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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International</li>
<li>UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International
UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.
The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is looking to raise up to US$2bn in its upcoming India IPO.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the not-so-positive aspects of the deal.


Tata Capital Pre-IPO - The Negatives - Recent Merger Wasn't All that Great

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

Thematic (Sector/Industry)

<ul>
<li>India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption</li>
<li>The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.</li>
<li>With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.</li>
</ul>


India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.


Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul>
<li>Post Q4FY25 results,we had presented our case for shorting Tata Motors in May 2025, anticipating a challenging quarter ahead.We now recommend closing the short position,with reasons explained in this insight</li>
<li>The company reported a very challenging Q1FY26, with JLR EBIT crashing to 4.0% (vs 8.9% YoY). The India passenger car business also faced similar pressure.</li>
<li>The only segment to deliver stable performance was the commercial vehicle division.</li>
</ul>


Post Q4FY25 results,we had presented our case for shorting Tata Motors in May 2025, anticipating a challenging quarter ahead.We now recommend closing the short position,with reasons explained in this insight
The company reported a very challenging Q1FY26, with JLR EBIT crashing to 4.0% (vs 8.9% YoY). The India passenger car business also faced similar pressure.
The only segment to deliver stable performance was the commercial vehicle division.


<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, Inida ECM flows continued unabated with more deals being launched.</li>
<li>On the placements front as well, India saw over US$2bn worth of deals during the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.


ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors ADR (TTM US)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

Tata Capital Pre-IPO - The Negatives - Recent Merger Wasn't All that Great

Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

Closure of Short Call on Tata Motors

Recommend closing short position initiated post Q4FY25 results with reasons explained in this insight. Commercial vehicle division only segment...

Sreemant Dudhoria,CFA

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

Tata Capital Pre-IPO - The Negatives - Recent Merger Wasn't All that Great

Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

​India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

Closure of Short Call on Tata Motors

Recommend closing short position initiated post Q4FY25 results with reasons explained in this insight. Commercial vehicle division only segment...

Sreemant Dudhoria,CFA

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...