Emkay Global Financial is bullish on TVS Motors has recommended buy rating on the stock with a target price of Rs 730 in its research report dated July 16, 2021.
Broker Research
July 16, 2021 / 01:25 PM IST
An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.
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Emkay Global Financial’s report on TVS Motors
TVSL management has highlighted the company’s increased focus on electric vehicles (EVs) with a strong product pipeline and a Rs10bn investment plan over the next two years (management interview). EV launches are targeted at segments such as premium scooters, high-performance sporty motorcycles, commuter space, delivery market and three-wheelers. Creon electric scooter is expected to be launched by Mar’22. The model is likely to have advanced connectivity features, multiple driving modes, regenerative braking, parking assistant, anti-theft security, GPS navigation and geo-fencing. We build in robust revenue/earnings CAGRs of 17%/39% over FY21-24E.
Outlook
We recommend Buy with a TP of Rs730, based on 25x FY23E EPS and value of TVS Credit Services at Rs25/share .
For all recommendations report, click here
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