ASHOKLEY.NSE

Ashok Leyland Ltd.

In this briefing: Primer: Chongqing Machinery & Electric (2722 HK) - Oct 2025 The Beat Ideas: Elecon Engineering - Defence-Grade Precision, Global-Scale Ambition Primer: Singamas Container Holdings (716 HK) - Oct 2025 Regal Rexnord Corp (RRX) - Monday, Jul 14, 2025 Pick of the Week: Ashok Leyland - 11th October, 2025 1. Primer: Chongqing Machinery & Electric (2722 HK) - Oct 2025 CQME is a diversified industrial conglomerate with a broad product portfolio, including power equipment, automotive parts, and general machinery, positioning it to benefit from China's industrial upgrading. The company exhibits strong value and dividend characteristics, with a low price-to-book ratio and a history of attractive shareholder payouts, supported by robust recent growth in net income and free cash flow. Despite recent positive performance, the company faces headwinds from declining gross and EBITDA margins, historical earnings volatility, and high competitive intensity within China's machinery sector.

In this briefing: Primer: Singamas Container Holdings (716 HK) - Oct 2025 Regal Rexnord Corp (RRX) - Monday, Jul 14, 2025 Pick of the Week: Ashok Leyland - 11th October, 2025 RPMGlobal (RUL AU): Caterpillars Binding Proposal at A$5.00 Fevara Targeting profitable growth 1. Primer: Singamas Container Holdings (716 HK) - Oct 2025 Singamas is a major global container manufacturer facing a cyclical industry downturn, characterized by overcapacity and pressure on container prices. Despite challenging market conditions, the company maintains a strong balance sheet, an asset-light model, and is diversifying into higher-margin specialized containers, such as Energy Storage Systems (ESS), and growing its leasing business to provide more stable revenue streams. The company offers a compelling dividend yield, supported by a stated policy of returning value to shareholders, but faces significant risks from global trade tensions, economic slowdowns, and intense competition. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Mahindra Lifespaces: Record BD to Help Achieve 5x Presales Target. Maintain BUY Pharmaceuticals: IPM: grows 6.1% in Sep25 and 7.2% in Q2FY26 MCX: Riding the Bullion Wave. Maintain BUY Result Update: Avenue Supermarts Ltd. - 13 Th October, 2025 Pick of the Week: Ashok Leyland - 11th October, 2025 1. Mahindra Lifespaces: Record BD to Help Achieve 5x Presales Target. Maintain BUY Mahindra Lifespaces (MLDL) has demonstrated exceptional execution in its land acquisition/redevelopment strategy during H1FY26, securing new projects with a combined GDV of ~INR 95bn This significantly surpasses our initial FY26 BD expectation of INR 80-100bn and represents a remarkable ~2-2.5x multiple of its recent annual averages This performance is a clear testament to the company's accelerated growth trajectory and its focused strategy in core markets Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Pharmaceuticals: IPM: grows 6.1% in Sep25 and 7.2% in Q2FY26 MCX: Riding the Bullion Wave. Maintain BUY Result Update: Avenue Supermarts Ltd. - 13 Th October, 2025 Pick of the Week: Ashok Leyland - 11th October, 2025 Rays Power Infra Pre-IPO Tearsheet 1. Pharmaceuticals: IPM: grows 6.1% in Sep25 and 7.2% in Q2FY26 As per IQVIA, IPM saw moderate growth for Sep25 at 6.1% YoY (vs 8.1% in Aug25), with 2.4% YoY decline in units The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain For Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. 2. MCX: Riding the Bullion Wave. Maintain BUY MCX continues to present a compelling growth story built on its earlier driversnew product launches, a robust product pipeline, tech upgrades, and rising participation As we had highlighted in our earlier report The new gold standard, gold and silver were expected to emerge as major contributors to options premium, and this trend is firmly on track and gaining strength Options premium ADTV has witnessed strong growth, jumping to ~INR 67bn in October 2025 vs INR 41bn in Q2FY25, led by surging gold and silver volumes, which now account for ~60% of total notional volume and ~30% of premium ADTV.