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Neutral TVS Motor Company Ltd For Target Rs.764.00 - Motilal Oswal

Investment Guru India 2017-11-10 00:00:00




At 317.4k (+2.8% YoY), volumes in line with est. of 310.5k

Healthy growth in scooters offsets fall in Mopeds

* TVS Motor’s Sep-17 sales were at 317.4k units (2.8% YoY; in line with est. of 310.5k units).

* Domestic volumes declined marginally by 0.6% YoY, while exports (14% of volumes) grew 29.3% YoY.

* Scooter volumes increased by a healthy 15.7% YoY to 106.9k units (est. of 101k units).

* Mopeds dispatches declined 15.4% YoY to 76k units (est. of 80k units).

* However, motorcycle volumes grew 3.2% YoY to 125.4k units (est. of 121k units).

* 3Ws volumes increased 88.3% YoY, led by growth in domestic sales and exports.

* Total exports grew 29.3% YoY, led by growth in 2W and 3W exports.

* The stock trades at 47.5x/27.4x FY18E/FY19E EPS. Maintain Buy.

 

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