Maruti Suzuki India Ltd. In line, Maintain Accumulate: Emkay

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Maruti Suzuki India Ltd.

In line, Maintain Accumulate

ACCUMULATE

CMP: Rs 1,327                                       Target Price: Rs 1,760

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n     Delivers in line results with APAT of Rs 6.6bn. However, 4QFY11 marked with series of adjustments (depreciation, staff cost, higher other expenses and lower tax rate)

n     MSIL maintains 10% to 15% demand outlook for FY12. There has been drop in footfall and conversion rate due to higher fuel costs and interest rate

n     Lower our FY12 EBIDTA by 0.7% but raise EPS by 3.6% due to lower tax rate. Introduce our FY13 est. – volumes at 1.67mn units ( 16% YoY), EPS of Rs 122 (19% YoY)

n     Roll over our valuations based on FY13 est., Maintain ACCUMULATE with a revised TP of Rs 1,760 (8x EV/EBIDTA, 14.4 PER)