We expect sales, adjusted PAT to grow at 20%, 40% CAGR, respectively, in FY21E-23E. Volume visibility, sharper capital allocation focus (SsangYong Motor now classified as discontinued operation, not to be consolidated into financials) & EV proactiveness help us maintain BUY on M&M.; We value it at | 1,000/share on SOTP basis (8.5x FY23E EV/EBITDA for base business; 20% holding company discount to its investments; previous target: | 870)....