 4QFY09 results were much better than the street’s expectations. EBITDA margin adjusted for one-off items expanded 150bps QoQ, driven by a steep decline in raw-material costs (primarily steel and aluminium) and shift in product mix towards the highly profitable 125cc+ segment. Reported PAT was lower than our estimate on account of a Rs 220 million MTM loss on forex contracts taken for hedging exports in FY10. Going forward, we expect margins to expand further to over 18%. Accordingly, we raise our EPS estimate for FY10 by 29% and for FY11 by 20%. We maintain ‘BUY’ with a price target of Rs 1,030, based on 13x FY10ii EPS,” says IIFL’s reseahttp://nseguide.com/wp-admin/edit.phprch report.

source: Moneycontrol

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