Motilal Oswal - TVS Motor Co. Ltd. (TVSMOTOR) MOSL: TVS MOTOR COMPANY (Neutral)-Apache RR310-First BMW partnership product launched

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Motilal Oswal

Jinesh Gandhi

MOSL: TVS MOTOR COMPANY (Neutral)-Apache RR310-First BMW partnership product launched

â€‹TVS MOTOR COMPANY: Apache RR310: First BMW partnership product launched; Launch price of INR205k at over 40% premium to Bajaj Dominar/RE Classic

(TVSL IN, Mkt Cap USD5.4b, CMP INR734, TP INR764, 4% Upside, Neutral)

TVS Motor (TVSL), on 6th December 2017, launched Apache RR 310, the first product from its partnership with BMW. This marks its foray in the super-premium category, both in the domestic and international markets.
The motorcycle is priced at ~INR205k (ex-showroom), implying a premium of over 40% to Bajaj Dominar.
Average volumes for 250-500cc segment are ~66.5k/month including Royal Enfield and ~2.7k/month excluding Royal Enfield.
It is the first motorcycle rolled out under the TVS badge, as part of TVSLâ€™s partnership with BMW Motorrad, co-developed alongside BMW G310R. Apache RR 310 uses the same liquid-cooled, 312cc single-cylinder engine as BMW G310R.
It offers an attractive alternative to the entry-level performance motorcycles, and will compete with a wide range of motorcycles, including the KTM RC 390, Mahindra Mojo, Bajaj Dominar and Royal Enfield.
It was designed to be a motorcycle that can cater to daily usage as well as weekend riding or track days. TVSL further believes that the bike will take the position of the company to a new level.
Both anti-lock braking system (ABS) and electronic fuel injection (EFI) system, will be available as standard in TVS Apache RR 310.

07/12/2017 8 EN

Underlying

TVS Motor Co. Ltd.

TVS Motor Company Limited. TVS Motor Company Limited is engaged in the manufacturing of motorcycles, scooters, mopeds, three wheelers, parts and accessories. The Company's motorcycles include Apache Series RTR, Phoenix 125, Victor, StaR City+, Sport and Max4R. Its scooters include Jupiter, Wego, Scooty Zest 110, Scooty Streak and Scooty Pep +. Its mopeds include XL 100, XL Super and XL Super Heavy Duty. Its three wheelers include TVS King. It has approximately four manufacturing plants, approximately three located in India (Hosur, Tamil Nadu; Mysore, Karnataka, and Nalagarh, Himachal Pradesh) and one in Indonesia (Karawang). The Company's TVSM Service(Beta) mobile application features include service schedules, service booking, and news and updates, among others. Its subsidiaries include PT. TVS Motor Company Indonesia, TVS Motor Company (Europe) B.V., TVS Motor (Singapore) Pte. Limited, Sundaram Business Development Consulting (Shanghai) Company Limited and Sundaram Holding USA Inc., among others.

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INE494B01023 National Stock Exchange of India India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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Analysts

Jinesh Gandhi

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MOSL: TVS MOTOR COMPANY (Neutral)-Apache RR310-First BMW partnership product launched

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MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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