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ASHOKLEY Share Price Discussion

Ashok Leyland Ltd.
NSE: ASHOKLEY | BSE: 500477 | ISIN: INE208A01029 | Sector: Auto

*Ashok Leyland Q2FY20 Concall Update*
(Nirmal Bang Retail Research)
*Demand decline has bottomed out, but recovery to take time*
*Outlook: Neutral*
• Volumes for the MHCV Industry in Q2FY20 declined by 53% vs a decline of 17% in Q1FY20.
• Co MHCV Volumes declined by 56% in Q2FY20 vs a decline of 13% in Q1FY20.
• Thus market share was stable YoY in H1FY20 at 32.6%. Market share increased in Q1 and reduced in Q2 as the co decided to reduce inventory.
• For the co, inventories were at 18,200 as on Sep end and at 13,200 as on Oct end.
• Discounting per truck was at ~Rs. 5,25,000 vs ~Rs. 4,25,000 YoY & QoQ.
• Negative OPLEV & discounting levels kept increasing which resulted in a drop in EBITDA margins to 5.8% vs QoQ 9.4%, YoY 10.6%.
*Positives going forward*
• Co expects prebuying to drive partial recovery in near term.
• Inventories decline has peaked out for the industry and realisations are likely to firm up.
• Freight rates have also stabilized and with a possible recovery in economy, they could move up in future.
Share is trading at P/E of 16.8x TTM EPS & 1x TTM EV/Sales
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Reply (1)
1 Replies
Rohan @rohan-B1AOGpK2E
Nov 12, 2019 3:16 AM

Sir. So what is the trend now ? Any range?
Recent posts in ASHOKLEY

Type
Buy
Instrument
ASHOKLEY
Entry Price
₹51.7
Price@Trade
₹52.2
Target Price
₹57
Stop Price
₹50
Valid Till
Jul 16, 2020 3:20 AM
Margin
₹4,239.4 approx for 82 Qty
Status
Exited before entry
Like
Reply (3)
N
Reputation: 3,973 • Yesterday 3:01 AM
Hold Ashok Leyland, target price Rs 60: Sharekhan
The demand for medium and heavy commercial vehicles (MHCVs) is likely to remain under pressure in the near term driven by a drop in economic growth.
The Economic Times
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N
Reputation: 3,973 • Yesterday 2:58 AM
At Rs 11,000 crore, outlay by auto companies hit multi-year low
As per the capex guidance provided by 12 listed companies there is a 40-42 percent reduction in capex for the year
Moneycontrol
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Reply
A
Reputation: -3,553 • Jul 8 5:26 AM

Type
Sell
Instrument
ASHOKLEY JUL20 FUT
Entry Price
₹53.3
Price@Trade
₹53.25
Target Price
₹52
Stop Price
₹54
Valid Till
Jul 15, 2020 3:20 AM
Margin
₹194,917.5 approx for 9000 Qty
Status
Exited before entry
Like
Reply (1)
S
Reputation: 3,303 • Jul 7 7:43 AM

Type
Buy
Instrument
ASHOKLEY JUL20 FUT
Entry Price
₹52.2
Price@Trade
₹52.45
Target Price
₹54
Stop Price
₹51.55
Valid Till
Jul 7, 2020 3:20 AM
Margin
₹190,926 approx for 9000 Qty
Status
Validity Over
Exit Price
₹52
Net P&L
-₹1,800 (-0.94%)
buy ashokleyland above 52 target 54.1-56-58 stoploss 50.85
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Reply (2)
S
Reputation: 3,303 • Jul 7 7:42 AM


buy ashokleyland above 52 target 54.1-56-58 stoploss 50.85
1
Reply