In today’s briefing:
- Ola Electric Mobility Pre-IPO Tearsheet
- Quiddity Leaderboard BSE/SENSEX Jun 24: Wipro SENSEX Deletion Possible
- Ola Electric IPO: The Bear Case
- Power Finance – Largest NBFC in India, Direct Focus on Power Infrastructure, Steady, Strong Returns
- Asia Monthly – 2024 Asia Credit Outlook And 2023 In Review – Lucror Analytics
- Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, ENN Natural Gas
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Ola Electric Mobility Pre-IPO Tearsheet
- Ola Electric (1700674D IN) is looking to raise about US$1bn in its upcoming India IPO. The bookrunners are Kotak, Citigroup, BofA, Goldman Sachs, Axis, ICICI Sec, SBI Caps, BoB Caps.
- Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
- The firm manufactures EVs and certain core EV components like battery packs, motors and vehicle frames.
Quiddity Leaderboard BSE/SENSEX Jun 24: Wipro SENSEX Deletion Possible
- In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
- As things stand, there could be one index change for the SENSEX index.
- There could be four ADDs/DELs for the BSE 100 index and four ADDs/DELs for the BSE 200 index.
Ola Electric IPO: The Bear Case
- Ola Electric (1700674D IN), the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.
- In Ola Electric IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on high R&D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating balance sheet.
Power Finance – Largest NBFC in India, Direct Focus on Power Infrastructure, Steady, Strong Returns
- Steady and strong profit is the key features of Power Finance and this is improving during FY24.
- ROA expansion can continue to reach and possibly surpass the peaks of FY15 and FY16 with loan volume, contained costs, better credit metrics.
- Recent quarterly data shows better loan volume and financial assets expanding more than financial liabilities, with credit costs in reverse.
Asia Monthly – 2024 Asia Credit Outlook And 2023 In Review – Lucror Analytics
In our inaugural Asian Monthly for 2024, we discuss the regional credit outlook for the year, with a focus on China, India, Indonesia as well as our favoured bonds. We also provide a review of 2023, including new Asian USD corporate bond issuances and defaults last year.
Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, ENN Natural Gas
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.