BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
TVS Motor Company's operating performance was in line, though higher depreciation and interest resulted in lower PAT. The management’s focus is on expanding EV capacity, its portfolio and reach, along with the creation of a wholly-owned subsidiary for EVs.
We maintain our FY22E/FY23E EPS estimate and Neutral rating, with a target price of Rs 635 per share, as valuations fairly capture expected strength in earnings growth and risk an EV disruption to its Scooter business.
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