Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.


MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

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: Medco Energi, Nickel Industries, Pakuwon Jati, UPL Limited</li>
<li>UST yields climbed 1-3 bps across the curve yesterday. This was amid a soft auction for 5Y notes, which tailed by 0.7 bps (the weakest auction result for this tenor since November 2025). The yield on the 2Y UST rose 1 bp to 3.47%, while the yield on the 10Y UST was up 2 bps at 4.05%. Equities rose for a second day, as Nvidia Corp reported strong results that soothed market concerns over AI hyperscaler spending. The S&amp;P 500 and Nasdaq climbed 0.8% and 1.3% to 6,946 and 23,152, respectively.</li>
<li>US Trade Representative Jamieson Greer said President Donald Trump will sign a directive in the coming days to raise global tariffs to 15% “where appropriate”. Mr Greer added that it could take a few months for the administration to re-establish Mr Trump’s tariff regime in ways that uphold existing agreements in the wake of a recent Supreme Court ruling.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati, UPL Limited
UST yields climbed 1-3 bps across the curve yesterday. This was amid a soft auction for 5Y notes, which tailed by 0.7 bps (the weakest auction result for this tenor since November 2025). The yield on the 2Y UST rose 1 bp to 3.47%, while the yield on the 10Y UST was up 2 bps at 4.05%. Equities rose for a second day, as Nvidia Corp reported strong results that soothed market concerns over AI hyperscaler spending. The S&amp;P 500 and Nasdaq climbed 0.8% and 1.3% to 6,946 and 23,152, respectively.
US Trade Representative Jamieson Greer said President Donald Trump will sign a directive in the coming days to raise global tariffs to 15% “where appropriate”. Mr Greer added that it could take a few months for the administration to re-establish Mr Trump’s tariff regime in ways that uphold existing agreements in the wake of a recent Supreme Court ruling.


Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>UST yields ended 1-2 bps higher across the curve on Friday, albeit paring greater advances earlier in the day.</li>
<li>The yield increase was mainly driven by the US Supreme Court’s decision to strike down most of President Donald Trump’s tariffs, which would raise the US fiscal deficit and expand the supply of treasuries.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.48%, while that on the 10Y UST was up 1 bp at 4.08%. </li>
</ul>


UST yields ended 1-2 bps higher across the curve on Friday, albeit paring greater advances earlier in the day.
The yield increase was mainly driven by the US Supreme Court’s decision to strike down most of President Donald Trump’s tariffs, which would raise the US fiscal deficit and expand the supply of treasuries.
The yield on the 2Y UST rose 2 bps to 3.48%, while that on the 10Y UST was up 1 bp at 4.08%. 


APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, UPL Limited</li>
<li>US stocks snapped a three-session losing streak while Treasury yields and the USD rose, as manufacturing activity posted its largest expansion since 2022 (see below), boosting optimism about the economy.</li>
<li>In the US, the ISM manufacturing index surged to 52.6 (48.5 e / 47.9 p) in January, while the ISM prices paid index inched up to 59.0 (59.3 e / 58.5 p). The manufacturing index reached expansion territory, posting its highest reading since August 2022, mainly driven by increases in new orders and production. The final S&amp;P manufacturing PMI rose to 52.4 (51.9 e / 51.9 p). It remains unclear when the AI bubble will pop.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, UPL Limited
US stocks snapped a three-session losing streak while Treasury yields and the USD rose, as manufacturing activity posted its largest expansion since 2022 (see below), boosting optimism about the economy.
In the US, the ISM manufacturing index surged to 52.6 (48.5 e / 47.9 p) in January, while the ISM prices paid index inched up to 59.0 (59.3 e / 58.5 p). The manufacturing index reached expansion territory, posting its highest reading since August 2022, mainly driven by increases in new orders and production. The final S&amp;P manufacturing PMI rose to 52.4 (51.9 e / 51.9 p). It remains unclear when the AI bubble will pop.


India

UPL Limited is an Indian multinational agrochemical and specialty chemicals company that manufactures and markets a comprehensive range of sustainable agriculture products and solutions. These include conventional crop protection products like pesticides, fungicides, herbicides, and insecticides, as well as seeds, bio-solutions, and post-harvest solutions. The company is headquartered in Mumbai, India, and was founded on May 29, 1969.

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UPL (UPLL IN)

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

The yield increase was mainly driven by the US Supreme Court’s decision to strike down most of President Donald Trump’s tariffs, which would raise...

Lucror Analytics

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, UPL Limited

Lucror Analytics

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