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. 

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Equity Bottom-Up

<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

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 Steel’s Q4 and FY 2023-24 numbers were weak in our view, with the restructuring of the UK operations weighing on group performance and offsetting the robust Indian business. The financial risk profile deteriorated significantly, due to lower earnings and soft cash flows. Liquidity was inadequate, driven by the poor cash flows and large dividends. We expect the steel industry's operating environment in FY 2024-25 to be constructive and support Tata Steel's earnings. However, the company's solid earnings for the Indian operations should be offset by the restructuring of the UK business, for which another GBP 1.6 bn of additional costs is projected. It is unclear if there is light at the end of the tunnel.

  Tata Steel’s Q4 and FY 2023-24 numbers were weak in our view, with the restructuring of the UK operations weighing on group performance and offsetting the robust Indian business. The financial risk profile deteriorated significantly, due to lower earnings and soft cash flows. Liquidity was inadequate, driven by the poor cash flows and large dividends.   We expect the steel industry's operating environment in FY 2024-25 to be constructive and support Tata Steel's earnings. However, the company's solid earnings for the Indian operations should be offset by the restructuring of the UK business, for which another GBP 1.6 bn of additional costs is projected. It is unclear if there is light at the end of the tunnel. 

Tata Steel - Earnings Flash - FY 2023-24 Results - Lucror Analytics

<ul><li>Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.</li><li>However, Consolidated EBITDA at Rs 6,334 Cr was a significant beat (15% beat against consensus), led by higher EBITDA/t in India. EBITDA/t in India stood significantly ahead of our estimate at Rs 16,903/t (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.</li><li>European EBITDA/t loss stood in line at $178/t, which expanded from a loss of $155/t in Q3FY24 and $95/t in Q3FY23. </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 decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.However, Consolidated EBITDA at Rs 6,334 Cr was a significant beat (15% beat against consensus), led by higher EBITDA/t in India. EBITDA/t in India stood significantly ahead of our estimate at Rs 16,903/t (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.European EBITDA/t loss stood in line at $178/t, which expanded from a loss of $155/t in Q3FY24 and $95/t in Q3FY23. 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  - Indian Operations Outperform; Europe Continues to Drag

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/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao 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:Lippo Malls Indonesia Retail TrustVedanta ResourcesReNew Energy Global China Jinmao HoldingsGeely Autoand more...

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-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.Tata Steel Thailand

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 - 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

Tata Steel - Earnings Flash - FY 2023-24 Results - Lucror Analytics

Tata Steel’s Q4 and FY 2023-24 numbers were weak in our view, with the restructuring of the UK operations weighing on group performance and...

Lucror Analytics

Tata Steel - Indian Operations Outperform; Europe Continues to Drag

Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.

Axis Direct

Weekly Wrap - 19 Jan 2024

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

Morning Views Asia: 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

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