We recommend SUBSCRIBE for long term on Craftsman Auto Ltd.'s (Craftsman) IPO given i) positive demand outlook on MHCV/tractor industry (that contributes >70% of revenue pie), ii) healthy financial performance in tough times, iii) robust growth potential in Auto Aluminum as well as storage divisions and iv) expansion in ROCE led by lean capex and debt reduction plans. Despite ~18% revenue decline in FY20, company posted margins of ~27% (highest across Auto Ancillary space). While large part of the capex cycle is now behind, we expect ROCE (currently at ~11%) to improve going...