Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

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>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.</p>In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/greenland-hong-kong-holdings-ltd' target='_blank' rel='noopener'>Greenland Hong Kong Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</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:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsGreenland Hong Kong HoldingsEvergrandeand more...

Trung Nguyen

<p><br/> Tata Motors' Q4 and FY 2021-22 results were better than expected. The company delivered lower than estimated losses and q-o-q improvement in cash flows. That said, the financial risk profile deteriorated significantly due to decreased earnings, albeit partly cushioned by lower debt (driven by cash release from working capital). Liquidity remains sound.<br/><br/> We expect the operating environment to remain difficult in and perhaps even beyond FY 2022-23. We derive comfort from the increasing order book, even though it currently only accounts for c. 50% of full-year deliveries and is hence insufficient for firm revenue visibility. That said, the expanding order book indicates that demand for Jaguar Land Rover exceeds the company's ability to deliver.<br/></p>

  Tata Motors' Q4 and FY 2021-22 results were better than expected. The company delivered lower than estimated losses and q-o-q improvement in cash flows. That said, the financial risk profile deteriorated significantly due to decreased earnings, albeit partly cushioned by lower debt (driven by cash release from working capital). Liquidity remains sound.   We expect the operating environment to remain difficult in and perhaps even beyond FY 2022-23. We derive comfort from the increasing order book, even though it currently only accounts for c. 50% of full-year deliveries and is hence insufficient for firm revenue visibility. That said, the expanding order book indicates that demand for Jaguar Land Rover exceeds the company's ability to deliver. 

Tata Motors - Earnings Flash - Q4 FY 2021-22 Results - Lucror Analytics

<p>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.</p><ul><li><a href='#lucror-entity-8205'>China South City</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-12763'>Tata Motors ADR</a></li><li><a href='#lucror-entity-2979'>Tata Steel Thailand</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 CityJSW Steel LtdRonshine China HoldingsSunac China HoldingsTata Motors ADRTata Steel Thailand

Morning Views Asia: China South City, JSW Steel Ltd, Ronshine China Holdings, Sunac China Holdings

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<ul><li>Ta<span style="font-size: var(--content-font-size);">ta Motors reported cons. revenue of Rs784.4bn, down 11.4% YoY but up 8.6% QoQ.</span></li></ul><div><div><div><div><ul><li>JLR revenue declined by 27% YoY due to volume decline of 38%/11% YoY/QoQ while retails came in flat QoQ.</li></ul><div><div><div><div><ul><li>PV revenue was up 62% YoY, led by strong volume growth of ~47%/25% YoY/QoQ.</li></ul></div></div></div></div></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>

Tata Motors reported cons. revenue of Rs784.4bn, down 11.4% YoY but up 8.6% QoQ.JLR revenue declined by 27% YoY due to volume decline of 38%/11% YoY/QoQ while retails came in flat QoQ.PV revenue was up 62% YoY, led by strong volume growth of ~47%/25% YoY/QoQ.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 - Margin Beat on Better Mix; Commodity and Chip Shortage Risks Persist

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)

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

Weekly Wrap - 20 May 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

Tata Motors - Earnings Flash - Q4 FY 2021-22 Results - Lucror Analytics

Tata Motors' Q4 and FY 2021-22 results were better than expected. The company delivered lower than estimated losses and q-o-q improvement in cash...

Lucror Analytics

Morning Views Asia: China South City, JSW Steel Ltd, Ronshine China Holdings, Sunac China Holdings

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

Lucror Analytics

Tata Motors - Margin Beat on Better Mix; Commodity and Chip Shortage Risks Persist

Tata Motors reported cons. revenue of Rs784.4bn, down 11.4%/up 8.6% YoY/QoQ. JLR revenue declined by 27% YoY due to lower volume.

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)