Tata Motors: A Tesla Capex
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We initiate our coverage on Tata Motors Ltd (TTMT IN) (“TM”) with a NEUTRALrecommendation on all TMIN complex on the following: (1) The...
Bharti Airtel: Disciplined Deleveraging
Bharti Airtel Ltd (BHARTI IN) (Bharti) is in talks with Warburg Pincus to sell a 15% stake in Bharti Airtel International (Netherlands)...
Vedanta Resources: ZINCronized Deleveraging
Vedanta Resources PLC (VED LN) (Vedanta) FY18 results, ended 31 March 2018, were within our expectation. EBITDA contribution from all key...
HNA Chairman to Step Up Role After Death of Top Executive
(Bloomberg)—HNA Group Co. Chairman Chen Feng will step up his role in managing the liquidity challenges at one of China’s most indebted...
Reliance Communications: Waiting to Exhale
Reliance Communications Ltd (RCOM IN) (RCOM) missed interest payments on its USD300m bonds (RCOMIN 6.5% 6Nov2020s) on 6-November-2017....
Tata Steel: Lingering “Debt” Weight
Tata Steel Ltd (TATA IN) (“TSL”)’s FY18 revenue improved on rising production volume in Indian operations which accounted for 46% of...
In Wake of Death at HNA, Chairman Chen Seen as Having to Step Up
For HNA Group Co. leader Chen Feng, the sudden death of his No. 2 raises the pressure for the Chinese tycoon to step up his involvement...
What HNA Followers Say About Sudden Death of Co-Chairman Wang
HNA Group Co., the airline-to-bank-to-hotel conglomerate that’s been selling billions of dollars in assets this year, said Wednesday that...
Bharti Airtel Ltd: Third Time the Charm
Fitch reaffirmed the issuer rating and senior unsecured debt ratings of Bharti Airtel Ltd (BHARTI IN)(Bharti) at BBB- with a stable...
JSW Steel: Upward Capex Revision Does Not Matter
JSW Steel Ltd (JSTL IN) (JSW) reported strong revenue during 4Q’FY18 (ended in March) with an improving EBITDA margin on rising steel...
Asian Credit Monitor: The Chinese Corporate Bond Default, Not a Systemic-Risk
2018 has seen a number of corporate defaults for the Chinese onshore bond market. That has led investors to become more risk averse, in...
The China-US Trade War: What Is the Next
The Trump administration said on 15 June 2018 that it would impose a 25 percent tariff on USD 50 bn of Chinese products that are imported...
Chinese Asset Management Industry: Monetary Policy and Regulations
On 8 June 2018, the China Banking and Insurance Regulatory Commission started the public consultation on its proposal to abolish foreign...
Commodity Critic: China’s Power Assertion over Iron Ore Pricing
The Chinese government has recently allowed foreign investors to trade iron ore futures on Dalian Commodity Exchange (DCE) in May 2018...
Delhi International Airport: At a Steady Altitude
We initiate our coverage on Delhi International Airport Limited (0180331D IN) (DIA) with a NEUTRAL recommendation on the DIALIN complex...
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