报告名称：Tata Motors(TTMT.IN)BuyWill the US be the next China for JLR
报告类型：海外市场
报告日期：2016-01-29
研究机构：香港上海汇丰银行有限公司
页数：12
简介：US slowdown is the key downside to JLR in 2016/17. Morethan volume growth, this puts global pricing at risk for JLR
Positively, our forecasts already factor in moderation in the US(albeit not a sharp decline)
Risk is incremental, but much better understood than theChina collapse last year. We maintain Buy with TP of INR460
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