but OEMs indicating improvement going forward; M&A pipeline very strong Motherson Sumi (MSS)'s 2QFY22 performance was impacted across businesses by the chip shortage, sharp copper price inflation, and nonrecurring expenses at PKC. However, the chip shortage seems to be easing. MSS is well-positioned to benefit from cyclical recovery in its key businesses as well as from a strong order book and improving efficiencies in SMRPBV. We cut our FY22E EPS estimates by 7%, factoring in the semiconductor shortage as well as higher tax, but maintain our FY23 estimates. We...