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

<p><br/> This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017.<br/><br/> The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.<br/></p>

  This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Indonesian Bankruptcy Regime Revisited - Lucror Analytics

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The NIFTY Index Family has a series of broad equity indices that represents large, mid and small market capitalisation segments of the Indian public equity market.</li>
<li>The review of broad market indices will be done on a semi-annual basis and the changes will be implemented at the end of March and September every year.</li>
<li>Below is a look at the names leading the race to become Adds and Deletes for NIFTY 50, NIFTY 100, and NIFTY 500 in September 2022.</li>
</ul>


The NIFTY Index Family has a series of broad equity indices that represents large, mid and small market capitalisation segments of the Indian public equity market.
The review of broad market indices will be done on a semi-annual basis and the changes will be implemented at the end of March and September every year.
Below is a look at the names leading the race to become Adds and Deletes for NIFTY 50, NIFTY 100, and NIFTY 500 in September 2022.


NIFTY Indices: Quiddity Leaderboard for September 2022

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/adani-ports-special-economic-zone-ltd' target='_blank' rel='noopener'>Adani Ports & Special Economic Zone</a></li><li><a href='/entities/yanzhou-coal-mining-company-limited-h' target='_blank' rel='noopener'>Yanzhou Coal Mining Company Limited H</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/indika-energy-tbk-pt' target='_blank' rel='noopener'>Indika Energy</a></li><li><a href='/entities/pakuwon-jati-tbk-pt' target='_blank' rel='noopener'>Pakuwon Jati</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Adani Ports & Special Economic ZoneYanzhou Coal Mining Company Limited HVedanta ResourcesIndika EnergyPakuwon Jatiand more...

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Drivers of miss: BPCL’s 4QFY22 standalone revenue was below NBIE estimate by 16.5% at Rs1,087.74bn and was a miss vs street estimate of 13.6%.</li></ul><div><div><div><div><ul><li>Marginal miss on EBITDA: Reported GRM stood at US$15.26bbl vs est. of US$12.73bbl (including inventory gain).</li></ul><div><div><div><div><ul><li>Miss on PAT due to miss on other income and prior period tax impact: There was a miss of 32.3% in other income, and higher expense due to due to prior period tax provision~ Rs1.43bn.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Drivers of miss: BPCL’s 4QFY22 standalone revenue was below NBIE estimate by 16.5% at Rs1,087.74bn and was a miss vs street estimate of 13.6%.Marginal miss on EBITDA: Reported GRM stood at US$15.26bbl vs est. of US$12.73bbl (including inventory gain).Miss on PAT due to miss on other income and prior period tax impact: There was a miss of 32.3% in other income, and higher expense due to due to prior period tax provision~ Rs1.43bn.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.

Bharat Petroleum Corporation - Miss on PAT Due to Miss on Other Income and High

Index Rebalance

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

India

Bharat Petroleum Corporation Limited (BPCL) is an Indian public sector oil and gas company involved in refining crude oil and marketing petroleum products, with significant presence in the upstream and downstream sectors. It operates refineries and an extensive marketing and distribution network across India, offering products such as petrol, diesel, LPG, and lubricants. The company is headquartered in Mumbai, Maharashtra, India, and was formed in 1976 through the nationalization of Burmah Shell.

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Bharat Petroleum (BPCL IN)

Asia HY Monthly - Indonesian Bankruptcy Regime Revisited - Lucror Analytics

This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017. The Asia Monthly focuses on...

Lucror Analytics

NIFTY Indices: Quiddity Leaderboard for September 2022

A look at the names leading the race to become Adds and Deletes for NIFTY 50, NIFTY 100, and NIFTY 500 in September 2022.

Janaghan Jeyakumar, CFA

Weekly Wrap - 27 May 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Bharat Petroleum Corporation - Miss on PAT Due to Miss on Other Income and High

BPCL reported standalone PAT at Rs24.62bn, which missed NBIE/street estimates by 18.5%/27.3% - the miss on our estimate was due to the miss on...

Nirmal Bang

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

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