JM Financial: Ashok Leyland – on track for 90 K in FY11

Ashok Leyland – on track for 90 K in FY11
􀂄 Expect volumes to grow 47% to 8,000 driven by 50% growth in domestic
sales.
􀂄 Expect dispatches from Pantnagar to be around 500 units.
􀂄 Expect margins to see sustained improvement driven by higher volumes and
Pantnagar.
􀂄 Remains our preferred large cap play on CV.
􀂄 Stock trading at 10.5x FY12E EPS (after considering `7.5 investment value).
BUY for an upside of 25%.