Asit C Mehta Investment Intermediates Broker Research reports

The company is part of Alicon group, a global consortium of companies that combines European engineering, Japanese quality & Indian innovation under its umbrella to deliver exceptional lightweight alloy solutions.

We initiate coverage on City Union Bank (CUB) with a “BUY” recommendation
and a target price of Rs 205, valuing the bank at 1.5x of its FY26E Adj. BV.

Time Technoplast holds a dominant market position with over 60% share in
domestic industrial packaging and is recognized as the world’s largest manufacturer of large-size plastic drums.

PGEL has grown more than 10x in eight years, from a revenue of Rs 2,630 Mn in
FY16 to Rs 27,470 Mn in FY24 at a 34% CAGR. The company is seeing increased interest from both new and existing clients, and we remain very confident about the future growth prospects of the business.

We initiate coverage on Bajaj Auto Ltd. (BJAUT) with a “BUY” recommendation and a target price of Rs 11,160 based on SOTP valuation. We value the standalone business at 30x FY26E EPS of Rs 367.6 and add Rs 127 for the stake held in Pierer Mobility AG.

We are optimistic about the company's growth story and recommend an ACCUMULATE rating with a revenue CAGR of 17% for FY24-FY26E and a forward P/E multiple of 18X based on FY26E EPS of Rs 28.08 along with target price of Rs 505 per share.

We expect Revenue/EBITDA/PAT CAGR growth of
20%/23%/29% in the FY24-FY26 period. Given the trailing history
and growth prospect of the company, we have kept the EV/EBITDA
multiple constant at 23x. This gives a price target of Rs1,510 and an
upside potential of 19% on forward EBITDA of March FY26.