Tvsmotor
JEFFERIES ON TVS MOTOR : 30.07.2021
* Jefferies maintains its positive stance on TVS Motor with co turning aggressive on EVs
* Q1 Volume Fell 29% QOQ While EBITDA Fell 49% QOQ, 6% Below Est
* Gross Margin Fell Just 40 bps QoQ Despite Severe Commodity Cost Pressures
* TVS Reported Its Highest-Ever Gross Profit-Per-Vehicle
* Indian 2-W Demand Should Recover From An Abnormal Cyclical Trough
* Exports Are Holding Up Well, Margins Should Expand Sequentially
* TVS Is Also Turning Aggressive On Es
* MAINTAIN BUY TARGET: 800
CITI ON TVS MOTOR : 30.07.2021
* Citi has a Sell rating on TVS Motor
* Positively Surprised By Co's Q1 Realisations, Which Drove Slight EBITDA Beat
* Higher Capital Costs (Depreciation+ Interest) Resulted In A PAT Miss
* Co's Pricing & Gross Margin Trends Have Been Commendable
* MAINTAIN SELL TARGET: 530
