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

KIJA’s 9M/20 results were much better than expected, thanks to exceptionally strong performance for the Land for Development & Property Pillar despite the weak marketing sales. Revenue and earnings grew significantly, while recurring EBITDA from the Infrastructure Pillar was stable. Cash flows were strong, with large positive free cash flow. The financial risk profile improved on the strong earnings growth, though it remained fairly aggressive. This is mitigated by the company’s sound liquidity and lack of major debt maturities until 2023.

  KIJA’s 9M/20 results were much better than expected, thanks to exceptionally strong performance for the Land for Development & Property Pillar despite the weak marketing sales. Revenue and earnings grew significantly, while recurring EBITDA from the Infrastructure Pillar was stable. Cash flows were strong, with large positive free cash flow. The financial risk profile improved on the strong earnings growth, though it remained fairly aggressive. This is mitigated by the company’s sound liquidity and lack of major debt maturities until 2023. 

Jababeka - Earnings Flash - 9M FY 2020 Results - Lucror Analytics

Leonard Law, CFA

In this month’s “In-Focus” section, we provide an update to our 2018 analysis of returns and volatility for unrated Chinese issuers. Since our first report, the number of such issuers has increased notably. At the same time, with the Lucror Chinese Industrial index having run since 1 January 2018, we can now better compare the unrated issuers' performance relative to peers. 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 to our 2018 analysis of returns and volatility for unrated Chinese issuers. Since our first report, the number of such issuers has increased notably. At the same time, with the Lucror Chinese Industrial index having run since 1 January 2018, we can now better compare the unrated issuers' performance relative to peers.   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 - Returns And Volatility For Unrated Chinese Issuers (2020) - Lucror Analytics

The Asia HY Trade Book for the month of October 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 October 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 - October 2020 - Lucror Analytics

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Kawasan Industri Jababeka / Equity Bottom-Up

In our next Corporate Webinar, <a href="https://www.smartkarma.com/entities/kawasan-industri-jababeka-tbk-pt" target="_blank" data-smartkarma-citation="entities:7755:1" rel="noopener">Kawasan Industri Jababeka (KIJA IJ)</a>'s Head of Investor Relations, <a href="https://www.smartkarma.com/profiles/tim-beekelaar" target="_blank" rel="noopener">Tim Beekelaar</a> will share some company updates during a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/derek-silva" target="_blank" rel="noopener">Derek Silva</a>. 
Every week, Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.
<h3>This Corporate Webinar was hosted on Tuesday, 20/October/2020, 5:00PM SGT/HKT.<a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89512497587" target="_blank" rel="noopener"></a>
</h3>

Watch the webinar recording:
<iframe src="https://www.youtube.com/embed/J3sfcJYOccQ" width="560" height="315" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe>

In our next Corporate Webinar, Kawasan Industri Jababeka (KIJA IJ)'s Head of Investor Relations, Tim Beekelaar will share some company updates during a fireside chat with Smartkarma Insight Provider, Derek Silva. 
Every week, Corporate Webinars by Smartkarma Corporate Solutions feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.
This Corporate Webinar was hosted on Tuesday, 20/October/2020, 5:00PM SGT/HKT.


Watch the webinar recording:


Smartkarma Corporate Webinar | Jababeka: Real Estate & Infrastructure Portfolio Update

In this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a limited basis. We also look at the context for the policy’s introduction and its implications on credit access for industry players at large.  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 consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a limited basis. We also look at the context for the policy’s introduction and its implications on credit access for industry players at large.    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 - China's Three Red Lines - Lucror Analytics

Indonesia

PT Kawasan Industri Jababeka Tbk is a leading integrated industry-based township developer in Indonesia. The company's core business involves developing industrial, residential, and commercial real estate, complemented by infrastructure and estate management services. Key products and services include industrial estates, residential and commercial properties, power generation, water and wastewater treatment, and dry port facilities. The company was established in 1989 and is headquartered in Bekasi, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kawasan Industri Jababeka (KIJA IJ)

Jababeka - Earnings Flash - 9M FY 2020 Results - Lucror Analytics

KIJA’s 9M/20 results were much better than expected, thanks to exceptionally strong performance for the Land for Development & Property...

Lucror Analytics

Asia HY Monthly - Returns And Volatility For Unrated Chinese Issuers (2020) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update to our 2018 analysis of returns and volatility for unrated Chinese issuers. Since our...

Lucror Analytics

Asia HY Trade Book - October 2020 - Lucror Analytics

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

Lucror Analytics

Smartkarma Corporate Webinar | Jababeka: Real Estate & Infrastructure Portfolio Update

Kawasan Industri Jababeka (KIJA IJ)'s Head of Investor Relations, Tim Beekelaar will share some company updates during a fireside chat with...

Smartkarma Research

Asia HY Monthly - China's Three Red Lines - Lucror Analytics

In this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)