Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

Tata Motors’ Q2/22-23 results were better than expected, with reasonable improvement in revenue and earnings. That said, this was partly due to the low base effect last year, owing to COVID-19. The financial risk profile has improved slightly, on the back of the higher earnings and stable debt. Liquidity appears to be adequate, especially at Jaguar Land Rover (JLR). The operating environment will likely remain difficult in FY 2022-23, and possibly for even longer. While we derive comfort from the growing order book, this accounts for only c. 50% of full-year deliveries for now, and is hence insufficient to provide firm revenue visibility. Still, the order book development indicates that demand for JLR's vehicles is exceeding its ability to deliver.

  Tata Motors’ Q2/22-23 results were better than expected, with reasonable improvement in revenue and earnings. That said, this was partly due to the low base effect last year, owing to COVID-19. The financial risk profile has improved slightly, on the back of the higher earnings and stable debt. Liquidity appears to be adequate, especially at Jaguar Land Rover (JLR).   The operating environment will likely remain difficult in FY 2022-23, and possibly for even longer. While we derive comfort from the growing order book, this accounts for only c. 50% of full-year deliveries for now, and is hence insufficient to provide firm revenue visibility. Still, the order book development indicates that demand for JLR's vehicles is exceeding its ability to deliver. 

Tata Motors - Earnings Flash - Q2 FY 2022-23 Results - Lucror Analytics

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>Post market close yesterday, <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> announced that it intended to delist <a href="https://www.smartkarma.com/entities/tata-motors-adr" target="_blank" data-smartkarma-citation="entities:12763:1" rel="noopener">Tata Motors ADR (TTM US)</a> and terminate its ADS program.</li>
<li>The easiest option for most ADS holders will be to sell the ADS. That could take the ADS lower and to trade at a discount to the underlying shares.</li>
<li>Sell <a href="https://www.smartkarma.com/entities/tata-motors-adr" target="_blank" data-smartkarma-citation="entities:12763:1" rel="noopener">Tata Motors ADR (TTM US)</a> outright or sell the ADS/buy <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> for an arb trade.</li>
</ul>


Post market close yesterday, Tata Motors Ltd (TTMT IN) announced that it intended to delist Tata Motors ADR (TTM US) and terminate its ADS program.
The easiest option for most ADS holders will be to sell the ADS. That could take the ADS lower and to trade at a discount to the underlying shares.
Sell Tata Motors ADR (TTM US) outright or sell the ADS/buy Tata Motors Ltd (TTMT IN) for an arb trade.


Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

Leonard Law, CFA

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/melco-crown-entertainme-adr' target='_blank' rel='noopener'>Melco Resorts & Entertainment</a></li><li><a href='/entities/lenovo-group-ltd' target='_blank' rel='noopener'>Lenovo</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Melco Resorts & EntertainmentLenovoChina Jinmao HoldingsLifestyle International HoldingsGeely Autoand more...

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 - October 2022 - Lucror Analytics

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.</li>
<li>The reference period for the trading data used for the index selection ended on 31st October 2022.</li>
<li>There have been a couple of key revisions to the index selection methodologies for SENSEX and SENSEX Next 50 which could have important consequences.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
The reference period for the trading data used for the index selection ended on 31st October 2022.
There have been a couple of key revisions to the index selection methodologies for SENSEX and SENSEX Next 50 which could have important consequences.


S&P BSE/​Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

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)

Tata Motors - Earnings Flash - Q2 FY 2022-23 Results - Lucror Analytics

Tata Motors’ Q2/22-23 results were better than expected, with reasonable improvement in revenue and earnings. That said, this was partly due to...

Lucror Analytics

Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

Tata Motors intends to delist its ADSs and terminate the ADS program. We expect most ADS holders will look to sell and that could cause TTM to...

Brian Freitas

Weekly Wrap - 04 Nov 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Monthly - October 2022 - 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

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

I see one change for SENSEX, 3 ADDs/DELs for BSE 100, 5 ADDs/DELs for the BSE 200, and 13 ADDs/DELs for the BSE 500. I expect the potential ADDs...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Motors - Earnings Flash - Q2 FY 2022-23 Results - Lucror Analytics

Tata Motors’ Q2/22-23 results were better than expected, with reasonable improvement in revenue and earnings. That said, this was partly due to...

Lucror Analytics

Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

Tata Motors intends to delist its ADSs and terminate the ADS program. We expect most ADS holders will look to sell and that could cause TTM to...

Brian Freitas

Weekly Wrap - 04 Nov 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Monthly - October 2022 - 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

S&P BSE/​Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

I see one change for SENSEX, 3 ADDs/DELs for BSE 100, 5 ADDs/DELs for the BSE 200, and 13 ADDs/DELs for the BSE 500. I expect the potential ADDs...

Janaghan Jeyakumar, CFA

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index