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Samvardhana Motherson Automotive Systems Group B.V.

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Antolin/Gestamp/Motherson: Relative Value Reset

HY Note: 04 Dec 2018, 10:02 PM ET - We review the operational and financial performance of the three low value-add HY suppliers within our coverage and update our investment recommendations.

Aston Martin 3Q18: Maintaining Momentum

Worth Watching: 15 Nov 2018, 10:00 PM ET - Aston Martin 3Q18: Aston Martin reported its first quarterly earnings results following its IPO. The company provided a slimmed down version of its financials with very little detail, but the headline figures pointed to solid growth and a growt ..

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

LeasePlan 3Q18: Turkish Tribulations

Worth Watching: 14 Nov 2018, 10:58 AM ET - LeasePlan 3Q18 : LeasePlan reported 3Q18 results highlighted by solid performance, somewhat muddied by another write-down to the Turkish fleet reflecting exposure to the depreciation of the Turkish Lira. The company continues to not see any dow ..

JLR 2Q19: Patience and Forbearance

Earnings Note: 31 Oct 2018, 10:23 PM ET - JLR reported another quarter of weak results, but is taking action through a new turnaround plan.

FCA 3Q18: Inching towards IG?

Earnings Note: 30 Oct 2018, 10:10 PM ET - FCA is struggling with the challenging market environment alongside its auto-OEM peers, but continues to perform well and improve its balance sheet strength as it inches closer to IG ratings.

LKQ 3Q18: Focus on Delevering, New Share Buyback

Earnings Note: 25 Oct 2018, 7:44 PM ET - LKQ reported further margin pressure and lowered its FCF guidance, and announced a share buyback program. But deleveraging the balance sheet still remains a focus at LKQ as well.

JLR: Liquidity and RV Update

HY Note: 23 Oct 2018, 10:34 AM ET - Over the last days and weeks, JLR news flow and spread volatility has picked up, and in this report, we look at issues at hand, seasonal cash flow and refinancing needs, and update our investment recommendation.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Daimler: Another Profit Warning

IG Note: 21 Oct 2018, 10:34 PM ET - Daimler announced a profit warning for the second time this year. This time, diesel vehicles were the main culprit.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Aston Martin/McLaren: A View to an IPO

HY Note: 30 Aug 2018, 8:35 AM ET - Aston Martin posted strong results and is moving closer to an IPO. Results at McLaren are mixed and while an IPO is not on the cards, liquidity is getting a boost from new equity issuance.

Michelin: Considering 7Y/12Y/20Y Eurobond Issuance

IG Note: 28 Aug 2018, 8:26 AM ET - Michelin is considering a 3-tranche issuance of 7Y, 12Y, and 20Y euro bonds. We would take advantage of any new issue concession and be buyers of the new issuance above fair value.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

Volvo Car 2Q18: Turning a Corner

Worth Watching: 19 Jul 2018, 3:22 PM ET - Volvo Car 2Q18: Volvo Car reported 2Q18 results which highlight the positive impact on top and bottom line growth due to the ramp up in volumes, while the downward pressure on FCF eases as spending relating to the portfolio overhaul and capacit ..

Euro Auto OEMs: US Tariff Trials and Tribulations

Sector Analysis: 11 Jul 2018, 10:02 PM ET - We frame the potential financial implications of EU-US tariffs across Euro OEMs and while no OEM comes out as a winner, FCA sees less pain while JLR comes out as more exposed. 

American Honda Finance: Attractive New Issue

IG Note: 11 Jul 2018, 10:45 AM ET - American Honda Finance is in the market with 2Y floating as well as 2Y and 5Y fixed offerings. We  would view any new issue concession as an opportunity for investors to gain exposure to this high quality captive finance company.

Toyota Motor Corp: Multi-Tranche Issuance

IG Note: 10 Jul 2018, 11:55 AM ET - Toyota Motor Corp (parent) is in the market this morning with 3Y, 5Y and 10Y fixed offerings. We remain at an underperfom on Toyota family bonds, but would view a +5 bp concession to secondary as attractive.

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