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Bogdan Motors’ car production rises 35% y-o-y in 1H11

Bogdan Motors’ car production rises 35% y-o-y in 1H11

7 July 2011

Bogdan Motors (UX: LUAZ UK) in June increased passenger car production by 23% y-o-y to 2,272 cars, Interfax reported on Tuesday. In 1H11 passenger cars output grew 35% y-o-y to 9,644 units. Vitaly Gorovoy: The company plans to produce at least 30 ths cars this year vs. 20.1 ths in 2010. Despite 1H11 results being slightly below this forecast, we maintain our positive view on the stock. We forecast Bogdan 2011E revenues at USD 703 mln, a threefold boost y-o-y, mainly due to consolidation of Hyundai Motors’ car sales.

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