We have trimmed our FY18E by 3%, factoring in lower 1HFY18 volumes. Maintain BUY with a SOTP-based TP of Rs 3,598 (20x 19E Core EPS + cash + 30% discount for KTM stake). Bajaj Autos (BJAUT) 2Q EBITDA at Rs 13bn (flat YoY), and margin at 19.7% came in-line with estimates. Net revenue came in at Rs 65.8bn (+8% YoY), owing to an increase in volumes (+4% YoY).