HSBC on Sedemac ; Buy, TP Rs 4000

2Q revenue in-line but EBITDA margins miss estimates due to higher semiconductor & PCB costs; margins in 2H to hold vs 1H Increasing ISG+EFI ECU penetration & biz win for ISG ECU + magneto kit to drive up ASPs and help revenue growth TP implies FY28 P/E of 64x, which believe is justified considering the strong growth trajectory

SEDEMAC MECHATRONICS LTD

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