Motherson Sumi Systems - Decent performance, Maintain BUY - Emkay

- MSSL Q4 operating performance was ahead of est. driven by strong QoQ margin improvement at the Stdl/SMR biz

- SMP reported weak operating performance as facelifts of 3 popular models were underway affecting volumes for the qtr

- Result underscores our structural call of margin expansion driven by improving utilization levels and mix - medium term outlook remains strong

- Raise EBITDA est for FY14/FY15 4%/6% on sustained strong performance at Stdl/SMP- maintain BUY and raise TP to Rs 240 - stock trading at 6.2x/4.3x EV/EBITDA on FY14E/FY15E

Source : Equity Bulls

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