probability weighting, as INR has stabilised. At our price target, F15e P/E would be 15.2x.
New model news flow could re-rate the name: In a slow year(s), it is tough to base a call on industry recovery, so new model cycle becomes paramount. Our
channel checks indicate that MSIL is working on a new car in early 2014 and an SUV/crossover in F15. Any confirmation on new launches would likely lend high visibility to volumes and support a re-rating.
- Morgan Stanley