Bogdan increases automobile output by 26% in 8M11

Bogdan Motors (UX: LUAZ UK, U/R) made 13,551 automobiles in 8M11, up 25.9% y-o-y, Interfax reported yesterday. The automaker’s August 2011 output was 2,053 automobiles, up 18.8% y-o-y and up 10.7% m-o-m. Vitaly Gorovoy: The company’s 8M11 output is below our production forecast of 30,000 automobiles in 2011E. We place our recommendation and target price for the stock Under Review.