Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Greenko Energy Holdings operates as a holding company. The Company, through its subsidiaries, manufactures wind, hydro, and solar energy generation machinery. Greenko Energy Holdings serves customers in India.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development</li>
<li>UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.</li>
<li>In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

FirstEnergy Corp. is a public utility holding company. The Company's subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, exploration and production of oil and natural gas, transmission and marketing of natural gas, and energy management and other energy-related services.

<ul><li>In evaluating FirstEnergy Corp.'s third-quarter 2025 results, several key aspects inform an investment thesis.</li><li>On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance.</li><li>Specifically, FirstEnergy's core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania.</li></ul>

In evaluating FirstEnergy Corp.'s third-quarter 2025 results, several key aspects inform an investment thesis.On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance.Specifically, FirstEnergy's core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania.

FirstEnergy Executes a High-Stakes Capital Plan—Is Wall Street Underestimating the Upside?

American Water Works Co / Equity Bottom-Up

American Water Works Co., Inc. provides drinking water, wastewater and other water-related services in multiple states and Ontario, Canada. The Company's primary business involves the ownership of regulated water and wastewater utilities that provide water and wastewater services to residential, commercial and industrial customers.

<ul><li>American Water reported solid financial results for the second quarter of 2025, highlighting a positive trajectory in earnings and business operations.</li><li>The company's earnings per share (EPS) for the quarter were $1.48, an increase from $1.42 in the same period last year.</li><li>For the first half of the year, EPS grew to $2.53 compared to $2.37 in 2024.</li></ul>

American Water reported solid financial results for the second quarter of 2025, highlighting a positive trajectory in earnings and business operations.The company's earnings per share (EPS) for the quarter were $1.48, an increase from $1.42 in the same period last year.For the first half of the year, EPS grew to $2.53 compared to $2.37 in 2024.

American Water Shocks Investors With Aggressive Multi-State Growth Strategy!

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Genesis Energy Ltd. generates, transports, and retails electricity. The Company owns and operates hydroelectric generating stations to produce electricity, as well as explores natural gas and bottled liquefied petroleum gas.

<ul><li>At the last investor meeting of Genesis Energy’s Tongariro hydro scheme tour, it revealed it has been successful in altering its Lake Takapō consents, such that it expects to generate an additional +60GWh (+6%) per annum.</li><li>The additional generation lifts our EBITDAF forecast by ~+NZ$8m per annum.</li><li>We lift our target price by +7cps (+2.7%) to NZ$2.62.</li></ul>

At the last investor meeting of Genesis Energy’s Tongariro hydro scheme tour, it revealed it has been successful in altering its Lake Takapō consents, such that it expects to generate an additional +60GWh (+6%) per annum.The additional generation lifts our EBITDAF forecast by ~+NZ$8m per annum.We lift our target price by +7cps (+2.7%) to NZ$2.62.

Genesis Energy Consented For Higher Hydro

<ul><li>Genesis Energy’s (GNE) investor day was long on options but short on targets, reflecting the current state of the fuel market.</li><li>While GNE provided no long-term targets, its medium-term FY28 earnings goal and dividend path remain unchanged.</li><li>To achieve its goals, GNE needs capital.</li></ul>

Genesis Energy’s (GNE) investor day was long on options but short on targets, reflecting the current state of the fuel market.While GNE provided no long-term targets, its medium-term FY28 earnings goal and dividend path remain unchanged.To achieve its goals, GNE needs capital.

Genesis Energy Long Options, Short Targets—2025 IR Day