Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

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

<p>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.</p><ul><li><a href='#lucror-entity-35408'>JSW Infrastructure</a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-16955'>SK Hynix</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.JSW InfrastructureLippo Malls Indonesia Retail TrustSK Hynix

Morning Views Asia: JSW Infrastructure, Lippo Malls Indonesia Retail Trust, SK Hynix

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

JSW Infrastructure / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> raised US$336m in its India IPO.</li>
<li>JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


JSW Infrastructure IPO Trading - Decent Subscription Rates Although Anchor Quality Was Mediocre

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> will open up for its IPO subscription this week.</li>
<li>The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.</li>
<li>While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.</li>
</ul>



JSW Infrastructure (5978490Z IN) will open up for its IPO subscription this week.
The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.
While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.


JSW Infrastructure Ltd IPO- Forensic Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> is looking to raise US$336m in its India IPO.</li>
<li>JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.</li>
<li>In this note, we will look at JSWI’s RHP updates, undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
In this note, we will look at JSWI’s RHP updates, undertake a peer comparison, and share our thoughts on valuation.


JSW Infrastructure IPO - Would Need a Wider Discount to Its Larger and More Dominant Peer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> is looking to raise around US$340m in its upcoming India IPO.</li>
<li>JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



JSW Infrastructure (5978490Z IN) is looking to raise around US$340m in its upcoming India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL. 
In this note, we will talk about the not so positive aspects of the deal.


JSW Infra Pre-IPO - The Negatives - Fees Rose Quicker than Escalations. High Related Party Dealings

India

JSW Infrastructure Limited operates seaports and terminals. The Company offers mechanised and multi-cargo handling services. JSW Infrastructure serves clients in India.

JSW Infrastructure (5978490Z IN)

Morning Views Asia: JSW Infrastructure, Lippo Malls Indonesia Retail Trust, SK Hynix

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

Lucror Analytics

JSW Infrastructure IPO Trading - Decent Subscription Rates Although Anchor Quality Was Mediocre

JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO. We have covered various aspects of the deal in our previous notes. In this note,...

Clarence Chu

JSW Infrastructure Ltd IPO- Forensic Analysis

JSWIL is India's second largest commercial port operator and has grown rapidly since F21. However, concerns remain regarding its dependence on JSW...

Nitin Mangal

JSW Infrastructure IPO - Would Need a Wider Discount to Its Larger and More Dominant Peer

JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO. In this note, we will look at JSWI’s RHP updates, undertake a peer...

Clarence Chu

Morning Views Asia: JSW Infrastructure, Lippo Malls Indonesia Retail Trust, SK Hynix

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

Lucror Analytics

JSW Infrastructure IPO Trading - Decent Subscription Rates Although Anchor Quality Was Mediocre

JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO. We have covered various aspects of the deal in our previous notes. In this note,...

Clarence Chu

JSW Infrastructure Ltd IPO- Forensic Analysis

​JSWIL is India's second largest commercial port operator and has grown rapidly since F21. However, concerns remain regarding its dependence on JSW...

Nitin Mangal

JSW Infrastructure IPO - Would Need a Wider Discount to Its Larger and More Dominant Peer

JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO. In this note, we will look at JSWI’s RHP updates, undertake a peer...

Clarence Chu

JSW Infra Pre-IPO - The Negatives - Fees Rose Quicker than Escalations. High Related Party Dealings

JSW Infrastructure (5978490Z IN) is looking to raise around US$340m in its upcoming India IPO. In this note, we will talk about the not so positive...

Clarence Chu

JSWIL is India's second largest commercial port operator and has grown rapidly since F21. However, concerns remain regarding its dependence on JSW...