JP MORGAN ON INDIA EMS

• Continues to prefer stocks with high ROCE and strong earnings growth. • Higher-ROCE names trade at relatively lower PE multiples versus lower-ROCE peers with similar earnings growth. • Preference order: Dixon (OW) > Amber (OW) > Kaynes (Neutral) > Syrma (UW) > Avalon (UW) > Cyient DLM (UW). • JPMorgan revisits the growth vs PE vs ROCE framework after the correction in Cyient DLM.

EMS LIMITED

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