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>Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y.</li>
<li>Although cargo volume growth underperformed expectations, revenue rose 14% in line with projections, while the 16% EBITDA increase exceeded guidance.</li>
<li>APSEZ generated slightly positive FCF, and net adjusted leverage was stable at an acceptable 2.8x.</li>
</ul>


Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y.
Although cargo volume growth underperformed expectations, revenue rose 14% in line with projections, while the 16% EBITDA increase exceeded guidance.
APSEZ generated slightly positive FCF, and net adjusted leverage was stable at an acceptable 2.8x.


Adani Ports - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>NQXT brings structural leverage: 35 MMT of throughput, 65% EBITDA margin, and zero-debt funding makes this a clean, long-cycle infrastructure asset. Pro forma FY27E EV/EBITDA compresses to 12.6x; P/E 19x.</li>
<li>FY25 guidance upgraded: Revenue now pegged at Rs29,000–31,000 Cr (vs Rs26,000–27,000 Cr earlier), EBITDA at Rs18,800–18,900 Cr, and cargo volume at 460–480 MMT — upper band implies a strong Q4.</li>
<li>Trades at 12.6x FY27E EV/EBITDA, APSEZ offers growth, operating leverage, and global strategic footprint and ramping port utilization. Likely disruptions in trade flows post Trump tariffs is a risk.</li>
</ul>


NQXT brings structural leverage: 35 MMT of throughput, 65% EBITDA margin, and zero-debt funding makes this a clean, long-cycle infrastructure asset. Pro forma FY27E EV/EBITDA compresses to 12.6x; P/E 19x.
FY25 guidance upgraded: Revenue now pegged at Rs29,000–31,000 Cr (vs Rs26,000–27,000 Cr earlier), EBITDA at Rs18,800–18,900 Cr, and cargo volume at 460–480 MMT — upper band implies a strong Q4.
Trades at 12.6x FY27E EV/EBITDA, APSEZ offers growth, operating leverage, and global strategic footprint and ramping port utilization. Likely disruptions in trade flows post Trump tariffs is a risk.


Adani Ports: Riding the Global Ports Wave with Scale, Margin, and Visibility

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy</li>
<li>
<p>In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.</p>
</li>
<li>
<p>The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.</p>
</li>
</ul>


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

In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.


The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.



APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). </li>
<li>With the recent approval of a two-phase <a href="https://portcalls.com/ppa-approves-16-tariff-hike-in-batangas-port/" target="_blank" rel="noopener">16% tariff hike </a>at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  </li>
<li>We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.</li>
</ul>



Asian Terminals (ATI PM) is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). 
With the recent approval of a two-phase 16% tariff hike at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  
We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.


Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator

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)

Adani Ports - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y. Although cargo volume growth...

Lucror Analytics

Adani Ports: Riding the Global Ports Wave with Scale, Margin, and Visibility

NQXT offers clean infrastructure asset with strong financials, while APSEZ shows growth potential and global footprint with attractive valuation...

Rahul Jain

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator

We outline our investment case for Asian Terminals Inc. (ATI PM), a container terminal operator in the Philippines, which is net cash and trading...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Adani Ports - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y. Although cargo volume growth...

Lucror Analytics

Adani Ports: Riding the Global Ports Wave with Scale, Margin, and Visibility

​NQXT offers clean infrastructure asset with strong financials, while APSEZ shows growth potential and global footprint with attractive valuation...

Rahul Jain

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator

We outline our investment case for Asian Terminals Inc. (ATI PM), a container terminal operator in the Philippines, which is net cash and trading...

Sameer Taneja

NQXT offers clean infrastructure asset with strong financials, while APSEZ shows growth potential and global footprint with attractive valuation...