Reduce Tata motors; target of Rs 324: KRChoksey
KRChoksey has maintained its reduce rating on Tata Motors with a price target of Rs 324 in its report dated June 08, 2009.
“Tata Motors Ltd (TML) reported net sales of Rs 6705.3 crore decline 23% y-o-y & grew by 41% q-o-q. This was mainly on account of 51% decline in volumes of MHCV segment. Operating Profits stood at Rs 397.5 crore, decreased by 57% y-o-y. Sales for the year declined by 11% y-o-y to Rs 25471.2 crore on the back of 14% decline in volumes. In FY09, its domestic vehicle sales volume declined by notable 12% from 528129 vehicles in FY08 to 4,64,737 vehicles in FY09. The domestic business of TML is showing signs of recovery however we remain cautious on JLR as its key markets are not showing any early signs of recovery. At the CMP of Rs 364.8, TML is trading at 18.7x its FY09 EPS of Rs 19.5 and 18.6x its FY10E EPS of Rs 19.6. We maintain our Reduce rating on the stock with target price of Rs 324,” says KRChoksey’s report.
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