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

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-1457'>China Oil And Gas</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-1584'>Perusahaan Gas Negara Perser</a></li><li><a href='#lucror-entity-12763'>Tata Motors ADR</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.China Oil And GasHopson DevelopmentPerusahaan Gas Negara PerserTata Motors ADR

Morning Views Asia: China Oil And Gas, Hopson Development, Perusahaan Gas Negara Perser

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production constraints eased.</li><li>Domestic CV sales stood robust, up 12% YoY and 27% MoM led by strong infra push, higher replacement demand, and advanced buying in anticipation of price hikes post Apr’23 (on OBD Phase II norms).</li><li>Domestic 2W Wholesales grew by ~20% YoY/MoM (exl. HMSI and Bajaj) on the low base of the last year and post the weak Jan- Feb’23 dispatches.</li></ul>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.

The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production constraints eased.Domestic CV sales stood robust, up 12% YoY and 27% MoM led by strong infra push, higher replacement demand, and advanced buying in anticipation of price hikes post Apr’23 (on OBD Phase II norms).Domestic 2W Wholesales grew by ~20% YoY/MoM (exl. HMSI and Bajaj) on the low base of the last year and post the weak Jan- Feb’23 dispatches.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.

Automotive Industry - Mar’23 Wholesale Dispatches Continue to Grow YoY

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - March 2023 - Lucror Analytics

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-6544'>AAC Technologies Holdings</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-433'>Fosun International</a></li><li><a href='#lucror-entity-182'>Sands China</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</a></li><li><a href='#lucror-entity-12763'>Tata Motors ADR</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.AAC Technologies HoldingsCIFI HoldingsFosun InternationalSands ChinaSino-Ocean ServiceTata Motors ADR

Morning Views Asia: AAC Technologies Holdings, CIFI Holdings, Fosun International, Sands China

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Commercial vehicle industry in India facing challenges due to increasing discounting trend, implementation of new regulations, and economic slowdown.</li>
<li>Possibility of <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> regaining lost market share at the cost of <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, but industry highly competitive.</li>
<li>Finance Ministry warns of El Niño conditions, leading to weaker monsoon in India, dampening auto sales.</li>
</ul>


Commercial vehicle industry in India facing challenges due to increasing discounting trend, implementation of new regulations, and economic slowdown.
Possibility of Tata Motors Ltd (TTMT IN) regaining lost market share at the cost of Ashok Leyland (AL IN), but industry highly competitive.
Finance Ministry warns of El Niño conditions, leading to weaker monsoon in India, dampening auto sales.


India Channel Insight #50 | Commercial Vehicles - Discounts & Market Share

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)

Morning Views Asia: China Oil And Gas, Hopson Development, Perusahaan Gas Negara Perser

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

Lucror Analytics

Automotive Industry - Mar’23 Wholesale Dispatches Continue to Grow YoY

The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production...

Axis Direct

Asia HY Monthly - March 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Morning Views Asia: AAC Technologies Holdings, CIFI Holdings, Fosun International, Sands China

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Morning Views Asia: China Oil And Gas, Hopson Development, Perusahaan Gas Negara Perser

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

Lucror Analytics

Automotive Industry - Mar’23 Wholesale Dispatches Continue to Grow YoY

The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production...

Axis Direct

Asia HY Monthly - March 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Morning Views Asia: AAC Technologies Holdings, CIFI Holdings, Fosun International, Sands China

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

Lucror Analytics

India Channel Insight #50 | Commercial Vehicles - Discounts & Market Share

Indian commercial vehicle industry faces challenges from discounting, new regulations and competition. Tata Motors may regain market share, while...

Pranav Bhavsar