Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

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

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6061'>Adaro Energy</a></li><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Adaro EnergyChina Vanke Greentown China

Morning Views Asia: Adaro Energy, China Vanke  , Greentown China

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Gold's price advance is idiosyncratic moving against historical norms of estimated inflation and real rates.</li>
<li>Demand from large central banks is not currently a factor in price discovery as the PBOC has stopped buying.  Gold's safe-haven status has also declined since GFC in 2008/09. </li>
<li>Easier monetary policy from the Fed and higher actual inflation continue to fuel lower real rates and provide substantial support for Gold's price.  </li>
</ul>


Gold's price advance is idiosyncratic moving against historical norms of estimated inflation and real rates.
Demand from large central banks is not currently a factor in price discovery as the PBOC has stopped buying.  Gold's safe-haven status has also declined since GFC in 2008/09. 
Easier monetary policy from the Fed and higher actual inflation continue to fuel lower real rates and provide substantial support for Gold's price.   


GOLD: Rocks Or Stocks! Why Gold Continues to Outperform the S&P?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>When Bain came out saying they would bid more, with preparation to launch in November, KKR launched early to see if they could get the jump, discussed <a href="https://www.smartkarma.com/insights/fuji-soft-9749-kkr-launches-early-to-stymy-bain-who-has-a-founding-family-tailwind" target="_blank" rel="noopener">here</a>.</li>
<li>The stock popped when the Bain's bid was obviously serious, and supported by the Founding Family, but it went to Bain's "5% higher" plus another 5%. I was bearish.</li>
<li>But I signalled willingness to change my mind if the stock price dropped. It has dropped. </li>
</ul>


When Bain came out saying they would bid more, with preparation to launch in November, KKR launched early to see if they could get the jump, discussed here.
The stock popped when the Bain's bid was obviously serious, and supported by the Founding Family, but it went to Bain's "5% higher" plus another 5%. I was bearish.
But I signalled willingness to change my mind if the stock price dropped. It has dropped. 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.</li>
<li>In this note, we examine the company's two core products, namely DB-1313 (HER2 ADC) and DB-1311 (B7-H3 ADC). We think the company's products are not yet convincing.</li>
<li>While the management has expertise as biotech investors, biotech-related operational experience seems to be lacking.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
In this note, we examine the company's two core products, namely DB-1313 (HER2 ADC) and DB-1311 (B7-H3 ADC). We think the company's products are not yet convincing.
While the management has expertise as biotech investors, biotech-related operational experience seems to be lacking.


Duality Biotherapeutics (映恩生物) Pre-IPO: Too Early, Too Ambitious

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>FY10/23 figures reflect finalized provisional accounting treatment; business profit is JPY2.7bn (+67.9% YoY), revenue JPY131.6bn (+33.0% YoY).</li><li>RENOSY Marketplace improved profit margin through topline growth and fee measures; ITANDI segment profit rose 70% YoY.</li><li>ITANDI business saw ARR reach JPY3.4bn (+36% YoY), with a churn rate of 0.40% and unit economics at 39.0x.</li></ul>

FY10/23 figures reflect finalized provisional accounting treatment; business profit is JPY2.7bn (+67.9% YoY), revenue JPY131.6bn (+33.0% YoY).RENOSY Marketplace improved profit margin through topline growth and fee measures; ITANDI segment profit rose 70% YoY.ITANDI business saw ARR reach JPY3.4bn (+36% YoY), with a churn rate of 0.40% and unit economics at 39.0x.

GA Technologies (3491 JP): Q3 FY10/24 report update