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Reduce Ashok Leyland, target of Rs 30: IIFL

Posted on: July 9th, 2009 and is filed under Brokerage Recommendations.

IIFL has maintained its reduce rating on Ashok Leyland with a price target of Rs 30 in its report dated July 9, 2009.

“Management said the company took active steps to completely eliminate dealer-level inventory in 1QFY10. As a result, dealer-level inventory declined from 3,000 vehicles at the start of the quarter to practically zero now. Thus, the company‚Äôs sales were not as weak as implied by the dispatch numbers. If the company were to continue with the same level of inventory, its domestic dispatches would have declined by 30% compared to the reported 60% decline. The company has further revised its capex plans and now expects to spend Rs 15 billion over FY10-12. It incurred a capex of Rs 9.5 billion in FY09, a large part of it (Rs 5 billion) on the Uttaranchal plant. Maintain reduce. Target Rs 30,” says IIFL’s report.

source: Moneycontrol

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