With the bulk of target customer segments viz. domestic CV, global CV space (improved new order readings of Class 8 trucks with November 2020 print coming in at ~53,000 units (~3x YoY, up ~30% MoM)), bottoming out, we expect a rapid recovery at Bharat Forge, a large part of which is captured by its prevailing valuation multiples (trading at ~32x P/E on FY23E numbers). We will keenly monitor any surprise on the operating margin front consequent to a lot of cost cutting initiatives undertaken by the company, before any meaningful upgrade. We also await outcome on scrappage...