MOSL: SIS (Buy)-Recovery on the way; Attractive valuations

SIS: Recovery on the way; Attractive valuations; reiterate Buy (SECIS IN, Mkt Cap USD1b, CMP INR482, TP INR600, 25% Upside, Buy)   SIS reported a lower than expected performance in 1QFY22, led by underperformance in the international business (-4.2% QoQ) on account of lower revenue from the ad hoc business (also high margin) and two months impact of the lockdown on the India Security business (-2.3% QoQ). This led to a sequential decline of 2.7%. Consequently, EBITDA margin was lower than o...