Published on 21/04/2017 11:44:01 AM | Source: Reliance Securities Ltd
Buy Bajaj Corp Ltd For Target Rs.463.00 - Reliance Se
STOCK IN FOCUS
* Bajaj Corp closed 2% up in trade at Rs402 compared to 0.4% increase in benchmark Nifty ff The company is the market leader in light hair oil market with volume share of 58%
* Although 4QFY17 numbers were impacted by demonetization and weak consumer demand, we expect recovery in the coming quarters.
* We expect Bajaj Corp to report revenues of Rs9.9bn and Rs11.3bn and net profit of Rs2.7bn and Rs3.1bn in FY18E and FY19E, respectively.
*Based on expected EPS of Rs21, the stock currently trades at attractive valuations of 19x FY19E earnings
* Considering the Company’s market leadership and pricing power, coupled with attractive valuations, we maintain our BUY recommendation on the stock with a Target Price of Rs463.
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