In today’s briefing:
- Morning Views Asia: Adani Green Energy, Gajah Tunggal, Indika Energy, Road King Infrastructure
- Japfa Comfeed – Earnings Flash – H1 FY 2023 Results – Lucror Analytics
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Morning Views Asia: Adani Green Energy, Gajah Tunggal, Indika Energy, Road King Infrastructure
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.
Japfa Comfeed – Earnings Flash – H1 FY 2023 Results – Lucror Analytics
Japfa Comfeed’s H1/23 results remained weak, with a large drop in profitability on account of an oversupply of poultry, higher raw-material costs and lower consumer demand. While there was sequential improvement in Q2, the overall H1 results remained significantly weaker y-o-y. The company’s financial risk profile continued to deteriorate, while liquidity worsened.
We revise our LARA on Japfa to “High Risk” from “Medium Risk”, given the company’s quickly deteriorating liquidity profile and increasing leverage. The inadequate liquidity position and fast-rising leverage are no longer in line with that of a “Medium Risk” credit.