Emkay Global Financial has given Buy recommendation for TVS Motors with a target price of Rs. 730 in its research report issued on Jul 16, 2021

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.


We recommend Buy with a TP of Rs730, based on 25x FY23E EPS and value of TVS Credit Services at Rs25/share .

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