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Dolat Capital Report
Despite several headwinds (weak international market), TVS Motor Company Ltd.'s margin stood at 10.6% led by product mix optimisation and cost control initiatives. Expect rural growth would muted while urban to be strong in Q2.
Margins remain sustainable and expected to expand in the coming quarter amid premiumisation with ramp up in sales of Apache, Ronin, Ntorq, and Raider.
At current market price stock is trading at 32/27 times for FY24/25E which looks fully priced in.
We value core business Rs 1218 (25 times FY25E earnings per share) and value of TVS Credit Services at Rs 73/share.
Recommend 'sell' with target price Rs 1291.
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