Asia Monthly – March 2025 In Review - Lucror Analytics

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...

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Adani Energy Solutions

Asia Monthly – February 2025 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 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 ...

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Samvardhana Motherson, Adani Energy Solutions

Asia Monthly – January 2025 In Review - Lucror Analytics

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...

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, China Water Affairs, Anton Oilfield, Tata Steel, China Vanke

Asia Monthly - 2025 Asian Credit Outlook And 2024 In Review - Lucror A...

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...

Asia Monthly - November 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 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 ...

Asia Trade Book - November 2024 - Lucror Analytics

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.

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Azure Power, Adani Energy Solutions

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...

Adani Energy Solutions - ESG Report - Lucror Analytics

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 ...

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...

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...

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...

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 ...

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 ...

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 ...

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...