Motilal Oswal's research report on CIE Automotive
CIEINDIA reported a muted performance in 4QCY23 due to lower-thanestimated growth in both India and EU. The demand outlook for EU remains weak as the production of light-vehicles is expected to decline ~3% YoY in CY24, along with an anticipation of muted growth in Metalcastello for the next few quarters.
Outlook
We cut our CY24E/CY25E EPS by 4%/3% to factor in weakness in the underlying markets. Reiterate BUY with a TP of INR540 (based on ~18x CY25E consol. EPS).
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