Re-iterate BUY as (1) Bajaj is well prepared for BS-VI due to its tie up with KTM. Further, 3W/exports are ~50% of volumes which provides cushion against volatility in domestic 2Ws. (2) Co is launching new premium brands in India including the Husqvarna and Triumph (3) Valuations at 17/15x for FY21/22E are not demanding and RoEs are in excess of 20%. Bajajs 3QFY20 PAT (Rs 12.6bn, +15% YoY) was ahead of estimates as operating margins surprised at 17.9% (+130bp QoQ) due to higher share of exports/3Ws as well as favorable fx. Reiterate Bajaj as preferred pick in the sector. Maintain BUY with a revised TP of Rs 3,630 (@ 18x Dec-21E EPS).