In today’s briefing:
- FirstCry Tearsheet – India’s Only “Surviving” Baby Products Retailer
- Sula Vineyards Pre-IPO Tearsheet
- Pepperfry Tearsheet – Banking on Discovery
- Asia HY Trade Book – July 2022 – Lucror Analytics
- Morning Views Asia: Central China Securities, China South City, Tata Motors ADR
FirstCry Tearsheet – India’s Only “Surviving” Baby Products Retailer
- FirstCry (0172540D IN) is one of the leading and only surviving Omni channel retailer that specialises in baby products.
- Channel feedback is positive, the strategy of opening company-owned and operated stores, and segregating online and offline operations is working well.
- Increasing revenues, profitable operations and limited competition make FirstCry a compelling narrative that should be on the watchlist.
Sula Vineyards Pre-IPO Tearsheet
- Sula Vineyards (1332009D IN) is looking to raise about US$175m in its upcoming India IPO. The deal will be run by Kotak, CLSA and IIFL Securities.
- Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
- Currently, it produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.
Pepperfry Tearsheet – Banking on Discovery
- Pepperfry (0096696D IN) is one of the largest furniture and home decor marketplaces in India. Recently also started offering appliances to serve as a one-stop home shop.
- Our channels indicate higher AOVs and different customers compared to Swedish giant IKEA. Marketplaces like Pepperfry solve the problem of discovery for customers looking for furniture in a new location.
- The WFH tailwind is fading away. With revenues declining, profitability is distant, and with the financial position that is yet to improve caution is warranted.
Asia HY Trade Book – July 2022 – Lucror Analytics
The Asia HY Trade Book for July 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.
Morning Views Asia: Central China Securities, China South City, Tata Motors ADR
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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