Daily Brief Industrials: Pylon Technologies , Eureka Forbes, Ingersoll Rand , Lyft , Mytilineos Holdings Sa and more

• STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• In this insight, we take a look at our expectations for potential ADDs and DELs for the STAR 50 index during the September 2024 index rebal event.
• We currently see two ADDs and two DELs for the STAR 50 index resulting in one-way flows of US$681mn.

• We interact with a few business partners of Eureka Forbes (EUREKAFO IN)  to understand the latest on-ground business developments.
• Key areas that are probed include feedback on product quality and innovation, attachment rates for AMC services, key drivers of volume, improvements in service quality, and product premiumization.
• Based on our interactions, it is quite evident that the company is not interested in developing its offline sales channels, i.e., the franchises.

• Ingersoll Rand announced its results for the first quarter of 2024, indicating a solid performance underpinned by strategic initiatives and operational agility.
• Despite facing macroeconomic challenges, the company has demonstrated its resilience and capacity to execute effectively against these headwinds.
• Key to its strategy is the IRX initiative, an internal system designed to optimize performance and fuel growth through efficiency and innovation.

• Lyft’s first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving ridesharing business in both the U.S. and Canadian markets.
• Revenues, gross bookings, and the total number of rides all recorded substantial increases year over year.
• The implementation of strategic changes and enhancements in the service and operational model seems to have borne fruit, reflecting in the reported financial figures and operational metrics.

Mytilineos recently announced a company name change to Metlen Energy & Metals. The decision to rebrand is in line with its strategy of establishing a strong international identity. It also confirmed its intention to examine an international listing, including on the London Stock Exchange. We profile Metlen and examine how it could look in the context of an LSE listing. It would rank c 90th in the LSE’s largest index firms on market capitalisation and c 50th based on earnings, indicating potential re-rating upside. Metlen is a c€5bn market capitalisation firm listed in Athens with two core pillars: an integrated Energy business (power generation and distribution, a high-growth renewables business and gas supply and trading) and Metals (Europe’s largest integrated bauxite, alumina and aluminium producer).