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CSM - OUTPERFORM - Force majeure events crimp bias sales but radial sales expected to compensate - Update

We lower our TP to 41,800 spurred by the lost sales of bias automobile tyres and tubes in Yemen, a key export market and our FY15 NPAT forecast of an unexciting 6% growth. We maintain an OUTPERFORM rating. CSM is guiding for -13.1% PBT growth in FY15 despite assuming a 12% increase in revenue on 345% growth of radial tyre sales; guidance is in line with our forecast after taking out one-off income from properties divestments.