Nalanda Securities recommended hold rating on TVS Motors with a target price of Rs 513 in its research report dated May 01, 2019.
Nalanda Securities' research report on TVS Motors
TVS Motors has posted a decent set of numbers for the year & gained market share, when the industry is facing severe challenges in terms of volume & margin declines. The whole FY19 was a challenging year for the industry led by a rise in cost of ownership, macro headwinds and a temporary pause in the economy. The company’s net sales in the 4th quarter rose by 9.4% YoY to Rs. 4,384 crores on account of a) 2.0% YoY increase in the volumes to 9.07L units and b) a sharp jump in the realisation by 7.2% YoY to Rs. 48,319 per vehicle.
Outlook
At present looking at the short term pain in the automobile industry, we believe the company is trading near to its fair value of Rs. 513, seeking an upside of 4.4% from the current levels.
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