--- title: "高盛對 TVS Motor 持樂觀態度；將評級上調至 “買入”，預計有 21% 的上漲空間" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/281727383.md" description: "高盛將 TVS 摩托公司評級從 “中性” 上調至 “買入”，將其 12 個月目標價提高至₹4,100，意味着 21% 的上漲空間。此次評級上調基於即將推出的高端產品強勁的銷量可見性以及公司管理原材料成本通脹的能力。分析師預計 FY27E、FY28E 和 FY29E 的銷量增長分別為 14%、11% 和 10%，均超過行業增長。主要風險包括原油價格和競爭，而催化因素則包括新產品發佈和電動兩輪車盈利能力的改善" datetime: "2026-04-05T18:42:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281727383.md) - [en](https://longbridge.com/en/news/281727383.md) - [zh-HK](https://longbridge.com/zh-HK/news/281727383.md) --- # 高盛對 TVS Motor 持樂觀態度；將評級上調至 “買入”，預計有 21% 的上漲空間 Analysts at global brokerage firm Goldman Sachs have turned bullish on TVS Motor Company and upgraded their rating to 'Buy' from 'Neutral', citing strong volume visibility from upcoming premium launches and the company’s ability to pass on raw material cost inflation. Goldman Sachs has raised its 12-month target for TVS Motor Company to ₹4,100 from ₹3,830, implying a potential upside of 21 per cent. The brokerage applies a 33x price-to-earnings (P/E) multiple on the core business, based on its Q5–Q8 earnings per share (EPS) estimate, which is in line with the five-year average. TVS currently trades at the same multiple, below its historical peak of 39x. Goldman Sachs’ FY28 EPS, and earnings before interest, taxes, depreciation and amortisation (Ebitda) estimates are 3 per cent and 6 per cent higher than Bloomberg consensus, respectively. The brokerage further expects volume growth of 14 per cent, 11 per cent, and 10 per cent for FY27E, FY28E, and FY29E, respectively, compared with industry growth of 7 per cent, 7 per cent, and 5 per cent. This is expected to drive upward revisions of FY26E–FY28E EPS by up to 8 per cent. ### Strong volume growth, margin tailwinds The brokerage expects limited impact from commodity inflation, with margins likely to improve, supported by incentives under the PLI scheme. “We upgrade TVS Motor to Buy from Neutral to factor in superior volume visibility versus peers driven by upcoming premium products (RR 300, RTX 450, Norton); better ability to pass through raw material inflation; relatively limited volume impact from metal and Brent crude inflation in prior cycles; and a 35 basis points margin tailwind from the PLI scheme in FY28E versus FY26E,” wrote analysts Chandramouli Muthiah, Kota Yuzawa, and Rishabh Rathi in a research note. The brokerage sees TVS as a top-quartile volume growth beneficiary in the Goldman Sachs India Autos coverage universe, which should add upside optionality on relative valuation. ### Catalysts, key risks According to Goldman Sachs, the key debates around TVS Motor have centred on the potential impact of the gas supply situation on two-wheeler demand and production, sensitivity of premium motorcycle demand to crude oil prices, export and freight implications from shipping disruptions, and possible margin pressure from the Norton motorcycle portfolio and aluminium inflation. The brokerage identified upcoming Apache and Norton product launches, along with improving electric two-wheeler (E2W) profitability, as key catalysts. Additional qualification of more E2W models under the PLI scheme could further support the company relative to peers. However, Goldman Sachs flagged risks including ABS implementation, crude oil and commodity inflation, rare-earth and supply chain dependence on China, and intensifying competition across two-wheelers, scooters, and premium motorcycles. \============================================== _**(Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.)**_ ### 相關股票 - [GS-D.US](https://longbridge.com/zh-HK/quote/GS-D.US.md) - [CJET.US](https://longbridge.com/zh-HK/quote/CJET.US.md) - [GS-C.US](https://longbridge.com/zh-HK/quote/GS-C.US.md) - [CARZ.US](https://longbridge.com/zh-HK/quote/CARZ.US.md) - [CARU.US](https://longbridge.com/zh-HK/quote/CARU.US.md) - [MOTO.US](https://longbridge.com/zh-HK/quote/MOTO.US.md) - [GS-A.US](https://longbridge.com/zh-HK/quote/GS-A.US.md) - [GS.US](https://longbridge.com/zh-HK/quote/GS.US.md) ## 相關資訊與研究 - [銀行業高管談論 AI 的口風已變 員工噩夢即將降臨？](https://longbridge.com/zh-HK/news/287055489.md) - [OpenAI 傳最快本週提交 IPO 文件 目標 9 月上市](https://longbridge.com/zh-HK/news/287097443.md) - [高盛據悉是 SpaceX 巨型 IPO 的牽線行](https://longbridge.com/zh-HK/news/287067932.md) - [《外資精點》高盛維持 MINIMAX「買入」評級，目標價 1000 元](https://longbridge.com/zh-HK/news/287017857.md) - [戴蒙稱摩根大通未來或將多聘 AI 人才 少聘傳統銀行家](https://longbridge.com/zh-HK/news/287193970.md)