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.

Debt Capital Markets

Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by S&P/Fitch. The proceeds will be used to refinance an outstanding syndicated loan facility obtained for the acquisition of Viatris' global biosimilars business for USD 3.335 bn in May 2022. We see fair value for the proposed 5NC2 bonds at 7%.

  Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by S&P/Fitch. The proceeds will be used to refinance an outstanding syndicated loan facility obtained for the acquisition of Viatris' global biosimilars business for USD 3.335 bn in May 2022.   We see fair value for the proposed 5NC2 bonds at 7%. 

Biocon Biologics - New Issue Assessment - Lucror Analytics

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

Credit

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:<ol><li><a href='/entities/biocon-ltd' target='_blank' rel='noopener'>Biocon Ltd</a></li><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/wynn-macau-ltd' target='_blank' rel='noopener'>Wynn Macau Ltd</a></li><li><a href='/entities/rakuten-group-inc' target='_blank' rel='noopener'>Rakuten</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</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:Biocon LtdYankuang Energy GroupWynn Macau LtdRakutenChina Jinmao Holdingsand more...

Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-26970'>Meituan</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Meituan

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Bicara Therapeutics / Equity Capital Markets

<ul>
<li>Bicara Therapeutics, a clinical-stage biotech company with focus on the treatment of patients with HPV-negative head and neck cancer, files for a $200M IPO.</li>
<li>The biotech firm was backed by Biocon Limited, India’s largest biopharmaceutical company, venture capital and investment firms, among others.  </li>
<li>I believe Bicara Therapeutics will succeed in its pivotal Phase 2/3 trial of their bifunctional antibody in combination with Keytruda (pembrolizumab) during 2025.</li>
</ul>


Bicara Therapeutics, a clinical-stage biotech company with focus on the treatment of patients with HPV-negative head and neck cancer, files for a $200M IPO.
The biotech firm was backed by Biocon Limited, India’s largest biopharmaceutical company, venture capital and investment firms, among others.  
I believe Bicara Therapeutics will succeed in its pivotal Phase 2/3 trial of their bifunctional antibody in combination with Keytruda (pembrolizumab) during 2025.


Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

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>Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points YoY, indicating strong business performance.</li><li>Additionally, the launch of Liraglutide and Micafungin in the generics segment is expected to add value.</li><li>Continuous improvement in market share and launches in new geographies will further enhance sales of biosimilars. </li></ul>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.

Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points YoY, indicating strong business performance.Additionally, the launch of Liraglutide and Micafungin in the generics segment is expected to add value.Continuous improvement in market share and launches in new geographies will further enhance sales of biosimilars. 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.

Biocon Ltd - Weak Operational Performance

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Biocon Biologics - New Issue Assessment - Lucror Analytics

Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by...

Lucror Analytics

Weekly Wrap - 27 Sep 2024

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

Morning Views Asia: Meituan

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

Bicara Therapeutics, backed by Biocon Limited, files for a $200M IPO in the United States. Their bifunctional antibody in combination with...

Andrei Zakharov

Biocon Ltd - Weak Operational Performance

Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Biocon Biologics - New Issue Assessment - Lucror Analytics

Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by...

Lucror Analytics

Weekly Wrap - 27 Sep 2024

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

Morning Views Asia: Meituan

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

​Bicara Therapeutics, backed by Biocon Limited, files for a $200M IPO in the United States. Their bifunctional antibody in combination with...

Andrei Zakharov

Biocon Ltd - Weak Operational Performance

Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points...

Axis Direct

Bicara Therapeutics, backed by Biocon Limited, files for a $200M IPO in the United States. Their bifunctional antibody in combination with...