India: Bharti Airtel, Dalmia Bharat, Motherson Sumi Wiring India and more

On our next Webinar, we’re excited to welcome back Analysts Charles Macgregor, Trung Nguyen, and Leonard Law, CFA of Lucror Analytics, who will present their high-yield/crossover picks in India and Indonesia.

The webinar will be hosted on Wednesday, 22 June 2022, 17:00 SGT/HKT.

Charles Macgregor is an industry veteran with over 35 years of experience. As Head of Asia, he is responsible for the Asian credit research product at Lucror, which he joined in 2013. Previously, he had worked for Deutsche Asset Management, where he was Head of Credit Research, Asia-Pacific and Co-Chair of their Global Credit Methodology Committee. He also worked at Moody’s, where he was a Senior Credit Officer and a member of their New Instruments Committee and Symbols & Definitions Committee.

Leonard Law covers a portfolio of Chinese and Indonesian high-yield corporate credits. Prior to joining Lucror in 2017, he was an Associate Analyst with Moody’s Investors Service for three years, responsible for credit analysis and research.

Trung Nguyen is responsible for covering high-yield companies in the Southeast Asia region. He joined Lucror in 2013 from ST Asset Management, a credit investment arm of Temasek Holdings, where he spent over six years in investment research and portfolio management.

• Dalmia Bharat Cement (DBCL) – a wholly-owned subsidiary of the company, added 5.15 MTPA of Grinding Capacity (2.25 MTPA at Dalmia DSP Unit- II, near Cuttack (Odisha) and 2.9 MTPA at Murli Plant in Maharashtra) during the year.
• The said expansion increased its total capacity to 35.9 MTPA in FY22 from 30.75 MTPA in FY21
• We value the company at 10x FY24E EV/EBITDA to arrive at a target price of Rs 1,635/share implying an upside potential of 30% from the CMP and maintain our BUY rating on the stock.

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.

• Motherson Sumi Wiring India (MSUMI), a JV between Sumitomo Wiring System (SWS) and Motherson Group, is a market leader in the Indian wiring harness industry with a market share of over 40%.
• MSUMI enjoys superior profitability led by improved efficiency and economies of scale, as reflected in the industry leading gross/EBITDA/ EBIT margins
• After the restructuring of Motherson Sumi Systems (MSS), MSUMI transformed into an India-based pure play wiring harness player with a focus on the domestic market

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.