TVS Motor Company Ltd. share price target

Results beat estimates: Revenues rose 20% to Rs34.3 bn, with volumes up 1% (est. 0%). Motorcycle/Scooter volumes rose 30%/5% YoY. Realizations rose 1% - a positive given that the 3W segment fell 38% and now accounts for 2.5% of sales (4.9% in Q2FY16). A higher share of motorcycles, price hikes of 2-3% along with a strong performance of its premium motorcycles helped offset product mix weakness. Margins were flat YoY but up 112bps QoQ to 8.1% (est. 7.4%), as the company saw lower selling expenses. Gross margins fell 26bps on higher raw material costs, but the same was...

Background: TVS Motors Company Limited, the third-largest two-wheeler manufacturer in India, is a part of TVS Group; it manufactures motorcycles, scooters, mopeds and three-wheelers in India. TVS Motors is credited with many innovations in the Indian automobile industry, notable among them being the introduction of India's first two-seater moped, the TVS 50cc. The company has presence in all the three sub-segments of two wheelers, i.e., motorcycles, scooters & mopeds as well as the three-wheeler segment. Motorcycles, scooters, mopeds and three-wheelers contribute 38%, 23%, 35% and 4%, respectively, to overall volumes....

TVS Motors (TVSL) Q2FY17 performance was very strong as its average realization improved YoY as well as QoQ and company recorded decadal high quarterly operating margins of 8.1%. Companys Revenue/EBIDTA/PAT grew by 20.8%/21.9%/33.4% YoY and 18.9%/38.1%/46.3% QoQ to Rs 34.3bn/2.8bn/1.77bn, as against our estimate of Rs 33.5bn/2.7bn/1.9bn in Q2FY17 respectively.

Q1FY17 Results: Revenues grew 12% YoY to Rs28.8bn (vol. growth of 12.5%, with domestic growth of 18% and exports falling by 13%. Motorcycles and scooters rose 11% and 19%, respectively, while mopeds increased by 18%. Turmoil in key export markets continued impacting demand, with 3W exports down 46%). As a result, realizations were subpar, falling 0.5% YoY and 6% QoQ as the lower share of exports and 3W hurt ASP's. Margins rose 24bps YoY to 7%, but this was partly due to certain raw material costs being classified under depreciation under IND-AS. PAT rose 21% to Rs1bn. Near Term Outlook: TVS should continue reporting strong domestic volume growth over FY16-18E on the back of aggressive pricing, robust demand for scooters & mopeds and near term favourable...

Background: TVS Motors Company Limited, the third-largest two-wheeler manufacturer in India, is a part of TVS Group; it manufactures motorcycles, scooters, mopeds and three-wheelers in India. TVS Motors is credited with many innovations in the Indian automobile industry, notable among them being the introduction of India's first two-seater moped, the TVS 50cc. The company has presence in all the three sub-segments of two wheelers, i.e., motorcycles, scooters & mopeds as well as the three-wheeler segment. Motorcycles, scooters, mopeds and three-wheelers contribute 38%, 23%, 35% and 4%, respectively, to overall volumes....

Weak mix pulls down realisations..: Total volumes grew 12.5% YoY (+9% QoQ) to 718k units, driven by ~19% YoY growth (-0.4% QoQ) in scooters and ~18% YoY growth (+14.3% QoQ) in mopeds. Exports declined by ~13.5% YoY. Realizations declined by 6% QoQ (-0.5% YoY) to ~INR40.1k (v/s est ~INR43.1k) due to lower contribution from exports. Net sales grew ~11.9% YoY (+2.3% QoQ) to INR28.8b (v/s ~INR30.9b).Motilal Oswal Maintain Buy with a target price of INR323 (~18x FY18E EPS + ~INR33/share for BMW alliance).

Trendlyne has 5 reports on TVSMOTOR updated in the last year from 4 brokers with an average target of Rs . Brokers have a rating for TVSMOTOR with 1 price downgrade in past 6 months and 2 price downgrades,2 price upgrades in past 1 Year.

TVS Motor (TVSM) has reported below expected performance on operating front in 1QFY17. Despite sharp rise in other income, its net profit slipped tad below our estimate. With 0.5% decline in realization, the Company has missed our revenue, EBIDTA & PAT estimates by 6.1%, 13.3% & 5.9%, respectively. RPAT Slips 5.9% below Our Estimate on 13.3% miss in Operating Profit TVSM's revenue increased by 11.9% yoy to Rs28.8bn compared to our estimate of Rs30.7bn in 1QFY17 owing to 12.5% yoy rise in volume. EBITDA increased by 16.0% yoy to Rs2.0bn vis--vis our estimate of Rs2.3bn due to lower-than-expected revenue...

Background: TVS Motors (TVSM) is the flagship company of TVS group with FY16 revenues of INR 112.5bn and the fourth largest two wheeler manufacturer in India. TVS has manufacturing facilities in Hosur, Mysore, Himachal Pradesh and Indonesia with a production capacity of 4mn and ~4000 dealer network in India. The product portfolio of TVS encompasses motorcycles (37%), mopeds (30%), scooters (30%), 3 Wheelers (3%). TVS exports its products to over 45 countries and derives 23% of...

Improved product mix drives realization: Volume grew 9.5% YoY (-6% QoQ) to 660k units, with exports down ~6% YoY. Realization improved by ~2% QoQ (+4.6% YoY) to ~INR42.6k (vs. our estimate of ~INR42.9k), driven by a better...

TVS Motor Company (TVSM) has reported dismal operating performance in 4QFY16. While the Company's reported PAT has surpassed our estimate by 9.8% owing to lower-than-expected tax rate and higher-than-expected other income, TVSM missed our EBITDA margin estimates by 70 bps. With dismal operating show in 4QFY16 and no change in earnings estimates, we downgrade our recommendation on the stock...