Quarterly Trend: Export weakness has been denting Bajaj Auto's (BJAUT) performance in recent quarters, as volatility & USD shortages in markets such as Nigeria, Egypt and Latin America have led to a sharp fall in export revenues. Domestic Revenues, on the other hand, have been robust, growing at 28%/26% in Q4FY16/Q1FY17, respectively, on the back of new launches and market share gains. Near-term demand trends mixed: Over FY17/18E, we expect Bajaj to see a modest sales improvement from current depressed levels as 1) Improvement in rural purchasing power on the back of monsoons/higher MSP's/7PC reverses the declining trend for entry level motorcycles (~50%+ rural) over the past 2 years; 2) Troubled markets Egypt/Nigeria/Venezuela see some recovery on a low base via...