India: Ashok Leyland, Nesco Ltd, Rajshree Polypack, Sino Ocean Land, RPSG Ventures Limited and more

• Infrastructure and E-commerce are core drivers of the MHCV recovery 
• The market for Retail fleet operators (1-5 trucks) has shrunk. 
• Ashok Leyland (AL IN) ‘s market share gain has been on the back of discounting and is unlikely to sustain. 

• IT Park occupancy has been steadily rising over the past few quarters. Q4FY22 IT Park revenue grew 3.3% QoQ.
• Bombay Exhibition Center (BEC) business is on track to normalize as COVID restrictions have been removed completely.
• With the BEC business normalizing, Nesco Foods business is also ripe to scale up.

• RPPL posted a decent FY22 despite significant rise in the raw material costs. Sales volume grew 30%+ and EBITDA per kg improved by 11%.
• FY23 is likely to be robust for RPPL. Revenue growth is likely to be strong at 20%+. Margins are guided to expand to 15%+ level from current 13.5%.
• RPPL is consistently improving the mix of value-added products like Barrier Packaging and Tube Laminates. Contribution from Barrier Packaging is likely to grow to 10-15% in FY23 from 5% currently.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Indika Energy
2. Country Garden Holdings Co
3. China SCE
4. Powerlong Real Estate Holdings
5. Seazen (Formerly Future Land)

and more…

• The FMCG Business reported Q4FY22 revenues, in line with the recent annualized revenue run-rate of around INR 400cr.
• The relatively new Naturali brand was advertised prominently at the IPL and its products are becoming increasingly visible at department stores.
• A key monitorable for RPSGV’s sports business is the IPL Media Rights Auction that is scheduled to be held on Jun 12.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. China Jinmao Holdings
2. Guangzhou R&F Properties
3. Sunac China Holdings
4. Evergrande
5. Central China Real Estate

and more…