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

<ul>
<li>Tata Steel’s Q2/24-25 results were acceptable and in line with expectations.</li>
<li>The operating environment remains challenging due to surging exports from China, which have weighed on steel prices.</li>
<li>The company's earnings improved y-o-y but declined q-o-q.</li>
</ul>


Tata Steel’s Q2/24-25 results were acceptable and in line with expectations.
The operating environment remains challenging due to surging exports from China, which have weighed on steel prices.
The company's earnings improved y-o-y but declined q-o-q.


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.

Equity Bottom-Up

<ul><li>Indian operations strong while Europe drags: In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL, partially offset by the shutdown at one of the BF at Jamshedpur for relining in Q4.</li><li>Indian profitability will improve as the KPO-II ramps up and will add 3.5-4MT/5MT in FY26/27.</li><li>Cost at KPO-II will come down by ~Rs 3-4k/t as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA.</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.

Indian operations strong while Europe drags: In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL, partially offset by the shutdown at one of the BF at Jamshedpur for relining in Q4.Indian profitability will improve as the KPO-II ramps up and will add 3.5-4MT/5MT in FY26/27.Cost at KPO-II will come down by ~Rs 3-4k/t as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA.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 Steel - Europe Continues to Drag; Caps Material Upside

<ul>
<li>The ramifications of his leadership style, characterised by unpredictability and a focus on national interests, will likely resonate across various sectors globally, affecting everything from trade and security alliances to domestic civil liberties and economic stability.</li>
<li>The three most crucial policy changes in the US will likely be: [1] the escalation of tariffs; [2] sweeping tax cuts; and [3] the mass deportation of migrants.</li>
<li>Given that this will be Mr Trump's second term, he can be expected to be up and running fast.</li>
</ul>


The ramifications of his leadership style, characterised by unpredictability and a focus on national interests, will likely resonate across various sectors globally, affecting everything from trade and security alliances to domestic civil liberties and economic stability.
The three most crucial policy changes in the US will likely be: [1] the escalation of tariffs; [2] sweeping tax cuts; and [3] the mass deportation of migrants.
Given that this will be Mr Trump's second term, he can be expected to be up and running fast.


Leonard Law, CFA

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-472'>MGM China Holdings</a></li><li><a href='#lucror-entity-7037'>New World Development</a></li><li><a href='#lucror-entity-30639'>Nickel Industries </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.MGM China HoldingsNew World DevelopmentNickel Industries Tata Steel Thailand

Morning Views Asia: MGM China Holdings, New World Development, Nickel Industries , Tata Steel Thailand

<ul><li>Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better EBITDA from ex-Europe operations.</li><li>Indian EBITDA/t (down 15%/9% YoY/QoQ) stood at Rs 13,661/t on lower operating leverage.</li><li>European EBITDA/t loss narrowed to $27/t from $96/t YoY and $37/t QoQ led by turnaround at TSN, while TSUK continued to post EBITDA losses. </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.

Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better EBITDA from ex-Europe operations.Indian EBITDA/t (down 15%/9% YoY/QoQ) stood at Rs 13,661/t on lower operating leverage.European EBITDA/t loss narrowed to $27/t from $96/t YoY and $37/t QoQ led by turnaround at TSN, while TSUK continued to post EBITDA losses. 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 Steel - Macro Headwinds and Rich Valuations Caps Upside

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Tata Steel - Acceptable Numbers

Tata Steel’s Q2/24-25 results were acceptable and in line with expectations.The operating environment remains challenging due to surging exports...

Lucror Analytics

Tata Steel - Europe Continues to Drag; Caps Material Upside

In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL partially offset by the shutdown...

Axis Direct

Lucror Analytics - Morning Views Asia

Donald Trump has been elected the 47th president of the US, with his return to the White House set to significantly reshape both domestic policies...

Lucror Analytics

Morning Views Asia: MGM China Holdings, New World Development, Nickel Industries , Tata Steel Thailand

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

Lucror Analytics

Tata Steel - Macro Headwinds and Rich Valuations Caps Upside

Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ)

Axis Direct

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