In today’s briefing:
- A/H Premium Tracker (To 16 May 2025): AH Premia Contract Small Again. BYD and CMB Go Negative.
- Belrise Industries IPO: Strategic OEM Partner, Deleveraging Move Faces Structural Headwinds
A/H Premium Tracker (To 16 May 2025): AH Premia Contract Small Again. BYD and CMB Go Negative.
- AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) AH is negative now, maybe on HSTECH inclusion expectations.
- I didn’t expect much out of Geneva last weekend. I was wrong in that there was a big announcement, but maybe not wrong because content was pretty slim.
- The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.
Belrise Industries IPO: Strategic OEM Partner, Deleveraging Move Faces Structural Headwinds
- Belrise Industries, founded by the Badve family, is a leading auto component maker launching its Rs2,150 crore IPO from May 21–23, 2025, at a price band of Rs85–90.
- It supplies key chassis and metal parts to top OEMs like Bajaj Auto, Hero MotoCorp, and HMSI, playing a critical role across ICE and EV platforms.
- While most proceeds are earmarked for debt repayment, high working capital needs suggest leverage could rebuild as the business scales.
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