Maruti Suzuki India - Decent quarter; maintain HOLD on fair valuations - Emkay

- Q3 operating performance ~5% ahead of estimates

- Management outlook on volumes continues to remain very bearish - expects 6-7% volumes growth in FY14 n Has begun hedging FY14 Yen exposure at favorable rates

- Retain HOLD on fair valuations - downside risk to volumes offsetting upside risk to margins from a favorable currency

- We retain est and TP of Rs 1700, based on 14xFY15E EPS of Rs 122 - stock trading at 15.6x/13.1x FY14/FY15 earnings.

Source : Equity Bulls

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