TVS Motor remains the fastest growing listed Indian 2W company with volume growth of 25% YTDFY15 vs. Bajaj/Hero of 8%/2% respectively. Over FY14-18E, we forecast TVS Motor’s sales volume growth of 19% vs. Bajaj/Hero of 8%/7% as TVS Motor fills its key product gaps in the motorcycle segment (Victor, New Apache & TVS-BMW Motorrad products) and continues to post strong growth in the fast growing Scooter segment.
Goldman Sachs said - TVS Motor with 12-m P/BROE- based TP of Rs345 (28% upside from 24th Feb closing price) and recommend investors add to positions in the current weakness.
