Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

We initiate our coverage on <a href="https://www.smartkarma.com/entities/18561" target="_blank" data-smartkarma-citation="entities:18561:1">JSW Steel Ltd (JSTL IN)</a> (JSW) with a NEUTRAL recommendation on all JSTLIN complex as we believe the complex is fully-valued against its domestic peers (See Valuation). We see better value in the VEDLN complex ( <a href="https://www.smartkarma.com/entities/22202" target="_blank" data-smartkarma-citation="entities:22202:1">Vedanta Resources PLC (VED LN)</a> ) but also do not recommend selling the JSTLIN complex as we believe its long-term credit outlook is positive on rising EBITDA which could lead to an eventual rating upgrade. Our credit view of JSW is stable, reflecting the company’s rising and recurring EBITDA on rising steel demand in India and JSW’s leading market position. These positives are mitigated by management’s appetite for acquisitions, part if not all of which could be financed by debt.

We initiate our coverage on JSW Steel Ltd (JSTL IN) (JSW) with a NEUTRAL recommendation on all JSTLIN complex as we believe the complex is fully-valued against its domestic peers (See Valuation). We see better value in the VEDLN complex ( Vedanta Resources PLC (VED LN) ) but also do not recommend selling the JSTLIN complex as we believe its long-term credit outlook is positive on rising EBITDA which could lead to an eventual rating upgrade. Our credit view of JSW is stable, reflecting the company’s rising and recurring EBITDA on rising steel demand in India and JSW’s leading market position. These positives are mitigated by management’s appetite for acquisitions, part if not all of which could be financed by debt.

JSW Steel: A Race of EBITDA Against Debt

India

Bhushan Steel Limited manufactures steel products and strips.  The Company's products include cold rolled steel, galvanized and color-coated sheets, high-tensile steel strapping, hardened and tempered strips and precision tubes.

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Bhushan Steel (BHUS IN)

JSW Steel: A Race of EBITDA Against Debt

We initiate our coverage on JSW Steel Ltd (JSTL IN) (JSW) with a NEUTRAL recommendation on all JSTLIN complex as we believe the complex is...

Bondcritic

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