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Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Buy TVS Motors; target of Rs 390: Sharekhan

Sharekhan is bullish on TVS Motors has recommended buy rating on the stock with a target price of Rs 390 in its research report dated May 28, 2020.

May 29, 2020 / 01:07 PM IST
 
 
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Sharekhan's research report on TVS Motors


Q4 results were ahead of estimates as TVSM manged to improve margins (adj for one time BS4 provison) despite steep fall in volumes. 2W segment likely to witness faster recovery due to higher rural contribution. Rural sentiments strong due to good rabi harvest & normal monsoon forecast. Margin improvement to continue given cost control & volume recovery; TVSM to post 17% earnings CAGR over FY20-22; valuations at 18.3x core business below historical average.



Outlook


We upgrade our recommendation on TVS Motors (TVSM) to “Buy” from “Hold” with revised PT of Rs 390.




For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: May 29, 2020 01:07 pm

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