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 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

<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...

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

<div><ul><li>Other subsidiaries offset beat in TSE - <span style="font-size: var(--content-font-size);">On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY to </span><span style="font-size: var(--content-font-size);">INR367b/INR122b/INR79b in 4QFY22.</span></li></ul><div><ul><li>The company embarks on long-term capex - <span style="font-size: var(--content-font-size);">TATA plans to raise its India capacity to 40MT by FY30 from 21MT at present (including Neelachal Ispat, or NINL).</span></li></ul><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">The management said it will be able to maintain India EBITDA margin at similar levels in 1QFY23. While coking coal costs will rise by USD100/t in </span><span style="font-size: var(--content-font-size);">India, it will be offset by an INR8,000-8,500/t hike in ASP</span></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>

Other subsidiaries offset beat in TSE - On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY to INR367b/INR122b/INR79b in 4QFY22.The company embarks on long-term capex - TATA plans to raise its India capacity to 40MT by FY30 from 21MT at present (including Neelachal Ispat, or NINL).Highlights from the management commentary - The management said it will be able to maintain India EBITDA margin at similar levels in 1QFY23. While coking coal costs will rise by USD100/t in India, it will be offset by an INR8,000-8,500/t hike in ASPContent 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 - Result in Line, Europe Beats Our Estimates

Trung Nguyen

<p><br/> Tata Steel's Q4 and FY 2021-22 results were exceptionally strong, with revenue surging and EBITDA doubling. The company paid down a large amount of debt during the year, significantly above the guided figure. The financial risk profile improved substantially on the back of increased earnings and lower debt, and appears in line with the BBB level. Liquidity is sound.<br/><br/> We revise our LARA assessment to "Low Risk" from "Medium Risk". Tata Steel has delivered outstanding results in recent years, with significant deleveraging and strong earnings growth. This has resulted in a substantial boost to its credit profile. We view favourably the company's track record of delivering on guidance, especially in terms of deleveraging.<br/></p>

  Tata Steel's Q4 and FY 2021-22 results were exceptionally strong, with revenue surging and EBITDA doubling. The company paid down a large amount of debt during the year, significantly above the guided figure. The financial risk profile improved substantially on the back of increased earnings and lower debt, and appears in line with the BBB level. Liquidity is sound.   We revise our LARA assessment to "Low Risk" from "Medium Risk". Tata Steel has delivered outstanding results in recent years, with significant deleveraging and strong earnings growth. This has resulted in a substantial boost to its credit profile. We view favourably the company's track record of delivering on guidance, especially in terms of deleveraging. 

Tata Steel - Earnings Flash - FY 2021-22 Results - Lucror Analytics

<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/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/kawasan-industri-jababeka-tbk-pt' target='_blank' rel='noopener'>Kawasan Industri Jababeka</a></li><li><a href='/entities/kwg-group-holdings-ltd' target='_blank' rel='noopener'>Kwg Property Holding</a></li><li><a href='/entities/tata-steel-ltd' target='_blank' rel='noopener'>Tata Steel Ltd</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</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:Sunac China HoldingsKawasan Industri JababekaKwg Property HoldingTata Steel LtdChina Jinmao Holdingsand more...

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)

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

Weekly Wrap - 13 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 Steel - Result in Line, Europe Beats Our Estimates

On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY toINR367b/INR122b/INR79b in 4QFY22. Revenue and EBITDA were broadly in line

Motilal Oswal

Tata Steel - Earnings Flash - FY 2021-22 Results - Lucror Analytics

Tata Steel's Q4 and FY 2021-22 results were exceptionally strong, with revenue surging and EBITDA doubling. The company paid down a large amount...

Lucror Analytics

Weekly Wrap - 06 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

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