Samvardhana Motherson gains after subsidiary acquires auto parts company

CLSA has a buy call on SAMIL with a target price of Rs 102. “Acquisition gives company entry into new segment of sunroofs and fuel tanks. The acquisition will help company grow its biz with Honda Motors,” said CLSA.

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Shares of Samvardhana Motherson International Limited (SAMIL) gained after the company’s subsidiary announced plans to pick up 81 percent stake in Yachiyo Industry.

The stock was up 7.47 percent at Rs 91.6 at 10.42am on the National Stock Exchange. The stock was up 6.87 percent after the announcement yesterday. SAMIL shares have gained 12.68 percent since January 1.

SAMIL’s wholly owned subsidiary, SMRP V has entered into an agreement to acquire stake in Yachiyo Industry which makes sunroofs, fuel tanks, and resin products, said the auto ancillary company in an exchange filing dated July 4.

Honda Motors holds a 50.4 percent stake in Yachiyo Industry. After the acquisition, it will be an 81:19 percent joint venture between SMRP V and Yachiyo Industry.

CLSA has a ‘buy’ call on SAMIL with a target price of Rs 102. “The acquisition gives the company an entry into new segment of sunroofs and fuel tanks. The acquisition will help company grow its biz with Honda Motors,” said CLSA.

Also read Samvardhana Motherson International to acquire 81% stake in Honda Motor arm

Nomura has upgraded its rating to ‘buy’ on SAMIL with a target price of Rs 105. “Further upside can come from ability to add new customers across Japan, US and EU,” said Nomura.

SAMIL’s another wholly owned subsidiary, MSSL Consolidated, will invest $14 million in Prysm Systems, said the company in an exchange filing. MSSL Consolidated will further invest $20 million and become a majority shareholder in Prysm Systems. Prysm Systems is engaged in design and manufacturing of display screens.

SAMIL’s total revenue increased 23 percent to Rs 78,957 crore year-on-year in FY23. The company’s net profit grew 71 percent year-on-year to Rs 1495 crore in the same period. EBITDA margins for the company increased 45 basis points year-on-year in the same period.

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