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Auto numbers: Ashok Leyland – September 2011
Ashok Leyland (ALL) reported weak set of volume numbers for September 2011. Total
volumes registered a higher-than-expected decline of 17.3% yoy to 8,576 units, mainly
because of a dip in domestic volumes, which plunged by 21.6% yoy. Sequentially though,
total volumes jumped by 18.8%, led by a 20.9% increase in domestic sales. Exports, on the
other hand, maintained their strong momentum, posting growth of 31.8% yoy (6.7%
mom). At `25, ALL is trading at 13x FY2012E and 9.7x FY2013E earnings. We maintain
our Buy view on the stock with a target price of `31.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Auto numbers: Ashok Leyland – September 2011
Ashok Leyland (ALL) reported weak set of volume numbers for September 2011. Total
volumes registered a higher-than-expected decline of 17.3% yoy to 8,576 units, mainly
because of a dip in domestic volumes, which plunged by 21.6% yoy. Sequentially though,
total volumes jumped by 18.8%, led by a 20.9% increase in domestic sales. Exports, on the
other hand, maintained their strong momentum, posting growth of 31.8% yoy (6.7%
mom). At `25, ALL is trading at 13x FY2012E and 9.7x FY2013E earnings. We maintain
our Buy view on the stock with a target price of `31.
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