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>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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil &amp; Gas, Biocon Biologics</li>
<li>In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.</li>
<li>Separately, the S&amp;P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil &amp; Gas, Biocon Biologics
In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.
Separately, the S&amp;P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).


Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics</li>
<li>In the US, the Conference Board consumer confidence index slipped to 98.3 (102.5 e / 105.3 p) in February, the largest monthly decline since August 2021. The expectations index fell below 80 for the first time since June 2024, with the threshold usually indicating a recession ahead.</li>
<li>Treasuries climbed for a fifth straight day, with yields declining 8-11 bps across the curve given the weak consumer confidence data and amid a strong auction of 5Y notes.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics
In the US, the Conference Board consumer confidence index slipped to 98.3 (102.5 e / 105.3 p) in February, the largest monthly decline since August 2021. The expectations index fell below 80 for the first time since June 2024, with the threshold usually indicating a recession ahead.
Treasuries climbed for a fifth straight day, with yields declining 8-11 bps across the curve given the weak consumer confidence data and amid a strong auction of 5Y notes.


<ul>
<li>Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than expected, with lower than forecast growth and earnings.</li>
<li>Leverage appears high at the BBL level, but seems better at BL's level.</li>
<li>Liquidity appears weak, albeit this is offset by BL's large stakes in listed companies.</li>
</ul>


Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than expected, with lower than forecast growth and earnings.
Leverage appears high at the BBL level, but seems better at BL's level.
Liquidity appears weak, albeit this is offset by BL's large stakes in listed companies.


Biocon Biologics - Earnings Flash - Q2 FY 2024-25 Results - Lucror Analytics

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Biocon Biologics India (1777628D IN)

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics

Lucror Analytics

Biocon Biologics - Earnings Flash - Q2 FY 2024-25 Results - Lucror Analytics

Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)