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Hold Bajaj Auto: Reliance Money
Posted on: April 8th, 2009 and is filed under Brokerage Recommendations.
Reliance Money has recommended a hold rating on Bajaj Auto in its April 8, 2009 research report. “BAL is estimated to report decline in earnings by 4% to Rs 49.8. But due to expected demand growth in two wheeler industry, we estimate BAL’s EPS to grow by 17% in FY10E to Rs 58.
Due to positive earnings growth in FY10E, we assign higher multiple for core earnings and considering its investments in KTM we value BAL at Rs 730 and assign a HOLD rating,” says Reliance Money’s research report.
Tags: bajaj auto, HOLD, netural, reliance money
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