Ashokley
15.02.2022 - Nomura on Ashokley on Maintain Buy CMP 124 Target 167
MAINTAIN BUY TARGET: 160
M&HCV Demand Has Been Severely Hit By
COVID Market Share Has Fallen Given Higher COVID Impact in Some Of Co's Stronger Markets
There Appears To Be Some Recovery In Demand & Co Could Regain Lost Mkt Shr
More Conducive Product Mix & Cost Reduction Initiatives Should Help Margin
Growth Heavy Trucks Could See A Cyclical Uptick Sooner, Revival In Bus Segment Could Be Gradual
CITI ON ASHOK LEYLAND : 29.07.2021
• Maintain BUY, Target at Rs 155/share
• Ashok Leyland management discussed its EV strategy
• Company's EV foray would be driven by its subsidiary
• Ashok Leyland would not put significant investment
* Increasing market share in LCVs and ICVS
UBS ON ASHOK LEYLAND : 28.06.2021
• Maintain BUY, Target at Rs 155/share
• Q4FY21 beat; cut FY22, but retain FY23 estimates
* Maintain Buy on strong truck cycle recovery in FY22-23
• All round beat; all ICDs repaid back
• Cut our FY22 India truck volume forecasts to 70% from 80%
