BEL
CS ON BEL : 24.06.2021
* MAINTAIN NEUTRAL TARGET: 165
* Credit Suisse maintains NEUTRAL call on BEL, target at Rs 165/sh
* Strong Near-term Outlook
* Flattish Inflows & Modest Growth In Defence Budget Can Cap Long-term CAGR
* Revise Earnings Ests By 22 %/18% For FY22/23 On Execution & Profitability Outlook
* Dependence On Govt Remains High For Large Contracts
* Order Inflows Have Been Flattish For Last Six Years
