TVS motors (TVSL) Q1FY20 results were above our and consensus estimates at operating level. EBITDA margin for the quarter stood at 8.0% which was above our and consensus estimates of 7.0% and 7.3% respectively mainly on account of low RM cost. We cut our volume and revenue estimates by 10% and 14% for FY20E factoring slower growth for 2W in YTD-FY20. We have built in revenue/earning CAGR of 6% and 8% over FY19-FY21E respectively with EBITDA margin of ~8.1%. We change our rating to SELL (earlier REDUCE) and TP to Rs310 (earlier Rs430). We reduce our target multiple and value the company at 19x (earlier 21x) on account of demand uncertainty and higher...