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><br/> In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults.<br/><br/> The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.<br/></p>

  In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Variable Interest Entities - Lucror Analytics

External broker reports(aggregated public sources), SMC Global

SMC Online

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Consolidated revenue from operations surged 109.51% to Rs 53,371.81 crore in Q1 FY22 as against Rs 25,474.52 crore in Q1 FY21. Pre-tax profit was at Rs 12,076.75 crore in Q1 FY22 as against a pre-tax loss of Rs 3,380.58 crore in Q1 FY21. The exceptional loss stood at Rs 182 crore during the quarter as compared to an exceptional gain of Rs (58) crore during the corresponding quarter, last year. On a consolidated basis, production grew 42.23% to 7.88 million tonnes in Q1 FY22 from 5.54 million tonnes in Q1 FY21.</p><div class="content-highlight"><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></div>

Consolidated revenue from operations surged 109.51% to Rs 53,371.81 crore in Q1 FY22 as against Rs 25,474.52 crore in Q1 FY21. Pre-tax profit was at Rs 12,076.75 crore in Q1 FY22 as against a pre-tax loss of Rs 3,380.58 crore in Q1 FY21. The exceptional loss stood at Rs 182 crore during the quarter as compared to an exceptional gain of Rs (58) crore during the corresponding quarter, last year. On a consolidated basis, production grew 42.23% to 7.88 million tonnes in Q1 FY22 from 5.54 million tonnes in Q1 FY21.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: Q1 PAT at Rs 9,913cr, Beats Estimates

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

Motilal Oswal

<p>TATA has been a key beneficiary of rising steel prices. While margin in India has been strong in the last few quarters, Europe should see a sharp jump, with EBITDA/t expected to cross USD250/t by 3QFY22. The deleveraging cycle should continue, with consolidated net debt expected to fall by 32% YoY to INR565b (0.8x EBITDA) in FY22. Consolidated EBITDA rose 14% QoQ to INR161.1b (highest ever) in 1QFY22. PAT at INR90.9b was higher than FY21 levels (INR82.7b).</p><div class="content-highlight"><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></div>

TATA has been a key beneficiary of rising steel prices. While margin in India has been strong in the last few quarters, Europe should see a sharp jump, with EBITDA/t expected to cross USD250/t by 3QFY22. The deleveraging cycle should continue, with consolidated net debt expected to fall by 32% YoY to INR565b (0.8x EBITDA) in FY22. Consolidated EBITDA rose 14% QoQ to INR161.1b (highest ever) in 1QFY22. PAT at INR90.9b was higher than FY21 levels (INR82.7b).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: Profitability in Europe to Improve

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).</p><ul><li>Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world</li><li>TSL has been a part of the DJSI emerging markets Index since 2012 and has been consistently ranked among top five steel companies in the DJSI Corporate Sustainability Assessment since 2016</li></ul><div class="content-highlight"><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></div>

About the stock: Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the worldTSL has been a part of the DJSI emerging markets Index since 2012 and has been consistently ranked among top five steel companies in the DJSI Corporate Sustainability Assessment since 2016Content 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: Reports Highest Ever Quarterly Consolidated EBITDA

<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-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</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.Evergrande Real Estate GroupJingrui HoldingsRonshine China HoldingsTata Steel Thailand

Morning Views Asia: Evergrande Real Estate Group, Jingrui Holdings, Ronshine China Holdings

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)

Asia HY Monthly - Chinese Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that...

Lucror Analytics

Tata Steel: Q1 PAT at Rs 9,913cr, Beats Estimates

Consolidated revenue from operations surged 109.51% to Rs 53,371.81 crore in Q1 FY22 as against Rs 25,474.52 crore in Q1 FY21. Pre-tax profit was...

SMC Online

Tata Steel: Profitability in Europe to Improve

TATA has been a key beneficiary of rising steel prices. While margin in India has been strong in the last few quarters, Europe should see a sharp...

Motilal Oswal

Tata Steel: Reports Highest Ever Quarterly Consolidated EBITDA

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA). Tata...

ICICI Securities Limited

Morning Views Asia: Evergrande Real Estate Group, Jingrui Holdings, Ronshine China Holdings

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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