Buy Motherson Sumi; target of Rs 285: Motilal Oswal

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Motilal Oswal's research report on Motherson Sumi

Motherson Sumi (MSS)’s 1QFY22 performance was impacted by exogenous factors in all its businesses (COVID in India and supply-side issues in overseas businesses), sharp copper price inflation, and non-recurring expenses at PKC. While the near-term outlook is murky due to supply chain uncertainties, MSS is well-positioned to benefit from cyclical recovery in its key businesses as well as from the strong order book and improving efficiencies in SMRPBV.

Outlook

We cut our FY22E EPS estimates by 8%/3%, factoring in headwinds from the semiconductor shortage as well as copper cost inflation. Maintain Buy, with TP of INR285 (Sep’23-based SOTP).

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