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CSM [M-PF -2.3%] - Hard to find excitement amid muted radial tire sales progress - Update

We update CSM with a MARKET PERFORM rating as we forecast single-digit profit growth for the company in the next few years amid muted progress in radial tire sales and competition pressure. The new semi-steel plant, expected to commence in Q1 2017, may provide upside if our current sales and margin projections for it are proven conservative.