Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Adani Ports & Special Economic Zone / Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors</li>
<li>UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.</li>
<li>Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors
UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.
Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, AAC Technologies, Tata Motors</li>
<li>UST yields rose yesterday, as the market priced in lower rate cuts for 2025, following the strong Q2 GDP numbers and after Fed Chair Jerome Powell said no decision has been made on a September rate cut. The UST curve bear flattened, with the yield on the 2Y UST rising 7 bps to 3.94%, while that on the 10Y UST was up 5 bps at 4.37%.</li>
<li>Equity movements were mixed, as tech stocks were supported by solid earnings from Microsoft and Meta Platforms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, AAC Technologies, Tata Motors
UST yields rose yesterday, as the market priced in lower rate cuts for 2025, following the strong Q2 GDP numbers and after Fed Chair Jerome Powell said no decision has been made on a September rate cut. The UST curve bear flattened, with the yield on the 2Y UST rising 7 bps to 3.94%, while that on the 10Y UST was up 5 bps at 4.37%.
Equity movements were mixed, as tech stocks were supported by solid earnings from Microsoft and Meta Platforms.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports</li>
<li>Front-end UST yields declined yesterday, on account of subdued PPI data. The curve steepened meaningfully, following reports that US President Donald Trump had discussed with Republican members of Congress the dismissal of Fed Chairman Jerome Powell (which Mr Trump subsequently denied).</li>
<li>The yield on the 2Y UST fell 5 bps to 3.89%, while the yield on the 10Y UST was down 3 bps at 4.46%. Equities recovered from an earlier sell-off, with the S&amp;P 500 and Nasdaq both ending 0.3% higher at 6,264 and 20,730, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
Front-end UST yields declined yesterday, on account of subdued PPI data. The curve steepened meaningfully, following reports that US President Donald Trump had discussed with Republican members of Congress the dismissal of Fed Chairman Jerome Powell (which Mr Trump subsequently denied).
The yield on the 2Y UST fell 5 bps to 3.89%, while the yield on the 10Y UST was down 3 bps at 4.46%. Equities recovered from an earlier sell-off, with the S&amp;P 500 and Nasdaq both ending 0.3% higher at 6,264 and 20,730, respectively.


<ul>
<li>US treasuries climbed yesterday, on the back of a strong auction of 7Y notes and amid a soft GDP data release.</li>
<li>The yield on the 2Y UST fell 5 bps to 3.94%, while that on the 10Y UST declined 6 bps to 4.42%.</li>
<li>Equities climbed on the back of solid results from Nvidia Corp, albeit the extent of gains was pared later in the day on slowing economic data and legal uncertainties over tariffs.</li>
</ul>


US treasuries climbed yesterday, on the back of a strong auction of 7Y notes and amid a soft GDP data release.
The yield on the 2Y UST fell 5 bps to 3.94%, while that on the 10Y UST declined 6 bps to 4.42%.
Equities climbed on the back of solid results from Nvidia Corp, albeit the extent of gains was pared later in the day on slowing economic data and legal uncertainties over tariffs.


Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.</li>
<li>FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.</li>
<li>Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.</li>
</ul>


Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.


Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

India

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, AAC Technologies, Tata Motors

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports Front-end UST yields declined...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Equities climbed on the back of solid results from Nvidia Corp, albeit the extent of gains was pared later in the day on slowing economic data and...

Lucror Analytics

Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

Adani aims for 1 billion tonnes of cargo by 2030, with strong near-term revenue growth and conservative PAT outlook. Trades at 17x EV/EBITDA FY27...

Rahul Jain

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