The Asia Trade Book for April 2025 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in March 2025. 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 dev...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2025. 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 ...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2025. 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 d...
In our inaugural Asia Monthly for 2025, we share our regional credit outlook for the year, with a focus on China, Macau, India and Indonesia. We also provide a review of 2024, in which we discuss the performance of major Asian credit indices and review UST curve movements for the year. In addition, we provide a recap of major news and macroeconomic releases in December 2024, summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well a...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in November 2024. 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 ...
The Asia Trade Book for November 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in October 2024. 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 d...
JSW Steel has released Q2/24-25 numbers that were weaker than expected in our view, with a y-o-y decline in revenue, significantly larger decrease in earnings, material negative FCF (owing to lower steel prices) and narrower margins (due to a surge in cheap imports, particularly from China). The balance sheet deteriorated, with debt increasing and earnings softening. Liquidity also weakened. While the company has guided for improvement in H2/24-25, it did not provide credible justification f...
Summary Steel Dynamics Inc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Steel Dynamics Inc (SDI) carries out production, recycling, and sales of steel and related products. The company's primary operations encompass the manufacturing and selling of steel products, the pr...
Summary Essar Steel India Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Essar Steel India Ltd (Essar Steel), a subsidiary of ArcelorMittal Nippon Steel India Ltd, is a carbon steel manufacturer. The company specializes in the production and sale of hot rolle...
JSW STEEL (IN), a company active in the Steel industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date March 11, 2022, the closing price was INR 669.75 and its expecte...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
JSW STEEL: Margins peak out; volume recovery to drive earnings (JSTL IN, Mkt Cap USD23.3b, CMP INR717, TP INR840, 17% Upside, Buy) Remains best play on volumes in the sector JSW Steel (JSTL)’s 1QFY22 result was strong, with consol. EBITDA/PAT growing 22%/38% QoQ to INR102.7b/INR59.0b on higher steel prices. Standalone EBITDA/t was the highest ever at INR26,291. We expect margins to have peaked out during the quarter; however, overall earnings should remain strong, driven by volume gr...
A director at JSW Steel Limited bought 3,413 shares at 465.338INR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
Q3FY20 Result Highlights: Lower prices offset higher volumes JSW Steel (JSTL IN) reported adj consol EBITDA of Rs22.0bn, down 3% qoq (IDFCe: Rs24.1bn), primarily due to lower profits at Indian subsidiaries and continuous elevated losses at overseas subsidiaries. JSW’s standalone adj. EBITDA of Rs24.2bn, was up 4% qoq despite higher volumes (4.03mt, up 12% qoq) and lower raw material costs as blended steel realisations declined by Rs2,800/t to Rs35,727/t. Steel realisations were lower due to ...
JSW Steel: International subsidiaries drag performance (JSTL IN, Mkt Cap USD9.2b, CMP INR272, TP INR320, 18% Upside, Buy) Better steel prices to drive margin improvement; Dolvi expansion delayed JSW Steel's (JSTL) third-quarter result reflects the challenges faced by the industry, with S/A EBITDA/ton at INR5,998 dropping to the lowest level in the past 15 quarters due to a sharp decline in steel prices. Prices have recovered sharply over the past two months, strengthening the margin out...
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