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MOSL: ABB (Downgrade to Sell)-Below-estimate performance-order inflow ...
​ABB: Below-estimate performance; order inflow up 28% YoY off a low base(ABB IN, Mkt Cap USD4.9b, CMP INR1538, TP INR1200, 21% Downside, Downgrade to Sell)Operational performance below expectations: 1QCY17 revenue of INR21.7b (+8% YoY) was marginally below our estimate of INR22b, while EBIDTA margin of 7.9% (-110bp YoY) was lower than our estimate of 9.7%. The miss on revenue was led by weak execution in Electrification Products (+3.5% YoY) and Process/Industrial Automation (+3.4% YoY). EBITDA...
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