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1 week ago | 
smartkarma.com | Leandro Gubler
In today’s briefing:EM Spreads – Weekly News & ViewsEM Spreads – Weekly News & ViewsCemex 1Q25: Credit Strength Persists, but No Catalyst for Spread CompressionPemex 1Q25: Upgraded to Market Perform, but Structural Risks PersistYPF and Globant Sign Agreement to Modernize Supply Chain with AI💡 Before it’s here, it’s on Smartkarma✓ Unlimited Research Summaries✓ Personalised Alerts✓ Custom Watchlists✓ Company Data and News✓ Events & Webinars
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2 weeks ago | 
smartkarma.com | Leonard Law |Leandro Gubler
In today’s briefing:Lucror Analytics – Morning Views AsiaEM Spreads – Weekly News & ViewsLucror Analytics – Morning Views AsiaIn today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance IndustriesLast Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&P 500 up by 0.7% and Nasdaq rising 1.3%.
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1 month ago | 
smartkarma.com | Leandro Gubler
In today’s briefing: Weekly News & Views Weekly News & Views Argentina Secures US$20bn IMF Deal with Currency Controls Eased / Argentina: March CPI Surprise Adds Pressure Initiating Coverage on Telecom Argentina: Solid Market Position but Uncertain Outlook / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile Minerva Announces Capital increase Backed by Sponsors / Mercado Libre Expands Regional Footprint with $9 Billion in 2025...
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1 month ago | 
smartkarma.com | Leandro Gubler |Leonard Law
In today’s briefing:Initiating Coverage on Telecom: Solid Market Position but Uncertain OutlookLucror Analytics – Morning Views AsiaInitiating Coverage on Telecom: Solid Market Position but Uncertain OutlookWe are initiating coverage on Telecom with a Market Perform recommendation. We view the notes as fairly valued considering the uncertainty surrounding the potential acquisition of Telefónica.
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1 month ago | 
smartkarma.com | Ankit Agrawal |Leandro Gubler |Rahul Jain
In today’s briefing:RPPL: Weak Q3FY25, However Medium-Term Outlook Is StrongEM Spreads – Weekly News & ViewsTata Steel (TATA IN): Scaling Up Domestic Operations, Easing EU DragRPPL: Weak Q3FY25, However Medium-Term Outlook Is StrongEarlier this month, RPPL announced a new factory to expand its thermoforming and extrusion capacity by 1250 MTPA and 1600 MTPA, respectively. This will come on-stream within a month.
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1 month ago | 
smartkarma.com | Leandro Gubler
In today’s briefing: EM Spreads – Weekly News & Views EM Spreads – Weekly News & Views Argentina’s $20 Billion IMF Deal Could Calm Markets Ahead of Midterms Pemex Monthly Report: February/Minerva Positioned to Benefit from China’s Shift in Protein Imports Cemex: Stable Outlook Affirmed Despite Hybrid Reclassification Dragging Metrics/ YPF Launches “Vaca Muerta Institute” to Support Shale Growth 💡 Before it’s here, it’s on Smartkarma ✓ Unlimited Research Summaries ✓ Personalised Alerts ✓...
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1 month ago | 
smartkarma.com | Leonard Law |Leandro Gubler
In today’s briefing: Lucror Analytics – Morning Views Asia China Oil & Gas – Earnings Flash – FY 2024 Results – Lucror Analytics Minerva 4Q24: Acquisition Outlook and Market Tailwinds Support Credit Upgrade Weekly News & Views – Mar 21, 2025 Lucror Analytics – Morning Views Asia In today’s Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan, AAC Technologies In the US, Chicago Fed President Austan Goolsbee...
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2 months ago | 
smartkarma.com | Leandro Gubler |Leonard Law
In today’s briefing:YPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak QuarterLucror Analytics – Morning Views AsiaYPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak QuarterWe maintain our Outperform recommendation on YPF. Shale Expansion, Export Capacity Growth Key to Long-Term PerformanceYPF posted weak 4Q24 results. Adjusted EBITDA dropping 38.6% QoQ and 22.5% YoY to $839 million, missing consensus by 19.7%.
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2 months ago | 
smartkarma.com | Leonard Law |Trung Nguyen |Trung Nguyễn |Leandro Gubler
In today’s briefing:Perusahaan Listrik (PLN) – Tear Sheet – Lucror AnalyticsLucror Analytics – Morning Views AsiaVista Energy 4Q24: Solid Expectations Despite Short-Term Cost HeadwindsPerusahaan Listrik (PLN) – Tear Sheet – Lucror AnalyticsWe view Perusahaan Listrik Negara (PLN) as “Low Risk” on our LARA scale, primarily driven by the company’s strategic importance to Indonesia and SOE status (100% owned by the government).
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2 months ago | 
smartkarma.com | Leandro Gubler
In today’s briefing:MELI 4Q24: Strong Results, While Leverage Remains Stable Amid Higher DebtMELI 4Q24: Strong Results, While Leverage Remains Stable Amid Higher DebtOperating metrics exceeded expectations, while credit-fueled growth increased debt. Leverage remained unchanged. We remain optimistic about MELI’s financial and business risk profile. If the company achieves IG status, we believe its fundamental strengths are already reflected in current spreads.
