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Foreign brokerages give thumbs down to TVS Motors post Q4 numbers

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Foreign brokerage houses including Credit Suisse and CLSA remained bearish on TVS Motor Company after it posted lower-than-expected financial results for the quarter ended March 2018. As a result, the scrip plunged over 2 per cent to Rs 596 on BSE in early trade. Global brokerage firm Credit Suisse maintained ‘underperform’ rating on TVS Motor stocks and cut price target to Rs 490 from Rs 510 earlier. “Good execution on products, but double-digit margins seems to be a pipe dream.

Management has refused to give any guidance on achieving double-digit margins.

Raw materials and competition key headwinds in near term,” the global brokerage firm said. CLSA retained ‘sell’ on TVS Motor with a target price of Rs 360.

“TVS posted lower-than-expected Ebitda margin and management also cites multiple cost pressures,” said CLSA. The company on Wednesday posted nearly 31 per cent rise in quarterly profit, helped by higher vehicle sales at home and growth in exports, but missed analysts' estimates.

The company reported net profit of Rs 165.61 crore in Q4FY18 over Rs 126.77 crore in Q4FY17.

Analysts on average expected a quarterly profit of Rs 204 crore, Thomson Reuters Eikon data showed.




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