In today’s briefing:
- The Beat Ideas: Wendt India – The Silent Force Behind India’s Precision Manufacturing Revolution
- Leskart Solutions IPO- Covered-Up Deal?
- India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.
- Lucror Analytics – Morning Views Asia
The Beat Ideas: Wendt India – The Silent Force Behind India’s Precision Manufacturing Revolution
- Wendt India completed a transformative acquisition of global “Wendt” brand IP, while Wendt GmbH (3M) initiated exit from the JV, consolidating CUMI and public ownership.
- Autonomous brand/IP rights unshackle Wendt from legacy risk while maintaining technical lead. A diversified, high technology industrial revenue stream, debt-free balance sheet, and high cash conversion reinforce the investment case.
- Wendt India is among the highest quality plays in Indian manufacturing: sticky client relationships, sectoral diversity, and recurring cash flows balance mid-term volatility in autos/steel.
Leskart Solutions IPO- Covered-Up Deal?
- Lenskart Solutions (0370405Z IN) much-awaited IPO, comprising a fresh issue of INR 21.5 bn and offer for sale of 127.5 mn shares, is set to open for subscription this week.
- We also find it surprising to note that the company purchased Dealskart, a profitable company with EBITDA of INR 2.33 bn for an insignificant sum of INR 20 mn.
- Company was able to report in FY25 is mainly on account of “Other Income” by accounting for gains from lower deferred consideration to boost its Profitability.
India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.
- We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
- In our prior Int’l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
- Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well — add selective exposure. Many buy ideas highlighted in these countries.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Nissan Motor
- UST yields rose slightly yesterday, led by the long end, owing to increased corporate bond supply (including Meta Platform’s USD 30 bn offering). The yield on the 2Y UST was up 1 bp at 3.61%, while the yield on the 10Y UST increased 2 bps to 4.10%.
- Equities slumped, driven by a sell-off in large tech stocks. The S&P 500 declined 1.0% to 6,822, while the Nasdaq fell 1.6% to 23,581. US President Donald Trump and his Chinese counterpart Xi Jinping have concluded a summit in Busan, South Korea, in their first meeting since 2019.
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