reports
- Felix Fischer
Asia Monthly – Impact Of Iran Conflict And March 2026 In Review - Lucr...
In our latest Asia Monthly, we discuss the impact of the Middle East conflict on our Asian Coverage Universe. In addition, we review the performance of major Asian credit indices and UST curve movements in March 2026. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
00142 CIFI HOLDINGS (GROUP) CO. LTD.
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Chris Hoare
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VIVT3 TELEFONICA BRASIL S.A.
VOD VODAFONE GROUP PLC
VEON VEON LTD. SPONSORED ADR
LILAB LIBERTY GLOBAL PLC LILAC
AAF AIRTEL AFRICA
AMX AMERICA MOVIL SAB DE CV
VEON Announces 2026 AGM and Board Nominees
VEON Announces 2026 AGM and Board Nominees Dubai and New York, March 31, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator, (“VEON” or the “Company”), today announced that its Board of Directors (the “Board”) has set the date for the Company’s 2026 Annual General Meeting of Shareholders (the “AGM”) for May 11, 2026 at 12:00 Gulf Standard Time. The record date for the AGM has been set for March 31, 2026. The Board and its Nomination Committee have recommended VEON’s seven current Board members for re-election at the AGM. The recommended nominees are Augie K Fabela II, Andrei Gusev...
JazzCash Onboards Its 1 Millionth Merchant on Pakistan’s National Digi...
JazzCash Onboards Its 1 Millionth Merchant on Pakistan’s National Digital Payments Platform, Advancing the Country’s Cashless Economy Dubai, New York and Islamabad, March 30, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that its subsidiary JazzCash has onboarded its 1 millionth Raast QR-enabled merchant, marking a major milestone in Pakistan’s journey toward a cashless and digitally inclusive economy. Raast is Pakistan's national instant payment system – a digital payments infrastructure launched by the State Bank of Pakistan in 2021. Raast enables...
VEON Reinforces Alignment with Shareholder Value Creation
VEON Reinforces Alignment with Shareholder Value Creation Dubai and New York, March 27, 2026 — VEON Ltd. (Nasdaq: VEON; “VEON” or the “Company”), a global digital operator, today provided an update underscoring the strong alignment between its management and shareholders, reflected in meaningful share ownership and disciplined capital allocation. As of the date of this release, members of VEON’s management collectively hold 1.84% of the Company’s total share capital in the form of American Depositary Shares (ADSs). This level of ownership reflects a clear and tangible alignment with shareh...
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
VEON Highlights Uklon’s Expansion into Travel, Strengthening its Mobil...
VEON Highlights Uklon’s Expansion into Travel, Strengthening its Mobility Ecosystem in Ukraine Kyiv, Dubai and New York, March 25, 2026 – VEON Ltd. (NASDAQ: VEON), a global digital operator (the “Company” or “VEON”), today announced that Uklon has expanded its mobility ecosystem with the launch of a new “Travel” service, enabling users to book domestic and international bus tickets directly within the Uklon app. Uklon is Ukraine’s leading ride-hailing service and a subsidiary of Kyivstar (Nasdaq: KYIV; KYIVW), VEON’s digital operator in Ukraine. The new Travel service builds on Uklon’s ...
VEON Strengthens Leadership Team to Accelerate Digital Ambition
VEON Strengthens Leadership Team to Accelerate Digital Ambition Senior executive appointments are to enhance country operations and VEON Group’s digital assets strategy Dubai,New York, Astana and Tashkent, March 17, 2026 – VEON Ltd. (NASDAQ: VEON), a global digital operator (the “Company” or “VEON”), today announces a series of upcoming leadership appointments, strengthening organizational capabilities and positioning the company for further growth across its headquarters and market teams. Yevgeniy Nastradin will take the helm as the Chief Executive Officer of Beeline Uzbekistan. Yevgeni...
VEON Files its 2025 Annual Report on Form 20-F
VEON Files its 2025 Annual Report on Form 20-F Dubai and New York, March 16, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (‘VEON’ or the ‘Company’), today announces that it has filed its Annual Report on Form 20-F for the year ended December 31, 2025 (the "2025 20-F") with the U.S. Securities and Exchange Commission at The filing follows the completion of the audit of the VEON Ltd. 2025 financial statements by the Company’s independent auditor UHY LLP according to Public Company Accounting Oversight Board standards. The 2025 20-F is also available on the Financial Results s...
- Chris Hoare
- Chris Hoare
VEON (Buy, $100, +126%) [Sponsored Research] Q4 25 Quick Take: Very s...
VEON printed a strong quarter, with Q4 revenue beating us by 4% and EBITDA ahead of us by 16%. The company has also announced a shareholder remuneration policy consisting of a minimum of $100m in share buybacks annually. However, we were surprised to hear of a $170m charge to settle claims from a previous minority partner in Pakistan
VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to...
VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25 VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25 Dubai and New York, March 13, 2026 – VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced strong financial and operating results for the fourth quarter and full year ended December 31, 2025. Key Highlights – Fourth Quarter 2025 Total revenue grew 17.4% year-on-year (“YoY”) to USD 1,171 million.EBITDA in...
VEON’s Largest Market Pakistan Almost Triples Mobile Spectrum in Refor...
VEON’s Largest Market Pakistan Almost Triples Mobile Spectrum in Reform Push; Jazz Secures Largest Allocation with 190 MHz Islamabad, Dubai and New York - March 10, 2026: VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, is pleased to note the successful mobile spectrum auction held today in its largest market Pakistan. With the auction, the Pakistani Government nearly triples the spectrum available to mobile operators, with VEON’s subsidiary Jazz, Pakistan’s leading connectivity provider under JazzWorld, securing the largest allocation of 190 MHz. The auction increased the spec...
- Chris Hoare
VEON and JazzWorld Advance Pakistan’s Digital Financial Future with Ac...
VEON and JazzWorld Advance Pakistan’s Digital Financial Future with Acquisition of TPL Insurance Acquisition to further financial inclusion through integrated digital financial services ecosystem Dubai, New York and Karachi – March 6, 2026 – VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, today announced that its subsidiary Jazz International Holding Limited (“JIH”) has entered into a definitive agreement to acquire a controlling stake in TPL Insurance Limited (“TPL Insurance”), a publicly listed insurance firm in Pakistan. The transaction, which marks a new milestone for VEON...
VEON’s Beeline Uzbekistan and Rakuten Symphony Partner for Open RAN, ...
VEON’s Beeline Uzbekistan and Rakuten Symphony Partner for Open RAN, AI Collaboration Tokyo, Tashkent and Barcelona , March 4, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator, and Rakuten Group, Inc. today announce that Beeline Uzbekistan, VEON’s digital operator in Uzbekistan, and Rakuten Symphony, a subsidiary of Rakuten Group, have signed a Memorandum of Understanding (MoU) to explore strategic collaborations that support the development of Uzbekistan’s fast-growing digital economy, including on Open RAN development, AI-powered network intelligence and next-generation digital...
VEON Partners with GSMA Innovation Fund to Accelerate Digital Innovat...
VEON Partners with GSMA Innovation Fund to Accelerate Digital Innovation in Pakistan and Bangladesh Barcelona, Dhaka and Islamabad, March 4, 2026: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announces a partnership with the GSMA’s Mobile for Development Foundation (“GSMA Foundation”) to co-fund digital innovation projects in Pakistan and Bangladesh that are supported by the GSMA Innovation Fund. John Guisti, Chief Regulatory Officer of the GSMA and President of the GSMA Foundation, Aamir Ibrahim, CEO of JazzWorld, and Johan Buse, CEO of Banglalink, have launched th...
VEON and MeetKai Expand Collaboration to Explore Sovereign AI Infrastr...
VEON and MeetKai Expand Collaboration to Explore Sovereign AI Infrastructure Partnerships Barcelona, Dubai, New York and Los Angeles, March 3, 2026: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced the expansion of its partnership with MeetKai Inc. (“MeetKai”) to explore launching sovereign, locally-deployed AI infrastructure and in-country AI capabilities across VEON markets, with the intent to expand into further strategic partners over time. A memorandum of understanding (“MoU”) was signed to mark the expansion of the partnership in Barcelona, where the Mobi...
- Felix Fischer
Asia Monthly – February 2026 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2026. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Chris Hoare
Global EM Telcos & Towers The impossible dream – NSR GEM Top-10 March...
2025 was such a strong year for EM Telcos with the result that while remaining bullish we thought it was not plausible that 2026 would be as strong. Yet if anything the year has started better than 2025, with our picks up 18% ytd already, and up 113% since the start of 2025.
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