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Motherson Sumi: Buy; PT Rs280
Management continues to be positive on the future with the scale up of SMR
acquisition and higher content cost per car.
Management believes MSSL’s strongest attributes are focused execution,
manufacturing efficiency; focus on ROCE of 40%.
The management highlighted that while evaluating M&A, they want
segments/products where there is a business gap, and don’t believe in
complex structures for currency/raw material hedging.
Continue to guide for a US$5bn target by 2015 and hoping to achieve the
same earlier by 2013-2014.
MSSL management believes it is a customer driven company and continue to
enter into newer products based on customer requirement. They highlighted
newer capacities in Brazil, Macedonia, Hungary and in India.
Complex holding structure is largely for geo-graphical, operational and
strategic reasons (product patents, ring-fencing business risk).
Management indicated ability to pass on raw material price changes to
OEMs. Believe that companies need to make their own products obsolete
before their competitors do.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Motherson Sumi: Buy; PT Rs280
Management continues to be positive on the future with the scale up of SMR
acquisition and higher content cost per car.
Management believes MSSL’s strongest attributes are focused execution,
manufacturing efficiency; focus on ROCE of 40%.
The management highlighted that while evaluating M&A, they want
segments/products where there is a business gap, and don’t believe in
complex structures for currency/raw material hedging.
Continue to guide for a US$5bn target by 2015 and hoping to achieve the
same earlier by 2013-2014.
MSSL management believes it is a customer driven company and continue to
enter into newer products based on customer requirement. They highlighted
newer capacities in Brazil, Macedonia, Hungary and in India.
Complex holding structure is largely for geo-graphical, operational and
strategic reasons (product patents, ring-fencing business risk).
Management indicated ability to pass on raw material price changes to
OEMs. Believe that companies need to make their own products obsolete
before their competitors do.
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