Tatamotors Rating
CLSA ON TATA MOTORS ; 27.05.2021
* MAINTAIN BUY TARGET: 450
* CLSA notes that JLR is beginning to outperform its peer, estimates JLR's overall April retail sales grew 150% YoY & 7% Vs April 2019.
* CLSA maintains BUY call on Tata Motors, target at Rs 450/sh
* JLR Beginning To Outperform Peers
* Non-China Markets Leading GrowthOn A Lockdown-impacted Base
* estimate JLR's Overall April Retail Sales Grew 150% YoY & 7% Vs Apr 2019
* Our Calculation Is Based On A Collation of Country-level Disclosures
* China Growth Remained Healthy At 26% YoY (Up 20% vs April 2019)
* Positive View On Co Premised On Strong FCF Generation & deleveraging
CLSA ON TATA MOTORS : 27.05.2021
• Maintain BUY, Target at Rs 450/share
• JLR beginning to outperform peers
• Non-China markets leading growth on a lockdown-impacted base
• JLR outperforms peers in China and EU; underperformance in US
* Strong growth in plug-in hybrids should reduce "perception" risk for JLR
* Expect a tough 1HFY22; FCF & deleveraging should continue in H2FY22
