Growing Well Despite Subdued Macro

研报英文原文证据摘录

Growing Well Despite Subdued Macro

lectronics and aerospace: After starting its first electronics facility in 3QFY25, SAMIL: YoY growth (%) 4Q2666 FY26

SAMIL commissioned the second plant in 2QFY26, and a bigger third plant is expected to start

in 3QFY27. SAMIL also achieved EBITDA profitability in its consumer electronics segments in 43

17FY26. In aerospace, revenue grew 40% YoY and formed 2% of SAMIL's total top-line in FY26. 17 11 13

Its aerospace order book rose 20%+ YoY to $1.6bn (~6x FY26 revenues), which should drive

strong growth ahead. While revenue contribution from electronics and aerospace segments .Source: CompanyRevenue data, JefferiesEBITDA Recurring PAT

may remain limited near term, this offers significant opportunities for SAMIL to leverage its

strong manufacturing and process capabilities over medium-to-long term. Exhibit 2 - EBITDA margin up 140bp QoQ

Consolidated EBITDA margin (%)

11.0 10.8Some near-term margin pressures: Rising costs for commodities, energy and other 9.7 9.6 9.5 9.7 9.0 8.8 8.8 8.6 8.1 8.7 7.8 7.7 7.8overheads, may pose some margin pressure in 1HFY27, especially as input costs pass-through

have a 1-2 quarter lag. We factor in EBITDA margins of 9.5-9.6% in our FY27-28 estimates vs 6.1

11.0% in Mar-Q and 9.4% in FY26.

1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26

Maintain Buy: We fine-tune our estimates and expect EBITDA/EPS to grow at strong 16%/26% .Source: Company data, Jefferies

CAGR over FY26-28E. SAMIL's 26x FY27E PE is higher than its last 5-year average of 22x;

however, we believe multiples should sustain amid healthy growth outlook and expanding

footprint in aerospace and electronics. We retain Buy with an unchanged PT of Rs160 at 25x

Mar-28E PE.