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-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-13022'>Anton Oilfield</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.361 Degrees InternationalAnton OilfieldTata Motors Ltd

Morning Views Asia: 361 Degrees International, Anton Oilfield, Tata Motors Ltd

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-8205'>China South City</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.China South CityTata Motors Ltd

Morning Views Asia: China South City, Tata Motors Ltd

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-20744" target="_blank" rel="noopener">361 degrees international</a></li><li><a href="#lucror-entity-20720" target="_blank" rel="noopener">Binhai Investment</a></li><li><a href="#lucror-entity-8205" target="_blank" rel="noopener">China South City</a></li><li><a href="#lucror-entity-20001" target="_blank" rel="noopener">International Container Term Services</a></li><li><a href="#lucror-entity-216" target="_blank" rel="noopener">Tata Motors Ltd</a></li><li><a href="#lucror-entity-14152" target="_blank" rel="noopener">Yanlord Land</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.361 degrees internationalBinhai InvestmentChina South CityInternational Container Term ServicesTata Motors LtdYanlord Land

Morning Views Asia: 361 degrees international, Binhai Investment, China South City

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-246'>Adani Ports & Special Economic Zone</a></li><li><a href='#lucror-entity-28320'>Azure Power Global Ltd</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.Adani Ports & Special Economic ZoneAzure Power Global LtdTata Motors Ltd

Morning Views Asia: Adani Ports & Special Economic Zone, Azure Power Global Ltd, Tata Motors Ltd

Rates Strategist, Bondcritic

Sumit Gupta

Rates Strategist

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Mahindra & Mahindra Fin Services Ltd. / Credit

In the first of our local currency bond series, we look into Indian INR bonds in the auto finance industry in India. We believe there are some green shoots emerging amid a slowdown in the automobile industry in India. We also believe the worst in the automobile industry is behind us and, from a credit perspective, a rating action on automobile companies with strong parents, is less likely. 
Automobile company stocks have staged a rebound since August this year. The NIFTY automobile index recovery since August has been stronger than the overall NIFTY 50 index recovery. This is not yet reflected in local currency credit spreads of auto finance companies. For investors with high risk appetite, gaining exposure to well-rated INR denominated auto-finance corporate bonds offers value, in our view. Alternatively, stock market investors may consider switching out of stocks into bonds.

In the first of our local currency bond series, we look into Indian INR bonds in the auto finance industry in India. We believe there are some green shoots emerging amid a slowdown in the automobile industry in India. We also believe the worst in the automobile industry is behind us and, from a credit perspective, a rating action on automobile companies with strong parents, is less likely. 
Automobile company stocks have staged a rebound since August this year. The NIFTY automobile index recovery since August has been stronger than the overall NIFTY 50 index recovery. This is not yet reflected in local currency credit spreads of auto finance companies. For investors with high risk appetite, gaining exposure to well-rated INR denominated auto-finance corporate bonds offers value, in our view. Alternatively, stock market investors may consider switching out of stocks into bonds.

India's Automobile - Market Recovery and Opportunities in INR Bonds

India

Tata Motors Limited manufactures cars and commercial automotive vehicles. The Company designs, manufactures, and sells heavy, medium, 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 Ltd (TTMT IN)

Morning Views Asia: 361 Degrees International, Anton Oilfield, Tata Motors Ltd

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

Lucror Analytics

Morning Views Asia: China South City, Tata Motors Ltd

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

Lucror Analytics

Morning Views Asia: 361 degrees international, Binhai Investment, China South City

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

Lucror Analytics

Morning Views Asia: Adani Ports & Special Economic Zone, Azure Power Global Ltd, Tata Motors Ltd

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

Lucror Analytics

India's Automobile - Market Recovery and Opportunities in INR Bonds

In the first of our local currency bond series, we look into Indian INR bonds in the auto finance industry in India. We believe there are some...

Bondcritic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)