European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Iveco closed at €14.01 on 2 September against Tata Motors' €14.10 cash offer, leaving 0.64% gross upside, or 3.84% annualised assuming settlement on 3 November.</li>
<li>All required sector regulatory approvals have now been obtained. Exor has committed its 27.1% stake, while the 95% acceptance threshold can fall to 80% following EGM approval.</li>
<li>Completion risk is now low, but the return at €14.01 is insufficient. We remain Neutral and would become more interested around €13.85–13.90, equivalent to 8.61–10.80% annualised.</li>
</ul>


Iveco closed at €14.01 on 2 September against Tata Motors' €14.10 cash offer, leaving 0.64% gross upside, or 3.84% annualised assuming settlement on 3 November.
All required sector regulatory approvals have now been obtained. Exor has committed its 27.1% stake, while the 95% acceptance threshold can fall to 80% following EGM approval.
Completion risk is now low, but the return at €14.01 is insufficient. We remain Neutral and would become more interested around €13.85–13.90, equivalent to 8.61–10.80% annualised.


Iveco/Tata Motors: Final Regulatory Hurdle Cleared, But Little Road Left

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Tata Investment Corporation / Equity Bottom-Up

Tata Investment Corporation (TATAINVE IN)

<ul>
<li>In this insight, we discuss about the holdco structure of <a href="https://www.smartkarma.com/entities/tata-investment-corp-ltd" target="_blank" data-smartkarma-citation="entities:6308:1" rel="noopener">Tata Investment Corp (TICL IN)</a> </li>
<li>Further, we highlight how the holdco discount has burned away in recent years and what were the reasons.</li>
<li>Finally, we discuss about the implications that a <a href="https://www.smartkarma.com/entities/tata-sons-private-ltd" target="_blank" data-smartkarma-citation="entities:25999:1" rel="noopener">Tata Sons Private Ltd (47588Z IN)</a> listing could have on the company.</li>
</ul>


In this insight, we discuss about the holdco structure of Tata Investment Corp (TICL IN) 
Further, we highlight how the holdco discount has burned away in recent years and what were the reasons.
Finally, we discuss about the implications that a Tata Sons Private Ltd (47588Z IN) listing could have on the company.


Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipment-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48989:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a>, raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK), raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Wuxi Lead A/H Lockup Expiry - US$190m Release, All Financial Investors

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Force Motors reported record FY26 revenue and profitability, followed by softer April–May FY27 sales. The stock reaction has focused on the dip, not the product-cycle transition.</li>
<li>Traveller N, Urbania, Trax and defence orders can rebuild volume momentum, while the BMW/Mercedes engine franchise adds a differentiated non-vehicle earnings layer.</li>
<li>The thesis moves from simple volume recovery to mix-led earnings resilience. Monthly sales volatility matters, but margin quality and portfolio breadth matter more.</li>
</ul>


Force Motors reported record FY26 revenue and profitability, followed by softer April–May FY27 sales. The stock reaction has focused on the dip, not the product-cycle transition.
Traveller N, Urbania, Trax and defence orders can rebuild volume momentum, while the BMW/Mercedes engine franchise adds a differentiated non-vehicle earnings layer.
The thesis moves from simple volume recovery to mix-led earnings resilience. Monthly sales volatility matters, but margin quality and portfolio breadth matter more.


Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle..

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Ashok Leyland delivered its highest-ever FY26 revenue, EBITDA and PAT, with CV volumes crossing the earlier FY19 peak.</li>
<li>The commercial vehicle cycle has moved from weak replacement demand to broad-based recovery, supported by GST-led price relief and freight activity.</li>
<li>The story is no longer only cyclical M&amp;HCV recovery; LCV, exports, defence, aftermarket and EVs now add optionality.</li>
</ul>


Ashok Leyland delivered its highest-ever FY26 revenue, EBITDA and PAT, with CV volumes crossing the earlier FY19 peak.
The commercial vehicle cycle has moved from weak replacement demand to broad-based recovery, supported by GST-led price relief and freight activity.
The story is no longer only cyclical M&amp;HCV recovery; LCV, exports, defence, aftermarket and EVs now add optionality.


Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

India

Tata Motors is an Indian multinational automotive manufacturing company that produces a wide range of commercial vehicles, including trucks, vans, and buses. The company also has a significant presence in passenger vehicles and electric vehicles. Tata Motors is headquartered in Mumbai, India, and was founded on September 1, 1945.

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Tata Motors (TMCV IN)

Iveco/Tata Motors: Final Regulatory Hurdle Cleared, But Little Road Left

With the final regulatory hurdle cleared, Iveco/Tata is now a late-stage completion trade. We revisit the remaining conditions, timetable and...

Jesus Rodriguez Aguilar

Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Tata investment takes off. The Reserve Bank of India on August 6 retained Tata Sons in the Upper Layer NBFC list. To avoid a listing, Tata Sons...

Sreemant Dudhoria

Aequitas: Wuxi Lead A/H Lockup Expiry - US$190m Release, All Financial Investors

Wuxi Lead Intelligent Equipment (470 HK), raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their...

Sumeet Singh

Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle..

Force Motors sees record revenue and profitability in FY26, but softer sales in FY27. Monthly sales volatility is important, but margin quality...

Sudarshan Bhandari

Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

Ashok Leyland achieves record revenue and profit in FY26, driven by strong commercial vehicle demand and diversified growth opportunities.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Iveco/Tata Motors: Final Regulatory Hurdle Cleared, But Little Road Left

With the final regulatory hurdle cleared, Iveco/Tata is now a late-stage completion trade. We revisit the remaining conditions, timetable and...

Jesus Rodriguez Aguilar

Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Tata investment takes off. The Reserve Bank of India on August 6 retained Tata Sons in the Upper Layer NBFC list. To avoid a listing, Tata Sons...

Sreemant Dudhoria

Aequitas: Wuxi Lead A/H Lockup Expiry - US$190m Release, All Financial Investors

Wuxi Lead Intelligent Equipment (470 HK), raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their...

Sumeet Singh

Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle..

​Force Motors sees record revenue and profitability in FY26, but softer sales in FY27. Monthly sales volatility is important, but margin quality...

Sudarshan Bhandari

Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

​Ashok Leyland achieves record revenue and profit in FY26, driven by strong commercial vehicle demand and diversified growth opportunities.

Nimish Maheshwari

Force Motors sees record revenue and profitability in FY26, but softer sales in FY27. Monthly sales volatility is important, but margin quality...

Ashok Leyland achieves record revenue and profit in FY26, driven by strong commercial vehicle demand and diversified growth opportunities.