Fundamental Result Update

TVS Motors Q1FY20 Result Update



The 2W industry shall remain choppy in FY20 largely led by continued increase in costs of ownership led by BS VI and the insurance costs. However we believe, TVSL will outperform the industry volumes backed by diversified portfolio in scooters, motorcycles. TVS’s 8% margin levels are likely to sustain owing to improved cost efficiency and stable commodity prices. We reduce our EPS estimates by 4% / 3% in FY20e/FY21e. At CMP of Rs 380, the stock trades at 20x FY21E. Thus, we revise our rating to HOLD on the stock and value it at 21x FY21e (22x earlier) for a target price of Rs399 (Rs 431 earlier) for an upside of 5%.


Tags: Daily


Search Reports

SEARCH

Reports

Daily Market Update...

Nifty opened on a subdued...

Read More

Grasim Q1FY20 Result...

Grasim Industries came out...

Read More

Daily Market Update...

Nifty opened on a subdued...

Read More

Daily Market Update...

Nifty opened on a subdued...

Read More

Daily Market Update...

Nifty opened higher traded...

Read More

PRESTIGE

SHORT TERM TRADING CALL BUY...

Read More

Voltamp Transformers...

Voltamp Transformers came out...

Read More

Sundaram Finance Ltd...

Sundaram Finance (SUF)...

Read More

Shakti Pumps Q1FY20...

Shakti Pumps came out with...

Read More

Sunteck Realty Ltd...

Sunteck Realty Ltd (SRL)...

Read More

Subscribe to newsletter

Request a call back

DISCLAIMER: Investment in markets is subject to market risk, the views and investment tips expressed by our research entity on arihantcapital.com are product of their own. Whilst meticulous care has been taken to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the analyst nor any employee of our company is in any way is responsible for its contents and nor is its accuracy or completeness guaranteed. ArihantCapital.com offers the views and opinions for assistance only and these are not intended and must not be alone taken as the basis for an investment decision. We advise the users to check with certified experts before taking any investment decisions. The investments discussed in this material may not be suitable for all investors. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material.