Lakshmi Iyer, CFA

Credit

Since the return of risk-on sentiments in global bond markets, spread tightening has been witnessed across segments. While the higher rated segments have almost reached pre-crisis levels, there still appears to be some more juice left in the lower rated segments. Specifically, we think the near term outperformance by credits that have turned the corner / have significant liquidity buffers will continue.

Since the return of risk-on sentiments in global bond markets, spread tightening has been witnessed across segments. While the higher rated segments have almost reached pre-crisis levels, there still appears to be some more juice left in the lower rated segments. Specifically, we think the near term outperformance by credits that have turned the corner / have significant liquidity buffers will continue.

Asian Single Bs - Some Juice Left in Select Names

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.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-20720'>Binhai Investment</a></li><li><a href='#lucror-entity-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-7755'>Kawasan Industri Jababeka</a></li><li><a href='#lucror-entity-112'>Lifestyle International Holdings</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Anton OilfieldBinhai InvestmentChina Aoyuan PropertyKawasan Industri JababekaLifestyle International HoldingsSoftbank GroupTata Motors Ltd

Morning Views Asia: Anton Oilfield, Binhai Investment, China Aoyuan Property

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Creative New Revenue Opportunity: AIA Group (1299.HK) [AIA], via its 49%-owned Tata AIA JV in India, has entered into a strategic partnership with Practo Pte. Limited (Practo) – an Indian digital healthcare platform, in order to aid AIA’s expansion into the lucrative Indian market; and * Long-term Positive: As problems mount in AIA’s flagship Hong Kong business and the ramp up of the recently approved conversion of its Shanghai branch into a subsidiary, it’s good to see management continuing to look for ways to add to the franchise in this declining revenue environment. Like the conversion of the Shanghai branch, the Practo opportunity should be a longer-term positive for the shares.

*Creative New Revenue Opportunity: AIA Group (1299.HK) [AIA], via its 49%-owned Tata AIA JV in India, has entered into a strategic partnership with Practo Pte. Limited (Practo) – an Indian digital healthcare platform, in order to aid AIA’s expansion into the lucrative Indian market; and * Long-term Positive: As problems mount in AIA’s flagship Hong Kong business and the ramp up of the recently approved conversion of its Shanghai branch into a subsidiary, it’s good to see management continuing to look for ways to add to the franchise in this declining revenue environment. Like the conversion of the Shanghai branch, the Practo opportunity should be a longer-term positive for the shares. 

AIA Group – Interesting Indian Transaction

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

Trung Nguyen

Tata Motors’ Q1/20-21 results were worse than projected. JLR's development was within expectations in terms of revenue and cash burn, and even outperformed for profitability. However, TML’s performance was dismal, with sales plunging and huge losses due to large negative operating leverage. The resultant consolidated cash burn was much larger than expected. Debt was increased significantly to cover the negative FCF. The financial risk profile deteriorated substantially. Liquidity is weak for JLR and inadequate for TML.

  Tata Motors’ Q1/20-21 results were worse than projected. JLR's development was within expectations in terms of revenue and cash burn, and even outperformed for profitability. However, TML’s performance was dismal, with sales plunging and huge losses due to large negative operating leverage. The resultant consolidated cash burn was much larger than expected. Debt was increased significantly to cover the negative FCF. The financial risk profile deteriorated substantially. Liquidity is weak for JLR and inadequate for TML. 

Tata Motors - Earnings Flash - Q1 FY 2020-21 Results - Lucror Analytics

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 DVR (TTMT/A IN)

Asian Single Bs - Some Juice Left in Select Names

Since the return of risk-on sentiments in global bond markets, spread tightening has been witnessed across segments. While the higher rated...

Lakshmi Iyer, CFA

Morning Views Asia: Anton Oilfield, Binhai Investment, China Aoyuan Property

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

AIA Group – Interesting Indian Transaction

*Creative New Revenue Opportunity: AIA Group (1299.HK) [AIA], via its 49%-owned Tata AIA JV in India, has entered into a strategic partnership with...

Thomas J. Monaco

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years,...

Lucror Analytics

Tata Motors - Earnings Flash - Q1 FY 2020-21 Results - Lucror Analytics

Tata Motors’ Q1/20-21 results were worse than projected. JLR's development was within expectations in terms of revenue and cash burn, and even...

Lucror Analytics

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