Fundamental Result Update

Revised TVS Motor - Q1FY18 Result Update



TVS Motors to continue to outpace industry growth on new launches. After high single?digit growth in Q1FY2018, the two wheeler (2W) industry’s growth has picked up in the last two months, with the industry reporting strong double?digit growth (13% growth reported in July? August 2017).

Valuation – TVS Motors  volume outlook has improved, given the acceleration in the 2W industry’s growth and a strong product pipeline, which is likely to be unveiled in the ongoing festival season. We have increased our FY2018 and FY2019 revenue estimates by 3%, to factor in improved prospects. We give HOLD  rating on the stock with a revised price target (PT) of Rs.690 (based on 33x FY2019 earnings).


Tags: FundamentalResult Update


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