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ICICI Securities Report
We interacted with the management of CIE Automotive India Ltd. on May 27th -28th. Following are the takeaways:
Continued revival in two-wheelers, launch of Mahindra 3XO, positive outlook on tractors from H2 CY24, offtake from Hosur by Stellantis and Bosch from Q3 CY24 are the key growth catalysts in CY24;
Europe revenue growth is set to remain muted in CY24 amidst flat outlook for passenger vehicles and down cycle for Metalcastello;
CIE Automotive would focus on growth ahead instead of further margin expansion from current levels;
sticking to 5-6% capex/sales outlook with 80% of growth capex being dedicated to India;
not planning to enter sunroof business as of now and is focusing on plastic parts segment through feasible M&A ahead.
Maintain Buy on CIE Automotive with a revised target price of Rs 646 (earlier Rs 570), implying 22 times CY25 earnings, with target price change driven by 2% rise in earnings estimate and valuation rollover.
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