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

<p><br/> The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.<br/></p>

  The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits. 

Asia HY Trade Book - July 2023 - Lucror Analytics

Trung Nguyen

<p><br/> Tata Motors Limited (TML) has reported stronger Q1/23-24 results than expected, thanks to Jaguar Land Rover's (JLR) impressive performance. Specifically, this business delivered much higher sales volumes, revenue, profits and FCF. In addition, better selling prices and lower raw material costs drove exceptional improvement in profitability. The financial risk profile continued to strengthen, with lower net debt and higher earnings. Liquidity remains sound.<br/><br/> We expect the company to continue performing well for the rest of the year. JLR’s performance in the prior year was constrained by the semiconductor supply shortage, which continues to ease. JLR also demonstrated that demand for its products is still strong. The order book remains high, providing visibility on demand. In addition, we anticipate that JLR’s re-organisation with three separate brands will enhance brand image. We see Range Rover moving up to the luxury segment from the premium segment, with an increase in selling prices and higher margins. We believe that the financial risk profile of the group and JLR will continue improving.<br/></p>

  Tata Motors Limited (TML) has reported stronger Q1/23-24 results than expected, thanks to Jaguar Land Rover's (JLR) impressive performance. Specifically, this business delivered much higher sales volumes, revenue, profits and FCF. In addition, better selling prices and lower raw material costs drove exceptional improvement in profitability. The financial risk profile continued to strengthen, with lower net debt and higher earnings. Liquidity remains sound.   We expect the company to continue performing well for the rest of the year. JLR’s performance in the prior year was constrained by the semiconductor supply shortage, which continues to ease. JLR also demonstrated that demand for its products is still strong. The order book remains high, providing visibility on demand. In addition, we anticipate that JLR’s re-organisation with three separate brands will enhance brand image. We see Range Rover moving up to the luxury segment from the premium segment, with an increase in selling prices and higher margins. We believe that the financial risk profile of the group and JLR will continue improving. 

Tata Motors - Earnings Flash - Q1 FY 2023-24 Results - Lucror Analytics

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a strong opening order book</li><li>EBITDA margin came in at 10.2% (-87/-155bps YoY/QoQ vs our estimate of 11.3%), impacted by the Covid-era legacy projects nearing completion (Q3FY24 should complete), partly offset by lower employee expenses and better overhead absorption</li><li>The Hyderabad metro saw ridership improving to 422k per day from 408k per day in Q4FY23</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>

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a strong opening order bookEBITDA margin came in at 10.2% (-87/-155bps YoY/QoQ vs our estimate of 11.3%), impacted by the Covid-era legacy projects nearing completion (Q3FY24 should complete), partly offset by lower employee expenses and better overhead absorptionThe Hyderabad metro saw ridership improving to 422k per day from 408k per day in Q4FY23Content 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.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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

<ul><li>Tata Motors Ltd. has proposed to offer 7 shares in exchange for every 10 shares of TATA Motors DVR.</li><li>The said Share Swap Offer provides a lucrative Alpha opportunity of 20%.</li><li>The scheme is to reduce and cancel ‘A’ ordinary shares and under the announced offer, the company will issue 7 new shares for every 10 existing shares. </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>

Tata Motors Ltd. has proposed to offer 7 shares in exchange for every 10 shares of TATA Motors DVR.The said Share Swap Offer provides a lucrative Alpha opportunity of 20%.The scheme is to reduce and cancel ‘A’ ordinary shares and under the announced offer, the company will issue 7 new shares for every 10 existing shares. 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.

TATA Motors Captital Reduction Offer - Special Situation Alpha

<div><div><div><div><ul><li>Cancellation of “A” ORD shares and issue of ORD shares as consideration</li><li>Tata Motors had 3 classes of shares i) ADRs on NYSE ii) Ordinary shares listed on BSE and NSE and ii) DVRs listed on BSE and NSE.</li><li>The company delisted its ADRs from NYSE in Jan’23. On 25th Jul’23, Tata Motor’s board announced an NCLT scheme of arrangement which will cancel all of its “A” Ordinary shares. </li></ul></div></div></div></div><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>

Cancellation of “A” ORD shares and issue of ORD shares as considerationTata Motors had 3 classes of shares i) ADRs on NYSE ii) Ordinary shares listed on BSE and NSE and ii) DVRs listed on BSE and NSE.The company delisted its ADRs from NYSE in Jan’23. On 25th Jul’23, Tata Motor’s board announced an NCLT scheme of arrangement which will cancel all of its “A” Ordinary shares. 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.

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)

Asia HY Trade Book - July 2023 - Lucror Analytics

The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

Tata Motors - Earnings Flash - Q1 FY 2023-24 Results - Lucror Analytics

Tata Motors Limited (TML) has reported stronger Q1/23-24 results than expected, thanks to Jaguar Land Rover's (JLR) impressive performance....

Lucror Analytics

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

TATA Motors Captital Reduction Offer - Special Situation Alpha

Tata Motors Ltd. has proposed to offer 7 shares in exchange for every 10 shares of TATA Motors DVR. The said Share Swap Offer provides a lucrative...

Axis Direct

Tata Motors - Ordinary Shares Issue

Tata Motors had 3 classes of shares i) ADRs on NYSE ii) Ordinary shares listed on BSE and NSE and ii) DVRs listed on BSE and NSE.

Axis Direct

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