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- Leonard Law
- Tanvi Arora
- Felix Fischer
Asia Monthly - October 2024 In Review - Lucror Analytics
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...
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
GJTL AGILE GROUP HOLDINGS LIMITED
TATASTEEL PT GAJAH TUNGGAL TBK
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
LPKR YANLORD LAND GROUP LIMITED
SXC PT LIPPO KARAWACI TBK
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
PBRX ENN ECOLOGICAL HOLDINGS (A)
KIJA PT PAN BROTHERS TBK
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
5AO ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
PWON ANTON OILFIELD SERVICES GROUP
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.
1171 PT CIKARANG LISTRINDO TBK
AZRE YANZHOU COAL MINING CO. LTD. CLASS H
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
- Shirish Rane
Adani Transmission's Q3FY20 results (Underperformer) - Sale of 25% in ...
Q3FY20 Result highlights Adani Transmission Ltd (ATL) net sales declined by 3% yoy to 27.4bn (vs our estimate of Rs28.2bn) led by decline in sales of 1% yoy (at Rs18.9bn) from Mumbai Distribution business Adani Electricity Mumbai Ltd (AEML) reported AT&C loss of 7.89% for 9mFY20 (normative at 8.36% for FY20E). The Mumbai DISCOM sold 2.06BU in Q3FY20 (vs 2.14BU in Q3FY19) and reported EBITDA of Rs4.9bn (growth of 65% yoy) and a PAT of Rs480m (flat yoy). Revenue of transmission business grew ...
- Shirish Rane
Event update: Adani Transmission (Underperformer) - Deal to sell 25% s...
We present key takeaways from Adani Transmission (ATL) analyst day, which we attended at their corporate office in Ahmedabad: Key Highlights 25% stake sale in Mumbai DISCOM to QIA: ATL has entered into an agreement with Qatar Investment Authority (QIA) to sell 25% stake in AEML (SPV operating Mumbai DISCOM) at Rs12bn (equity valued at Rs48bn). Additionally, QIA will invest Rs20bn in the entity as sub debt (payable after the 10th year). AEML total debt of Rs100bn would translate into an enter...
- Shirish Rane
Adani Transmission's Q2FY20 results (Underperformer) - Gains significa...
Q2FY20 Result highlights Net Sales of Adani Transmission Ltd (ATL) grew 74% yoy to Rs26bn in Q2FY20, led by additional revenue from Mumbai Distribution business (business acquired on 29th August 2018). Adani Electricity Mumbai Ltd (AEML) reported revenue of Rs19bn (vs Rs6.5bn in Q2FY19) and PAT at Rs701m (vs Rs205m in Q2FY19). The AT&C losses in Mumbai DISCOM were 8.2% (normative at 8.4%) Revenue of transmission business grew by 22% yoy to Rs6.7bn and EBITDA growth of +23% yoy to Rs6.2bn w...
- Shirish Rane
Adani Transmission's Q1FY20 results (Underperformer) - New TBCB asset...
Q1FY20 Result highlights Adani Transmission Ltd (ATL) reported revenue of Rs28bn in Q1FY20, 3.5x Q1FY19 led by revenues of Mumbai Distribution business (acquired in Sep-2018). The transmission business in Q1 FY20 reported revenue of Rs6.7bn (+23% yoy), EBITDA of Rs6.2bn (+23% yoy) and profit of Rs1.6bn (+33% yoy). Besides cost plus assets, seven TBCB assets have started contributing to revenue from Q1FY20 onwards (Rs1.4bn in Q1FY20 and estimate of Rs6.2bn in FY20E). Distribution business f...
- Shirish Rane
Adani Transmission's Q3FY19 results (Underperformer) - Below Estimates...
Q3FY19 results Adani Transmission Ltd (ATL) reported first full quarter of results post acquisition of Reliance Infra’s Mumbai DISCOM business on 29th August 2018. Mumbai DISCOM business (AMÉL) reported revenue of Rs20bn, EBITDA of Rs5.1bn and PAT of Rs718m in Q3FY19. AT&C loss for the quarter was 7.53% (vs norm of 8.6%) In 3QFY19, the transmission business reported revenue of Rs5.6bn, EBITDA of Rs5.2bn and profit of Rs1.1bn. Besides cost plus assets, a number of TBCB assets have started ...
- Shirish Rane
Adani Transmission's Q2FY19 results (Outperformer) - Below estimates; ...
Q2FY19 results Adani Transmission EBITDA came in at R6.9bn (est of Rs6.5bn), 6% yoy and adjusted profit was Rs1.7bn (est of Rs2.0bn), + 150% yoy in Q2FY19. The increase in EBITDA and PAT was on account of favourable tariff order for Mundra Mohindergarh in Q3FY18 (Recurring profit grew by Rs2bn per annum). Profit has been adjusted for revenue disallowance of Rs890m post the true up of accounts for prior years Adani Transmission acquired Reliance Infra Mumbai DISCOM on 29th August 2018. The ...
- Shirish Rane
Adani Transmission's Q2FY19 results (Outperformer) - Below estimates; ...
Q2FY19 results Adani Transmission EBITDA came in at R6.9bn (est of Rs6.5bn), 6% yoy and adjusted profit was Rs1.7bn (est of Rs2.0bn), + 150% yoy in Q2FY19. The increase in EBITDA and PAT was on account of favourable tariff order for Mundra Mohindergarh in Q3FY18 (Recurring profit grew by Rs2bn per annum). Profit has been adjusted for revenue disallowance of Rs890m post the true up of accounts for prior years Adani Transmission acquired Reliance Infra Mumbai DISCOM on 29th August 2018. The ...
- Shirish Rane
Event update: Adani Transmission (Underperformer) - Enters into Distri...
Event update Adani Transmission (ATL) enters into power distribution business with acquisition of Reliance Infrastructure (RInfra) Generation, Distribution and Transmission assets of Mumbai License Area at an Enterprise Value of Rs138bn (includes regulatory assets). Details of the proposed deal ATL has acquired Reliance Infra Mumbai distribution business. RInfra’s Mumbai distribution (which includes generation, transmission and distribution assets). The acquired entity will be housed in a w...
- Shirish Rane
Adani Transmission's Q1FY19 results (Underperformer) - Mumbai DISCOM a...
Q1FY19 results Adani Transmission reported EBITDA of Rs5.1bn (est of Rs5.1bn), +12% yoy and profit was Rs1.7bn (est of Rs1.5bn), + 101% yoy in Q1FY19. The increase in EBITDA and PAT was on account of favourable tariff order for Mundra Mohindergarh in Q3FY18 (Recurring profit grew by Rs2bn per annum) Total capital expenditure under all the tariff based competitive bid (TBCB) projects is Rs40bn. Out of which, Rs30bn has been spent till date (equity of Rs10bn and debt of Rs19.3bn). It has won...
- Shirish Rane
Adani Transmission's Q4FY18 results (Underperformer) - Inline Quarter
Q4FY18 results Adani Transmission reported EBITDA of Rs4.9bn (est of Rs5.1bn), +6% yoy while profit for the quarter was Rs1.5bn (est of Rs1.4bn), + 58% yoy. FY18 EBITDA and PAT was Rs14.7bn and Rs11.4bn led by the favourable tariff order for Mundra Mohindergarh. The total incremental revenues from the order for past period is Rs8.7bn. Adjusting for past period income and acquisition expenses, FY18 profit was Rs4.5bn Acquisition of Reliance Infra - WRSS assets was completed in Q3FY18 while P...
- Shirish Rane
Adani Transmission's Q3FY18 results (Underperformer) - Profit grew by...
Q3FY18 results Adani Transmission reported EBITDA of Rs14.4bn in Q3FY18 (above estimates of Rs13.1bn), +205% yoy. Profit for the quarter was Rs8.4bn, + 748% yoy (above our estimate of Rs7.1bn) led by the recent tariff order for Mundra Mohindergarh. The total incremental revenues from the order is Rs8.7bn (Rs6.7bn pertains to principal and Rs2bn of carrying cost) and the resultant increase in recurring profit is Rs1.1bn per year For Mundra Mohindergarh line, under the earlier order, intere...
- Shirish Rane
Adani Transmission's Q2FY18 results (Downgrade to Underperformer) - Re...
Q2FY18 result highlights Adani Transmission reported revenue of Rs7.5bn and EBITDA of Rs4.5bn in Q2FY18 (below estimates of Rs4.9bn). Profit for the quarter was Rs667m, a decline of `33% yoy (below our estimate of Rs1.05bn). Profit was impacted by acquisition related cost and hedging related cost for loans taken for SPV’s executing transmission assets (INDAs accounting). Revenues for Mundra Mohindergarh are being booked at tariffs approved for Tariff period FY10-FY14. Under the approve...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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