Below our estimate; higher RM cost hurts margin; order backlog strong Higher cost inflation to keep margin under pressure in 1HFY22E MSIL's 4QFY21 operating performance was impacted by higher commodity costs, partially offset by price hikes and lower discounts. Near-term challenges (of COVID-19 and commodity) notwithstanding, there are drivers in place for sustained volume and margin recovery from 2HFY22E. We lower our FY22E/FY23E EPS by 11%/3% to factor in some negative impact of the COVID-led lockdown on volumes as well as higher cost....