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-6827'>ABM Investama</a></li><li><a href='#lucror-entity-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-20844'>Medco Energi</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.ABM InvestamaEvergrande Real Estate GroupMedco Energi

Morning Views Asia: ABM Investama, Evergrande Real Estate Group, Medco Energi

In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Company Liquidation Regime Revisited - Lucror Analytics

The Asia HY Trade Book for the month of June includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of June includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - June 2021 - Lucror Analytics

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-20844'>Medco Energi</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.Medco Energi

Medco Energi’s FY 2020 results were within expectations. The company’s earnings were only modestly impacted by the oil price crash, thanks to Medco's use of fixed-price gas contracts and hedging. Net debt improved marginally on account of its equity issuances. Looking ahead, we foresee that Medco’s EBITDA margin will improve slightly in FY 2021, given the recent recovery in oil prices. That said, we expect FCF to remain negative for the foreseeable future, which will keep its leverage elevated. As a result of its modest scale, we believe the company will continue to undertake significant exploratory capex to increase its reserves.

   Medco Energi’s FY 2020 results were within expectations. The company’s earnings were only modestly impacted by the oil price crash, thanks to Medco's use of fixed-price gas contracts and hedging. Net debt improved marginally on account of its equity issuances.    Looking ahead, we foresee that Medco’s EBITDA margin will improve slightly in FY 2021, given the recent recovery in oil prices. That said, we expect FCF to remain negative for the foreseeable future, which will keep its leverage elevated. As a result of its modest scale, we believe the company will continue to undertake significant exploratory capex to increase its reserves. 

Medco Energi - Earnings Flash - FY 2020 Results - Lucror Analytics

Indonesia

PT Medco Energi Internasional Tbk is an integrated energy company. The Company explores for and produces oil and gas both in Indonesia and internationally, operates gas-fired power plants in Panaran I, Batam Island, and develops renewable fuels such as Bio-fuel.

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Medco Energi (MEDC IJ)

Morning Views Asia: ABM Investama, Evergrande Real Estate Group, Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Chinese Company Liquidation Regime Revisited - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent...

Lucror Analytics

Asia HY Trade Book - June 2021 - Lucror Analytics

The Asia HY Trade Book for the month of June includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Morning Views Asia: Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Medco Energi - Earnings Flash - FY 2020 Results - Lucror Analytics

Medco Energi’s FY 2020 results were within expectations. The company’s earnings were only modestly impacted by the oil price crash, thanks to...

Lucror Analytics

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