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

<ul>
<li>UPL Limited's Q4 and FY 2024-25 results reflected robust revenue growth, substantial margin expansion, a return to profitability and significant debt reduction.</li>
<li>This was supported by strong operational execution and strategic initiatives across its global markets.</li>
<li>Leverage improved significantly, on account of much lower net debt and higher earnings.</li>
</ul>


UPL Limited's Q4 and FY 2024-25 results reflected robust revenue growth, substantial margin expansion, a return to profitability and significant debt reduction.
This was supported by strong operational execution and strategic initiatives across its global markets.
Leverage improved significantly, on account of much lower net debt and higher earnings.


UPL Limited - Earnings Flash - FY 2024-25 Results - Lucror Analytics

<ul>
<li>Headquartered in Mumbai, UPL Limited is a global agrochemical company listed on the Indian stock exchange.</li>
<li>It is the fifth-largest generic agrochemical company in the world (after Bayer, Dupont, Syngenta and BASF), with revenues of over USD 5.2 bn in FY 2023-24 (following the acquisition of Arysta LifeScience in 2019 for USD 4.2 bn).</li>
<li>The bond issuer, UPL Corp, is 78% owned by UPL Limited, with TPG and the Abu Dhabi Investment Authority each holding 11% stakes. UPL Limited is 27.9% owned by the family of Rajnikant Shroff, who is known as the Crop Protection King.</li>
</ul>


Headquartered in Mumbai, UPL Limited is a global agrochemical company listed on the Indian stock exchange.
It is the fifth-largest generic agrochemical company in the world (after Bayer, Dupont, Syngenta and BASF), with revenues of over USD 5.2 bn in FY 2023-24 (following the acquisition of Arysta LifeScience in 2019 for USD 4.2 bn).
The bond issuer, UPL Corp, is 78% owned by UPL Limited, with TPG and the Abu Dhabi Investment Authority each holding 11% stakes. UPL Limited is 27.9% owned by the family of Rajnikant Shroff, who is known as the Crop Protection King.


UPL Limited - ESG Report - Lucror Analytics

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

Leonard Law, CFA

<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-20776'>UPL 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.UPL Ltd

<ul>
<li>Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.</li>
<li>The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.</li>
<li>Equities were largely steady, with the S&amp;P 500 unchanged and the Nasdaq up 0.3%. </li>
</ul>


Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.
The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.
Equities were largely steady, with the S&amp;P 500 unchanged and the Nasdaq up 0.3%. 


India

UPL Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

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UPL Ltd (UPLL IN)

UPL Limited - Earnings Flash - FY 2024-25 Results - Lucror Analytics

UPL Limited's Q4 and FY 2024-25 results reflected robust revenue growth, substantial margin expansion, a return to profitability and...

Lucror Analytics

UPL Limited - ESG Report - Lucror Analytics

Headquartered in Mumbai, UPL Limited is a global agrochemical company listed on the Indian stock exchange. It is the fifth-largest generic...

Lucror Analytics

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

There are 20 changes for the index in June. Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are...

Brian Freitas

Morning Views Asia: UPL Ltd

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.

Lucror Analytics

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