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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...
Melco International Development: Liquidity Vs. Rising Debt
We initiate our coverage on Melco International Development Ltd (200 HK) (Melco) and its consolidated subsidiaries with an UNDERWEIGHT...
Bharti Airtel: Retroactive Outlook Revision
Moody’s and S&P reaffirmed the issuer rating and senior unsecured debt ratings of Bharti Airtel Ltd (BHARTI IN) at Baa3/BBB- but revised...
Vedanta Resources: 9-Month Results on Track
Vedanta Resources PLC (VED LN) (Vedanta) 9M FY18 results, ended last December, were within our expectation. Zinc and oil businesses...
Bharti Airtel: One of the Final Fours
We initiate our coverage on Bharti Airtel Ltd (BHARTI IN) (Bharti) with an OVERWEIGHT recommendation on the BHARTI complex which reflects...
Chinese Banking Debt: The Interconnection Through Statistical Model Lens
The Chinese debt issue has been a major concern for investors and most analysts or investors rely on qualitative assessments. We hereby...
Logan Property: Aggressive Plans Ahead
We initiate our coverage on Logan Property Holdings Co Ltd (3380 HK) (“Logan”) with a NEUTRAL recommendation on the LOGPH...
Press Metal Aluminium: Scarce Cyclical Credit
We initiate our coverage on Press Metal Aluminium Holdin (PMAH MK) (“Press Metal”) with a NEUTRAL recommendation on the new PMALMK 22s....
Noble Group: Moving Forward With Expected Obstacles
Proposed Restructure Version II Since Noble Group (“Noble”) announced its restructuring plan in January 2018, there has been a...
Coal Is Here to Stay
When it comes to thermal coal, two questions come to mind. What is the future for coal demand given the changing mix of fuel options for...
Tata Steel: Debt Beneath the Wings
We initiate our coverage on Tata Steel Ltd (TATA IN) (“TSL”) with an UNDERWEIGHT recommendation on all of the TATAIN complex as we...
JSW Steel: Moody’s Premature Rating Upgrade
Moody’s upgraded the senior unsecured bond rating of JSW Steel Limited (JSW) to Ba2 from Ba3 on 6-March. The outlook remains stable. We...
JSW Steel: A Race of EBITDA Against Debt
We initiate our coverage on JSW Steel Ltd (JSTL IN) (JSW) with a NEUTRAL recommendation on all JSTLIN complex as we believe the complex...
Noble Group: Official Debt Restructuring In Motion Part II
This is a follow-up to our report dated 30 January 2018 after Noble Group (“Noble”) released more details in its restructuring. Unlike...
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