In today’s briefing:
- Morning Views Asia: China South City, HPCL-Mittal Energy Ltd
- Sadbhav Engineering Ltd – Liquidity Issues at Peak, Asset Monetization Key to Survival
Morning Views Asia: China South City, HPCL-Mittal Energy 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.
Sadbhav Engineering Ltd – Liquidity Issues at Peak, Asset Monetization Key to Survival
- Execution remains weak in FY22: SADE reported weak numbers for FY22 as revenue at Rs12.26bn declined by 25% YoY.
- Orderbook value uncertain, extended delays in execution: As on 3QFY22, SADE had an order book of Rs85bn, reflecting 7x TTM book to bill ratio.
- Leverage still remains high, liquidity issues persist: Net debt to EBITDA as on FY22 stood at 7x.
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