Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Adani Ports & Special Economic Zone / Credit

<ul>
<li>The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.</li>
<li>In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.</li>
<li>We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities.</li>
</ul>


The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.
In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.
We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities.


Adani Ports - Event Flash - US Charges Gautam Adani And 2 AGEL Executives - Lucror Analytics

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul><li>Adani Ports &amp; SEZ (APSEZ) reported a revenue growth of 6% YoY to INR70.7b in 2QFY25 (in line).</li><li>Cargo volumes grew 10% YoY to 111mmt.</li><li>The growth was primarily driven by containers (+19% YoY).</li></ul><p><em>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.</em></p>

Adani Ports &amp; SEZ (APSEZ) reported a revenue growth of 6% YoY to INR70.7b in 2QFY25 (in line).Cargo volumes grew 10% YoY to 111mmt.The growth was primarily driven by containers (+19% YoY).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.

Adani Ports & SEZ - In-Line Performance; Outlook Remains Bright

<ul>
<li>Adani Ports and Special Economic Zone (APSEZ) has reported stable H1/24-25 results.</li>
<li>Cargo volumes grew 9% y-o-y, below management’s full-year guidance of a 13-18% increase, owing to one-off disruptions.</li>
<li>That said, EBITDA climbed 13% (at the higher end of forecasts), thanks to better capacity utilisation and improved operating efficiency at the company's domestic and international ports.</li>
</ul>


Adani Ports and Special Economic Zone (APSEZ) has reported stable H1/24-25 results.
Cargo volumes grew 9% y-o-y, below management’s full-year guidance of a 13-18% increase, owing to one-off disruptions.
That said, EBITDA climbed 13% (at the higher end of forecasts), thanks to better capacity utilisation and improved operating efficiency at the company's domestic and international ports.


Adani Ports - Earnings Flash - H1 FY 2024-25 Results - Lucror Analytics

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>Gautam Adani and executives indicted in U.S. for bribery, fraud, and obstructing justice tied to renewable energy projects worth billions.</li>
<li>Allegations spotlight governance risks, promoter-driven models, and transparency issues in Indian conglomerates, threatening investor trust in Adani Group and renewable energy sectors.</li>
<li>Adani Group issued media statement saying that charges in indictment are baseless and denied.</li>
</ul>


Gautam Adani and executives indicted in U.S. for bribery, fraud, and obstructing justice tied to renewable energy projects worth billions.
Allegations spotlight governance risks, promoter-driven models, and transparency issues in Indian conglomerates, threatening investor trust in Adani Group and renewable energy sectors.
Adani Group issued media statement saying that charges in indictment are baseless and denied.


Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).</li>
<li>The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.</li>
</ul>


There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.
If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.


NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

India

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

Adani Ports - Event Flash - US Charges Gautam Adani And 2 AGEL Executives - Lucror Analytics

The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from...

Lucror Analytics

Adani Ports & SEZ - In-Line Performance; Outlook Remains Bright

Motilal Oswal's research report onAdani Ports & SEZ Adani Ports & SEZ (APSEZ) reported a revenue growth of 6% YoY to INR70.7b in 2QFY25...

Motilal Oswal

Adani Ports - Earnings Flash - H1 FY 2024-25 Results - Lucror Analytics

Adani Ports and Special Economic Zone (APSEZ) has reported stable H1/24-25 results. Cargo volumes grew 9% y-o-y, below management’s full-year...

Lucror Analytics

Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...

Nimish Maheshwari

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Adani Ports - Event Flash - US Charges Gautam Adani And 2 AGEL Executives - Lucror Analytics

The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from...

Lucror Analytics

Adani Ports & SEZ - In-Line Performance; Outlook Remains Bright

Motilal Oswal's research report onAdani Ports & SEZ Adani Ports & SEZ (APSEZ) reported a revenue growth of 6% YoY to INR70.7b in 2QFY25...

Motilal Oswal

Adani Ports - Earnings Flash - H1 FY 2024-25 Results - Lucror Analytics

Adani Ports and Special Economic Zone (APSEZ) has reported stable H1/24-25 results. Cargo volumes grew 9% y-o-y, below management’s full-year...

Lucror Analytics

Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

​Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...

Nimish Maheshwari

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...