Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, China Hongqiao, West China Cement</li>
<li>UST yields fell for a fourth straight day, led by the front end, following reports that Kevin Hassett has emerged as the front-runner to be the next Fed chairman.</li>
<li>The yield declines were also supported by soft September retail sales and PPI data.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, China Hongqiao, West China Cement
UST yields fell for a fourth straight day, led by the front end, following reports that Kevin Hassett has emerged as the front-runner to be the next Fed chairman.
The yield declines were also supported by soft September retail sales and PPI data.


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

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Block - Third Selldown by Promoter Entity This Year

<ul>
<li>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Steady QoQ Growth in Mobile Services Driven by Premiumization: The mobile services business continues to record a growth of 13.2% YoY, led by a focus on portfolio premiumization and an additional day in the quarter.</li><li>ARPU Leadership with Growth Focus: The company’s ARPU continues to be the best in the industry.</li><li>It intends to improve ARPU by focusing on higher post-paid customers, international roaming, and upgradation to smartphones from feature phones.</li></ul><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>

Steady QoQ Growth in Mobile Services Driven by Premiumization: The mobile services business continues to record a growth of 13.2% YoY, led by a focus on portfolio premiumization and an additional day in the quarter.ARPU Leadership with Growth Focus: The company’s ARPU continues to be the best in the industry.It intends to improve ARPU by focusing on higher post-paid customers, international roaming, and upgradation to smartphones from feature phones.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.

Bharti Airtel Ltd. - Strong Business Performance; ARPU Continues to Gain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, China Hongqiao, West China Cement

Lucror Analytics

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Ltd. - Strong Business Performance; ARPU Continues to Gain

The mobile services business continues to record a growth of 13.2% YoY, led by a focus on portfolio premiumization and an additional day in the...

Axis Direct

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

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