Amidst a challenging demand environment and rising competition (particularly from Bajaj), Hero has defended market share due to its brand franchise. Further, management is upping the ante in the premium segment with multiple product launches. The stock is trading at attractive valuations of 14.5x on FY20E estimates and it offers a dividend yield of ~3.3%. The company continues to enjoy healthy return ratios (with ROE's in excess of 20%). We re-iterate our BUY rating on the stock. Heros 4Q results were inline with estimates at the operating level the EBITDA came in at Rs 10.7bn, with a reported margin of 13.6%. Higher tax led to a PAT miss(-25% YoY, -5% QoQ). With a full year dividend of Rs 87 (~3.3% yield) and steady market share, our BUY stands. Our TP is Rs 3,080 (at 16x FY21E EPS), with estimates falling by ~4%.