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Motilal Oswal Report
Siemens Ltd. in its analyst call highlighted growth opportunities from new-age technologies such as semiconductors, batteries, photo voltaic, and electric vehicles amid lower capex by the government and private sectors in H1 FY25. The company maintains its selective outlook toward HVDC projects and plans to participate in projects based on VSC technology while most upcoming HVDC projects are likely to be on LCC technology.
It maintains a positive outlook on the Energy segment mainly in the T&D and smart infrastructure segment particularly owing to a continued thrust on renewables.
Though digital Industries and mobility segments are impacted by a weak enquiry pipeline from the private sector and delays in railway tenders, Siemens expects the current weakness to be cyclical in nature. The demerger of its energy division is on track and after that, the focus will shift to growth for non-energy divisions. We believe that selective approach for HVDC projects and weak inflow for ex-Energy segments may weigh on near term performance of Siemens. This would start recovering when private and government capex revives.
We slightly lower margin estimates and reiterate Buy rating with a revised target price of Rs 8,000.
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. Read more on Research Reports by NDTV Profit.Motilal Oswal slightly lowers margin estimates and reiterates Buy rating with a revised target price of Rs 8,000. Read MoreResearch Reports
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