HSBC on Bajaj Hsg ; Reduce, TP Rs 78

In 2QFY27, 3% beat in profit was driven primarily by better-than-estimated NIM Upgrade FY27-29e EPS estimates by 0.6-4.7% to reflect strong AUM growth and better-than-estimated NIM Valuing at 2.2x FY28e BVPS; retain Reduce rating given expensive valuations, sustained pressures

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