External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul>
<li>FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership</li>
<li>In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability</li>
<li>The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership
In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability
The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

Equity Bottom-Up

<ul><li>TVS Motor Company Ltd. (TVSL) is the 3rd largest two-wheeler company in India with an annual sale of more than 30 Lc units</li><li>It manufactures the largest range of 2W including mopeds, scooters, commuter motorcycles, and racing-inspired bikes</li><li>We recommend a BUY on the stock with a target price of Rs 720/share, implying an upside of 14% from the CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

TVS Motor Company Ltd. (TVSL) is the 3rd largest two-wheeler company in India with an annual sale of more than 30 Lc unitsIt manufactures the largest range of 2W including mopeds, scooters, commuter motorcycles, and racing-inspired bikesWe recommend a BUY on the stock with a target price of Rs 720/share, implying an upside of 14% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>TVS Motors Ltd (TVSL) posted a robust set of numbers in Q3FY22 with the performance ahead of our expectations</li><li>The company’s total export of two-wheelers (2W) and three-wheelers (3W) registered a growth of 13% YoY at 2.95 Lc units in Q3FY22, offsetting a decline of 20% in domestic sales (5.8 Lc units)</li><li>We maintain our BUY rating on the stock with a revised target price of Rs 720 (from Rs 670 earlier) valuing the company at 22x FY24 EPS.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

TVS Motors Ltd (TVSL) posted a robust set of numbers in Q3FY22 with the performance ahead of our expectationsThe company’s total export of two-wheelers (2W) and three-wheelers (3W) registered a growth of 13% YoY at 2.95 Lc units in Q3FY22, offsetting a decline of 20% in domestic sales (5.8 Lc units)We maintain our BUY rating on the stock with a revised target price of Rs 720 (from Rs 670 earlier) valuing the company at 22x FY24 EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TVS Motor Co: Q3 Above Expectations, Encouraging Outlook; Maintain Buy

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>We maintain our FY22E/FY23E EPS estimate and Neutral rating, with a TP of INR635 per share, as valuations fairly capture expected strength in earnings growth and risk an EV disruption to its Scooter business....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain our FY22E/FY23E EPS estimate and Neutral rating, with a TP of INR635 per share, as valuations fairly capture expected strength in earnings growth and risk an EV disruption to its Scooter business....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operating performance in line; highest revenue and EBITDA

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Revival in growth expected in second half. TVS Motors (TVS) is the third largest two-wheeler manufacturer in India with a domestic market share of 14.3% in FY21. Q1FY22 revenue came lower at 26% QoQ due to pandemic related disruption, leading to supply constraints, lower utilization and thus negative operating leverage. Despite adverse commodity price, Strong cost control initiatives...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Revival in growth expected in second half. TVS Motors (TVS) is the third largest two-wheeler manufacturer in India with a domestic market share of 14.3% in FY21. Q1FY22 revenue came lower at 26% QoQ due to pandemic related disruption, leading to supply constraints, lower utilization and thus negative operating leverage. Despite adverse commodity price, Strong cost control initiatives...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TVS Motor: Revival in Growth Expected in Second Half.

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Pick of the Week: TVS Motor Company

TVS Motor Company Ltd. (TVSL) is the 3rd largest two-wheeler company in India with an annual sale of more than 30 Lc units. It manufactures the...

Axis Direct

TVS Motor Co: Q3 Above Expectations, Encouraging Outlook; Maintain Buy

We maintain our BUY rating on the stock with a revised target price of Rs 720 (from Rs 670 earlier) valuing the company at 22x FY24 EPS.

Axis Direct

Operating performance in line; highest revenue and EBITDA

We maintain our FY22E/FY23E EPS estimate and Neutral rating, with a TP of INR635 per share, as valuations fairly capture expected strength in...

Motilal Oswal

TVS Motor: Revival in Growth Expected in Second Half.

Revival in growth expected in second half. TVS Motors (TVS) is the third largest two-wheeler manufacturer in India with a domestic market share of...

Geojit

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