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 Steel's Q4 and FY 2021-22 results were exceptionally strong, with revenue surging and EBITDA doubling. The company paid down a large amount of debt during the year, significantly above the guided figure. The financial risk profile improved substantially on the back of increased earnings and lower debt, and appears in line with the BBB level. Liquidity is sound. We revise our LARA assessment to "Low Risk" from "Medium Risk". Tata Steel has delivered outstanding results in recent years, with significant deleveraging and strong earnings growth. This has resulted in a substantial boost to its credit profile. We view favourably the company's track record of delivering on guidance, especially in terms of deleveraging.

  Tata Steel's Q4 and FY 2021-22 results were exceptionally strong, with revenue surging and EBITDA doubling. The company paid down a large amount of debt during the year, significantly above the guided figure. The financial risk profile improved substantially on the back of increased earnings and lower debt, and appears in line with the BBB level. Liquidity is sound.   We revise our LARA assessment to "Low Risk" from "Medium Risk". Tata Steel has delivered outstanding results in recent years, with significant deleveraging and strong earnings growth. This has resulted in a substantial boost to its credit profile. We view favourably the company's track record of delivering on guidance, especially in terms of deleveraging. 

Tata Steel - Earnings Flash - FY 2021-22 Results - Lucror Analytics

Leonard Law, CFA

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/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/kawasan-industri-jababeka-tbk-pt' target='_blank' rel='noopener'>Kawasan Industri Jababeka</a></li><li><a href='/entities/kwg-group-holdings-ltd' target='_blank' rel='noopener'>Kwg Property Holding</a></li><li><a href='/entities/tata-steel-ltd' target='_blank' rel='noopener'>Tata Steel Ltd</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:Sunac China HoldingsKawasan Industri JababekaKwg Property HoldingTata Steel LtdChina Jinmao Holdingsand more...

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-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-7755'>Kawasan Industri Jababeka</a></li><li><a href='#lucror-entity-29231'>KWG Living Group</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-2979'>Tata Steel Thailand</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.CIFI HoldingsKawasan Industri JababekaKWG Living GroupSunac China HoldingsTata Steel Thailand

Morning Views Asia: CIFI Holdings, Kawasan Industri Jababeka, KWG Living Group, Sunac China Holdings

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>Tata Steel reported a strong Q4FY22 performance which stood largely in line with our estimates.</li><li>The company’s revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 Cr</li><li>We ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year forward TP of Rs 1,700/share (unchanged from our previous TP), implying an upside potential of 35% from the CMP.</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.

Tata Steel reported a strong Q4FY22 performance which stood largely in line with our estimates.The company’s revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 CrWe ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year forward TP of Rs 1,700/share (unchanged from our previous TP), implying an upside potential of 35% from the CMP.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.

Tata Steel: Strong Q4FY22 Performance; Deleveraging and Growth to Continue

This month, we provide an update on the developments in the Oil & Gas sector following Russia's invasion of Ukraine. 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.

  This month, we provide an update on the developments in the Oil & Gas sector following Russia's invasion of Ukraine.   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 Following Russia’S Invasion Of Ukraine - Lucror Analytics

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Tata Steel - Earnings Flash - FY 2021-22 Results - Lucror Analytics

Tata Steel's Q4 and FY 2021-22 results were exceptionally strong, with revenue surging and EBITDA doubling. The company paid down a large amount...

Lucror Analytics

Weekly Wrap - 06 May 2022

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: CIFI Holdings, Kawasan Industri Jababeka, KWG Living Group, Sunac China Holdings

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

Lucror Analytics

Tata Steel: Strong Q4FY22 Performance; Deleveraging and Growth to Continue

We ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year...

Axis Direct

Asia HY Monthly - Oil & Gas Update Following Russia’S Invasion Of Ukraine - Lucror Analytics

This month, we provide an update on the developments in the Oil & Gas sector following Russia's invasion of Ukraine. The Asia Monthly...

Lucror Analytics

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