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

Tata Motors’ Q4 and FY 2020-21 results were strong, with significant improvement in profitability thanks to the company's cost-saving programme as well as robust sales volumes across segments. The financial risk profile also improved substantially. Liquidity is sound. However, we note that Jaguar Land Rover (JLR) continued to write down its capitalised development assets, with the capitalisation cost being much higher than the industry average (e.g. BMW and Daimler). Five quarters ago, JLR wrote down GBP 3.1 bn "due to slowdown in China and Brexit uncertainties". Higher capitalised costs will bolster EBITDA (costs are understated, while depreciation is not captured). The frequent writing down of development costs suggests that some of these costs should be categorised as operating expenses instead.

  Tata Motors’ Q4 and FY 2020-21 results were strong, with significant improvement in profitability thanks to the company's cost-saving programme as well as robust sales volumes across segments. The financial risk profile also improved substantially. Liquidity is sound.   However, we note that Jaguar Land Rover (JLR) continued to write down its capitalised development assets, with the capitalisation cost being much higher than the industry average (e.g. BMW and Daimler). Five quarters ago, JLR wrote down GBP 3.1 bn "due to slowdown in China and Brexit uncertainties". Higher capitalised costs will bolster EBITDA (costs are understated, while depreciation is not captured). The frequent writing down of development costs suggests that some of these costs should be categorised as operating expenses instead. 

Tata Motors - Earnings Flash - Q4 And FY 2020-21 Results - Lucror Analytics

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-216'>Tata Motors Ltd</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.Tata Motors Ltd

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-2556'>Chandra Asri Petrochemical</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</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.Chandra Asri PetrochemicalTata Motors Ltd

Morning Views Asia: Chandra Asri Petrochemical, Tata Motors Ltd

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with the associated drivers.  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with the associated drivers.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Oil & Gas Update (2021) - Lucror Analytics

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Tata Motors - Earnings Flash - Q4 And FY 2020-21 Results - Lucror Analytics

Tata Motors’ Q4 and FY 2020-21 results were strong, with significant improvement in profitability thanks to the company's cost-saving programme...

Lucror Analytics

Morning Views Asia: Tata Motors Ltd

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

Lucror Analytics

Morning Views Asia: Chandra Asri Petrochemical, Tata Motors Ltd

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

Lucror Analytics

Morning Views Asia: Tata Motors Ltd

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

Lucror Analytics

Asia HY Monthly - Oil & Gas Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with...

Lucror Analytics

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