Motilal Oswal - Cyient (INFOTECENT) MOSL: CYIENT (Buy)-Aspiring to grow from Design Services to IP solutions

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Motilal Oswal

EUR 120.00 For Business Accounts Only

MOSL: CYIENT (Buy)-Aspiring to grow from Design Services to IP solutions

Cyient: Aspiring to grow from Design Services to IP solutions

(CYL IN, Mkt Cap USD0.9b, CMP INR579, TP INR730, 26% Upside, Buy)

We attended Cyient's Analyst day at their head office in Hyderabad where management shed some light on the demand environment and the company's strategic approach. Key highlights:

With the shift to IP solutions from Services, the linearity model (headcount-linked revenues) has been broken, reflected in the shift to outcome-based pricing.
CYL expects traction to continue in Aerospace & Defense and Medical over the next five years. Transport, Communications, and Semiconductors will also drive growth over this period, though with some intervals of challenges.
CYL is investing in building IP through its New Business Accelerators program in the areas of Augmented Reality/Virtual Reality, IoT, etc.

14/05/2019 1 EN

Underlying

Cyient

Cyient Limited, formerly Infotech Enterprises Limited, is engaged in providing software-enabled engineering and geographic information system (GIS) services. The Company's segments include Data & Network Operations (DNO); Engineering, Manufacturing, Industrial Products (EMI), and Product Realisation (PR). DNO vertical services industries, such as power, gas, telecom, transportation and local government, and offers data conversion, data maintenance, photogrammetry and information technology (IT) services to the DNO vertical. EMI vertical services customers in industries, such as aerospace, automotive, off-highway transportation and industrial and commercial products, engineering design, embedded software, IT Solutions, manufacturing support, technical publications and other strategic customers. PR vertical services is engaged in providing electronic manufacturing solutions in the fields of medical, industrial, automotive, telecommunications, defense and aerospace applications.

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INE136B01020 National Stock Exchange of India India

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Motilal Oswal

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MOSL: CYIENT (Buy)-Aspiring to grow from Design Services to IP solutions

Cyient Limited: 1 director

CYIENT sees an upgrade to Slightly Positive due to a better fundamental star rating

MOSL: CYIENT (Buy)-Double-digit growth in Services to drive re-rating; Valuations inexpensive

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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