Goodyear India (GIL) is a leading domestic tyre player with manufacturing presence in farm equipment i.e. tractor and CV segments. It also serves the PV segment, albeit through trading route (manufacturing to trading mix as of FY19 was at 67:33). We expect the domestic tractor industry to outperform wider automotive space over FY20-22E as 1) it does not suffer from similar demand-side shocks on account of relatively stable rural incomes pursuant to remunerative crop prices, expectations of a normal monsoon in 2020, government focus on doubling farm incomes and...