4Q impresses. MSS’ 4Q standalone performance was driven by good demand for cars at home. SMR benefited from restructuring and efficiency improvements. We expect MSS to benefit from the earnings-growth trajectory (a two-year 47.4% CAGR), 93% FCCB conversion completed, high possibility of more new orders at
SMR, and continuing domestic growth. We maintain Buy, and raise our target price to Rs192 from Rs171...
To read the full research report you can refer to:
http://www..in/productattachment/BrokerRecommendation/MotherSonSumi.pdf
