In today’s briefing:
- India: The First Break of the Year?
- Morning Views Asia: Evergrande, China South City, Future Retail Ltd, Tata Motors ADR
- Recalibrated + re-innovated + structural tailwinds
- Vision 2025: Aims at business diversification; to become more agile, predictable and sustainable
India: The First Break of the Year?
- India’s Nifty Index has started the year significantly up and is testing key levels
- These converge at 17,485-17,640 and should be watched closely in the short term
- We have already seen a break when the Nifty Index is measured in USD terms
Morning Views Asia: Evergrande, China South City, Future Retail Ltd, Tata Motors ADR
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.
Recalibrated + re-innovated + structural tailwinds
We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&D, and is seeing structural tailwind from reduced China concern.
Vision 2025: Aims at business diversification; to become more agile, predictable and sustainable
CA Grameen’s journey from being a project under T Muniswamappa Trust (TMT) in 1999, an NGO in South Bangalore, to becoming the largest NBFC-MFI in India as on Sep’21 with consolidated AUM of Rs133bn and borrower base of 3.75mn is testimony of its resilient business model. It has been successfully navigating many challenging events like AP crisis, demonetisation and two covid waves.
Before it’s here, it’s on Smartkarma