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    Buy Ashok Leyland; target of Rs 153: Anand Rathi

    Anand Rathi is bullish on Ashok Leyland has recommended buy rating on the stock with a target price of Rs 153 in its research report dated Jun 25, 2021.

    Broker Research
    June 30, 2021 / 03:48 PM IST
    An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

    An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

     
     
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    Anand Rathi's research report on Ashok Leyland

    We continue to expect strong replacement demand to come in high-tonnage and multi-axle vehicles, which will drive growth; and subsequent capital formation will further fuel growth beyond FY22. We believe that the company needs to take 10-12% price increase to cover the cost and expect the company to achieve the same.


    Outlook

    We maintain a Buy at a higher target price of Rs153 (29x FY23e).

    For all recommendations report, click here

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    Tags: #Anand Rathi #Ashok Leyland #Buy #Recommendations
    first published: Jun 30, 2021 03:48 pm