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: Biocon Biologics</li>
<li>Overnight, US bond yields fell as traders anticipated fresh data to guide Fed policy. The 10-year Treasury yield slipped amid expectations of a potential rate cut. US equity was flattish.</li>
<li>The October CPI and core CPI numbers will be released today. The prolonged US government shutdown could delay the October and November jobs data to early December, potentially resulting in the weakest nonfarm payrolls since 2020.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics
Overnight, US bond yields fell as traders anticipated fresh data to guide Fed policy. The 10-year Treasury yield slipped amid expectations of a potential rate cut. US equity was flattish.
The October CPI and core CPI numbers will be released today. The prolonged US government shutdown could delay the October and November jobs data to early December, potentially resulting in the weakest nonfarm payrolls since 2020.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy</li>
<li>US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.</li>
<li>Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&amp;P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy
US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.
Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&amp;P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.


<ul>
<li>Biocon Limited's Q4 and FY 2024-25 results were solid in our view, with robust growth, stable profitability, as well as improved working capital and cash flows.</li>
<li>The balance sheet has strengthened, and liquidity is adequate.</li>
</ul>


Biocon Limited's Q4 and FY 2024-25 results were solid in our view, with robust growth, stable profitability, as well as improved working capital and cash flows.
The balance sheet has strengthened, and liquidity is adequate.


Biocon Biologics - Earnings Flash - Q4 And FY 2024-25 Results - Lucror Analytics

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.</li>
<li>This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.</li>
<li>The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.</li>
</ul>



Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.
The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.


Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

India

Biocon Biologics India Limited of India operates as a biopharmaceutical company. The Company offers prevention, alleviation, and treatment for chronic diseases such as diabetes, oncology, cancer, and autoimmune diseases. Biocon Biologics India serves customers worldwide.

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Biocon Biologics India (1777628D IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics Overnight, US bond yields...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy

Lucror Analytics

Biocon Biologics - Earnings Flash - Q4 And FY 2024-25 Results - Lucror Analytics

Biocon Limited's Q4 and FY 2024-25 results were solid in our view, with robust growth, stable profitability, as well as improved working...

Lucror Analytics

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics Overnight, US bond yields...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy

Lucror Analytics

Biocon Biologics - Earnings Flash - Q4 And FY 2024-25 Results - Lucror Analytics

Biocon Limited's Q4 and FY 2024-25 results were solid in our view, with robust growth, stable profitability, as well as improved working...

Lucror Analytics

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

​Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.