reports
- Felix Fischer
- Jayanth Kandalam
- Felix Fischer
- Filipe Botelho
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- Jayanth Kandalam
- Josseline Jenssen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- Egor Fedorov
EM Credit Spark/EM credit and trade ideas update
While macroeconomic events were relatively subdued at the end of the month, CEEMEA corporates generated a wave of significant credit news: Sasol, Sibanye Stillwater, and WE Soda reported stronger-than-expected results, while Turk Telekom finalised its long-awaited licence concession agreement with the Turkish telecoms regulator. The upcoming week features key macroeconomic data releases, including US labour market figures. The geopolitical calendar will also be active, with China hosting politic...
- Jayanth Kandalam
Sasol - Earnings Flash - FY 2024-25 Results - Lucror Analytics
Sasol has reported weak FY 2024-25 results, albeit there was underlying improvement in some businesses. Cash flow was decent, with moderately positive FCF. Looking ahead, the macroeconomic landscape is challenging, although the outlook is for a gradual improvement in earnings, cash flow and net debt on the back of cost optimisation, a focus on mix and robust capital management. Liquidity is adequate, and Sasol has solid market access. We maintain our "Hold" recommendation on the bonds.
- Jayanth Kandalam
- Jayanth Kandalam
- Tanvi Arora
- Jayanth Kandalam
- Leonard Law
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Jayanth Kandalam
- Leonard Law
- Haidje Rustau
- Jayanth Kandalam
- Haidje Rustau
- Jayanth Kandalam
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly & trade ideas update
The focus looks set to remain on US trade policy and tariff noise, with macro data taking a back seat. EM credit should remain resilient amid the noise, although valuations look fairly tight for most names. We have reviewed operating results of Turkish renewable energy companies and decided to add Zoren Enerji Bonds to our trade ideas lists with an 11.0% yield target.
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly & trade ideas update
The focus looks set to remain on US trade policy and tariff noise, with macro data taking a back seat. EM credit should remain resilient amid the noise, although valuations look fairly tight for most names. We have reviewed operating results of Turkish renewable energy companies and decided to add Zoren Enerji Bonds to our trade ideas lists with an 11.0% yield target.
- Jayanth Kandalam
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Guala Closures, House of HR, Itelyum Group, TeamSystem, Fedrigoni, Forgital, Canpack, Cirsa, International Personal Finance, La Doria, Polynt, Samvardhana Motherson, Grupo Antolin, Sasol, Ineos, Ineos Quattro, Odigeo, Adler Pelzer
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