Hemang Jani prefers Bajaj Auto or Hero Motocorp to TVS Motor. Here's why

economictimes.indiatimes.com:

Hemang Jani, Independent Market Expert, says “the way TVS has responded to the EV threat and come out with various products, makes it look very compelling and it has been the best performing stock in the last about 12 months. But in terms of valuations, I still prefer a Bajaj or a Hero compared to a TVS because it has run up so much.”

TVS Motors is not cheap by any valuation metric but the stock is continuously doing very well, from Rs 1,450 odd, it is knocking at Rs 1,700. Ahead of the Ola Electric IPO, people are noticing that even TVS Motor has a very large EV play, which is at least 65-70% of Ola Electric operations and numbers. Could there be a case of value unlocking in TVS?
We see growth revival across the two-wheeler sector versus the passenger or the commercial vehicles. People had this thought that maybe the two-wheeler segment is not growing, and there is an issue on the rural side. But the recent numbers, the festive season sales, clearly suggest that the two-wheeler growth is back. The new launches that are in the premium category have received a good response.
In TVS, earlier, 40% of their portfolio had the risk of disruption because of the EV and it was not very clear as to how exactly the company is going to deal with it. But the way the company has responded to that and come out with various products, it looks very compelling, which is why TVS has been the best performing stock in the last about 12 months.

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I think maybe there could be some excitement