ET Markets
12,129.5073.7
Stock Analysis, IPO, Mutual Funds, Bonds & More

Motilal Oswal Securities neutral on TVS Motor, target price Rs 425

The company reported wholesale volumes below estimate at 2,90,500 units in August.

ETMarkets.com|
Last Updated: Sep 04, 2019, 01.11 PM IST|Original: Sep 04, 2019, 12.50 PM IST
0Comments
Motilal Oswal maintained 'neutral' rating on TVS Motors with a target price of Rs 425.

The company reported wholesale volumes below estimate at 2,90,500 units in August, down 15.4 oer cent YoY. While domestic sales declined 20 per cent, exports rose 5.6 per cent. TVS’s August 2019 wholesales came below estimate at 2,90,500 units (v/s estimates of 3,04,000 units). Domestic volumes declined 20.4 per cent YoY while exports (24 per cent of volumes) rose 5.6 per cent YoY.

Motorcycle volumes declined 17 per cent YoY to ~109.4k units (v/s est. 122k units). Scooter volumes declined ~14 per cent YoY to ~109.3k units (v/s est. 112.5k units). Moped dispatches declined ~20 per cent YoY to 57.2k units (v/s est. 55k units). 3W volumes increased ~11 per cent YoY led by healthy export sales.

"The stock trades at 21.9 times/17.9 times FY20E/FY21E EPS. We maintain a neutral rating on the stock," the brokerage said.

Also Read

Motilal Oswal Securities gives buy on Bharti Airtel, target price Rs 575

If economy improves, midcaps can surprise in 2020 : Gautam Duggad, Motilal Oswal Securities

Motilal Oswal Securities neutral on Bajaj Finance, target price Rs 3550

Buy Bajaj Auto, target Rs 2900: Motilal Oswal Securities

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service