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

The Asia Trade Book for November 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 HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

  The Asia Trade Book for November 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 HY and crossover credits.   Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage. 

Asia Trade Book - November 2023 - Lucror Analytics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, aims to raise around US$500m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we will talk about valuations.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we will talk about valuations.


Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> awaited IPO is set to launch for subscription this week.</li>
<li>The company is one of the largest ER&amp;D player that is based in India with revenues crossing INR 44 bn in F23. </li>
<li>Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.</li>
</ul>



Tata Technologies (TATATECH IN) awaited IPO is set to launch for subscription this week.
The company is one of the largest ER&amp;D player that is based in India with revenues crossing INR 44 bn in F23. 
Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.


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>Existing <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> shareholders are looking to sell 60.85m shares and raise between INR 28.9-30.4bn (US$347-365m) giving the company a market cap of between US$2.31-2.44bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> will have a float of around 10% at the time of listing and that will increase close to 30% after the pre-IPO lock-up ends.</li>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> could be added to global indices in May and June, but inclusion in local indices with meaningful tracking assets will take longer.</li>
</ul>


Existing Tata Technologies (TATATECH IN) shareholders are looking to sell 60.85m shares and raise between INR 28.9-30.4bn (US$347-365m) giving the company a market cap of between US$2.31-2.44bn.

Tata Technologies (TATATECH IN) will have a float of around 10% at the time of listing and that will increase close to 30% after the pre-IPO lock-up ends.

Tata Technologies (TATATECH IN) could be added to global indices in May and June, but inclusion in local indices with meaningful tracking assets will take longer.


Tata Technologies IPO: Offering Details & Index Inclusion

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D service provider, seeks to raise gross proceeds up to US$366 million in a pure secondary offering.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:117597" rel="noopener">Tata Technologies IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:101409" rel="noopener">Tata Technologies IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:101584" rel="noopener">Tata Technologies IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range of Rs475-500 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;D service provider, seeks to raise gross proceeds up to US$366 million in a pure secondary offering.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case, Tata Technologies IPO: The Bull Case and Tata Technologies IPO: The Bear Case. 
Our valuation analysis suggests that the IPO price range of Rs475-500 per share is attractive. Therefore, we would participate in the IPO.


Tata Technologies IPO: Valuation Insights

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tata Motors Ltd (TTMT IN)

Asia Trade Book - November 2023 - Lucror Analytics

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

Lucror Analytics

Zeekr Pre-IPO - Thoughts on Valuation

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing. In this note, we talk about valautions.

Sumeet Singh

Tata Technologies IPO- Forensic Analysis

Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Nitin Mangal

Tata Technologies IPO: Offering Details & Index Inclusion

Tata Technologies is expected to list on 5 Dec. The stock will not get Fast Entry due to low float, but will be included in global indices in May...

Brian Freitas

Tata Technologies IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs475-500 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Trade Book - November 2023 - Lucror Analytics

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

Lucror Analytics

Zeekr Pre-IPO - Thoughts on Valuation

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing. In this note, we talk about valautions.

Sumeet Singh

Tata Technologies IPO- Forensic Analysis

​Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Nitin Mangal

Tata Technologies IPO: Offering Details & Index Inclusion

Tata Technologies is expected to list on 5 Dec. The stock will not get Fast Entry due to low float, but will be included in global indices in May...

Brian Freitas

Tata Technologies IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs475-500 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...