Buy TVS Motor Company Ltd for the Target Rs.3,400 by Choice Broking Ltd

View and Valuation:
TVSL is poised to gain, with the GST rate cuts benefitting ~65% of its portfolio while there is no effect for the remaining portfolio that comprises exports and EV. Also, the company is performing well on the export front, with exports expected to grow at 23.0% CAGR over FY25–28. Consequently, we revise our FY27/FY28 EPS estimates upwards by 9.7%/8.5% and arrive at our target price of INR 3,400. We value the company at 34x (maintained) on the average FY27/28E EPS and assign a value of INR 101 to TVS Credit. We change our rating to REDUCE from ADD.
Financials:
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SEBI Registration no.: INZ 000160131









