External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Ashok Leyland Ltd (AL) reported a decent set of results albeit stood lower than our expectations.</li><li>AL is focusing on reducing its dependence on the cyclical truck business by increasing the revenue share of Exports, Defense, Power Solutions, LCV, and the parts business</li><li>We maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 175 (Rs 160 earlier), implying an upside of 15% from CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ashok Leyland Ltd (AL) reported a decent set of results albeit stood lower than our expectations.AL is focusing on reducing its dependence on the cyclical truck business by increasing the revenue share of Exports, Defense, Power Solutions, LCV, and the parts businessWe maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 175 (Rs 160 earlier), implying an upside of 15% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland: Weak Performance Due to Multiple Headwinds; Growth Drivers Intact

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY21 market share at 16.3%.</li><li>FY21 product mix – LCV goods 48.3%, trucks 45.8%, buses 5.6%</li><li>We value ALL at revised SOTP based target price of | 175 (15x CV FY23-24E avg. EV/EBITDA, 3x P/BV for investments; earlier TP Rs 160)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY21 market share at 16.3%.FY21 product mix – LCV goods 48.3%, trucks 45.8%, buses 5.6%We value ALL at revised SOTP based target price of | 175 (15x CV FY23-24E avg. EV/EBITDA, 3x P/BV for investments; earlier TP Rs 160)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland: Cyclical Recovery, High Double Digit Growth Lies Ahead

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

<p>Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitabilityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland (SELL): Margin stress ahead; maintain SELL

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

<p>MHCV market share improved to 28.9% in Q4FY21 (v/s 27.6% in Q4FY20). AL's Q4FY21 results beat our Revenue/EBITDA/Adj. PAT estimates by 8%/29%/66% led by 1) strong volume growth, 2) increasing share of MHCV causing better realizations and 3) operating leverage benefits compensating RM cost inflations. We note improvement in fleet utilization levels post opening of the economy in June.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

MHCV market share improved to 28.9% in Q4FY21 (v/s 27.6% in Q4FY20). AL's Q4FY21 results beat our Revenue/EBITDA/Adj. PAT estimates by 8%/29%/66% led by 1) strong volume growth, 2) increasing share of MHCV causing better realizations and 3) operating leverage benefits compensating RM cost inflations. We note improvement in fleet utilization levels post opening of the economy in June.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q4FY21 Result Update - Operating leverage and mix to drive margins - BUY

<p>Better product mix, o/p leverage to outweigh cost pressures ALL has an ambition of being among the top 10 global CV players and is thus looking at exports as a major enabler. In line with this, it has introduced left hand drive (LHD) functionality across new platforms in both M&amp;HCV; (modular programme, AVTR) and LCV (Project Phoenix). Higher share of exports, going forward, is set to improve blended realizations. Under Project Reset', ALL expects profitability actions on costs, cash &amp; capex to reflect in financials meaningfully from FY22E onwards.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Better product mix, o/p leverage to outweigh cost pressures ALL has an ambition of being among the top 10 global CV players and is thus looking at exports as a major enabler. In line with this, it has introduced left hand drive (LHD) functionality across new platforms in both M&amp;HCV; (modular programme, AVTR) and LCV (Project Phoenix). Higher share of exports, going forward, is set to improve blended realizations. Under Project Reset', ALL expects profitability actions on costs, cash &amp; capex to reflect in financials meaningfully from FY22E onwards.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland: Well Poised to Capture Industry Tailwinds

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

Ashok Leyland: Weak Performance Due to Multiple Headwinds; Growth Drivers Intact

We maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 175 (Rs 160 earlier), implying an upside of 15% from...

Axis Direct

Ashok Leyland: Cyclical Recovery, High Double Digit Growth Lies Ahead

Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY21 market share at 16.3%. The company is present in M&HCV trucks and buses...

ICICI Securities Limited

Ashok Leyland (SELL): Margin stress ahead; maintain SELL

Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability

BOB Capital Markets Ltd.

Q4FY21 Result Update - Operating leverage and mix to drive margins - BUY

MHCV market share improved to 28.9% in Q4FY21 (v/s 27.6% in Q4FY20). AL's Q4FY21 results beat our Revenue/EBITDA/Adj. PAT estimates by 8%/29%/66%...

Prabhudas Lilladhar

Ashok Leyland: Well Poised to Capture Industry Tailwinds

Better product mix, O/P leverage to outweigh cost pressures. ALL has an ambition of being among the top 10 global CV players and is thus looking at...

ICICI Securities Limited

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