TVS Motors, India’s leading two-wheeler company has an excellent track record in new models and presence in all segments – motorcycles, scooters and mopeds. Management ability to maintain market share despite onslaught of Honda Motor and Eicher is most impressive. JV with BMW, turnaround in subsidiaries – TVS Motors Indonesia and TVS Credit are key long term opportunities. The impact of Covid-19 pandemic has receded with industry volumes growing at a healthy pace with strong premiumization trends. Recent surprises are on the margin front and performance of the export market are noteworthy. Despite good near term performance, we have a neutral weight due to rich valuations which may be unsustainable if e-Scooters pick up traction and there is intense new PE funded competition – 27-08-2021 Price: 510.95 Rating: Neutral Recommendation: Hold
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