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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel</li>
<li>
In the US, nonfarm payrolls came in meaningfully above estimates at 177 k in April (138 k e / 185 k revised p), albeit the March numbers were revised downwards to 185 k (from 228 k). The unemployment rate was unchanged at 4.2%. The average hourly earnings rose 3.8% y-o-y (3.9% e / 3.8% p) and 0.2% m-o-m (0.3% e / 0.3% p).
</li>
<li>
The Chinese Ministry of Commerce said in a statement on Friday that US officials have “repeatedly stated that they are willing to negotiate with China on tariff issues”, and added that China is currently evaluating the situation.
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel

In the US, nonfarm payrolls came in meaningfully above estimates at 177 k in April (138 k e / 185 k revised p), albeit the March numbers were revised downwards to 185 k (from 228 k). The unemployment rate was unchanged at 4.2%. The average hourly earnings rose 3.8% y-o-y (3.9% e / 3.8% p) and 0.2% m-o-m (0.3% e / 0.3% p).


The Chinese Ministry of Commerce said in a statement on Friday that US officials have “repeatedly stated that they are willing to negotiate with China on tariff issues”, and added that China is currently evaluating the situation.



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

Thematic (Sector/Industry)

<ul>
<li>China is "evaluating" the U.S. tariff negotiation offer, demanding tariff removal and addressing practices, while the U.S. stays optimistic.</li>
<li>
<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> delays its IPO to 2026, targeting a $7 billion valuation, amid SoftBank’s concerns and restructuring of a $2.2 billion loan. </li>
<li>
<a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>'s resolution plan for Bhushan Power is rejected by the Supreme Court, directing liquidation, causing shares to drop 6%.</li>
</ul>


China is "evaluating" the U.S. tariff negotiation offer, demanding tariff removal and addressing practices, while the U.S. stays optimistic.

Oyo (1698548D IN) delays its IPO to 2026, targeting a $7 billion valuation, amid SoftBank’s concerns and restructuring of a $2.2 billion loan. 

JSW Steel Ltd (JSTL IN)'s resolution plan for Bhushan Power is rejected by the Supreme Court, directing liquidation, causing shares to drop 6%.


#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Steelmakers are set for strong Q4 growth, with rising HRC prices and falling raw material costs boosting operating margins by INR 1,200-1,800 per tonne for steelmakers.</li>
<li>Lower input costs, particularly coking coal along with GOI's ADD will significantly improve profitability for steelmakers.</li>
<li>
<a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> , <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a> , <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN), </a> <a href="https://www.smartkarma.com/entities/steel-authority-of-india" target="_blank" data-smartkarma-citation="entities:14323:1" rel="noopener">Steel Authority of India (SAIL IN)  expects surge in PAT upto 700%.</a>
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</ul>


Steelmakers are set for strong Q4 growth, with rising HRC prices and falling raw material costs boosting operating margins by INR 1,200-1,800 per tonne for steelmakers.
Lower input costs, particularly coking coal along with GOI's ADD will significantly improve profitability for steelmakers.

JSW Steel Ltd (JSTL IN) , Jindal Steel &amp; Power (JSP IN) , Tata Steel Ltd (TATA IN),  Steel Authority of India (SAIL IN)  expects surge in PAT upto 700%.



Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel</li>
<li>US President Donald Trump has told reporters that US tariffs on China will "come down substantially, but it won't be zero. It used to be zero".</li>
<li>Meanwhile, Mr Trump stated that he has "no intention of firing" Fed Chairman Jerome Powell, but would like to see him be "a little more active" in lowering interest rates.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel
US President Donald Trump has told reporters that US tariffs on China will "come down substantially, but it won't be zero. It used to be zero".
Meanwhile, Mr Trump stated that he has "no intention of firing" Fed Chairman Jerome Powell, but would like to see him be "a little more active" in lowering interest rates.


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

<ul><li>While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest 1% QoQ</li><li>However, longs prices came under pressure and fell ~1-2% QoQ</li><li>Thus, blended steel prices have been broadly flattish QoQ</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.

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest 1% QoQHowever, longs prices came under pressure and fell ~1-2% QoQThus, blended steel prices have been broadly flattish QoQContent 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.

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel

Lucror Analytics

#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

China evaluates US tariff offer, demands removal and practices addressed; US optimistic. Oyo delays IPO to 2026 for $7B valuation, JSW Steel's...

Sudarshan Bhandari

Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

Steelmakers in India are poised for strong Q4 growth, with rising HRC prices and falling RM costs boosting OPM by INR 1,200-1,800/ tonne, leading...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel

Lucror Analytics

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest...

HDFC Securities

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: MGM China, Seazen Group, Tata Motors, JSW Steel

Lucror Analytics

#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

​China evaluates US tariff offer, demands removal and practices addressed; US optimistic. Oyo delays IPO to 2026 for $7B valuation, JSW Steel's...

Sudarshan Bhandari

Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

​Steelmakers in India are poised for strong Q4 growth, with rising HRC prices and falling RM costs boosting OPM by INR 1,200-1,800/ tonne, leading...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel

Lucror Analytics

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest...

HDFC Securities

China evaluates US tariff offer, demands removal and practices addressed; US optimistic. Oyo delays IPO to 2026 for $7B valuation, JSW Steel's...

Steelmakers in India are poised for strong Q4 growth, with rising HRC prices and falling RM costs boosting OPM by INR 1,200-1,800/ tonne, leading...