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

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India's first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.
We view Bharti Airtel as "Low Risk" on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel's 5G rollout, with a risk that capex will be higher than projected.

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India's first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.
We view Bharti Airtel as "Low Risk" on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel's 5G rollout, with a risk that capex will be higher than projected.

Bharti Airtel - ESG Report - Lucror Analytics

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development</li>
</ul>
<ul>
<li>In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).</li>
<li>Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development


In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).
Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.


Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Bharti Airtel, Japfa Comfeed</li>
<li>In the US, the Dallas Fed manufacturing index improved to negative 3.0 in October (-9.4 e / -9.0 p).</li>
<li>Treasuries slid yesterday, with yields up 3-5 bps following a soft auction of 2Y and 5Y notes. The yield on the 2Y UST rose 3 bps to 4.14%, while that on the 10Y UST was up 4 bps at 4.28%. Equities edged higher, with the S&amp;P 500 and Nasdaq both rising 0.3% at 5,824 and 18,567, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Bharti Airtel, Japfa Comfeed
In the US, the Dallas Fed manufacturing index improved to negative 3.0 in October (-9.4 e / -9.0 p).
Treasuries slid yesterday, with yields up 3-5 bps following a soft auction of 2Y and 5Y notes. The yield on the 2Y UST rose 3 bps to 4.14%, while that on the 10Y UST was up 4 bps at 4.28%. Equities edged higher, with the S&amp;P 500 and Nasdaq both rising 0.3% at 5,824 and 18,567, respectively.


Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in Bharti Airtel reaching 15-year highs</li>
<li>Over the past six months, ownership increases have been the highest among Indian peers, propelling Bharti Airtel to the 7th most widely owned stock in India.</li>
<li>In the last six months, 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG, and Morgan Stanley.</li>
</ul>


The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in Bharti Airtel reaching 15-year highs
Over the past six months, ownership increases have been the highest among Indian peers, propelling Bharti Airtel to the 7th most widely owned stock in India.
In the last six months, 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG, and Morgan Stanley.


Bharti Airtel Positioning Continues to Strengthen

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)

Bharti Airtel - ESG Report - Lucror Analytics

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Bharti Airtel, Japfa Comfeed

Lucror Analytics

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Bharti Airtel Positioning Continues to Strengthen

The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in...

Steven Holden

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