Daily Brief India: Swiggy, NTPC Green Energy Ltd, Himadri Speciality Chemical, China Hongqiao, AAC Technologies Holdings, Genting Bhd and more

• Swiggy (1255298D IN) , a popular food and grocery delivery platform in India, plans to launch its much-anticipated IPO in early November.
• The company has seen rapid growth in Gross Order Value and revenues, driven by increased food delivery demand and a surge in quick commerce, an on demand grocery delivery service.
• The Naspers and Softbank Group (9984 JP)  backed company that started operations in 2014 is yet to turn profitable while its close competitor Zomato reported profits in FY2024.

• NTPC Green Energy Ltd (2214556D IN) is looking to raise about US$1.2bn in its upcoming India IPO. The deal will be run by IDBI Cap, HDFC, IIFL and Nuvama Wealth.
• It is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited. Its portfolio encompasses solar and wind power assets with presence in over six states.
• According to CRISIL, it was the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity as of June 30, 2024 and power generation in FY24.

• Himadri Speciality Chemical (HSCH IN)‘s expansion into Li-ion batteries and tires, with a massive Rs. 1,100 crore capex and Birla Tyres acquisition.
• Diversification into sunrise industries boosts margins, strengthens competitive positioning, and supports long-term growth.
• HSCL’s evolving business model makes it more than just a carbon company, enhancing its growth potential and resilience.

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 Hongqiao
• Continuum Green Energy

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:

1. Biocon Ltd
2. Yankuang Energy Group
3. Wynn Macau Ltd
4. Rakuten
5. China Jinmao Holdings

and more…

The Asia Trade Book for September 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits.

Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

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:

1. Vedanta Resources
2. Meituan
3. Yankuang Energy Group
4. Genting Bhd
5. Delhi International Airport Limited

and more…

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.