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

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2019 - 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.

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. 

Lucror Analytics - Morning Views Asia - 20 Aug 2019

Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was still fairly strong thanks to the company's presence in mainly high-tier cities. Financial metrics weakened slightly, with Revenue/Debt of 74% (FY 2018: 88%), Net Debt/Adjusted Inventory of 83% (FYE 2018: 74%) and EBITDA/Interest of 5.8x (FY 2018: 6.6x). Liquidity remains adequate, with the cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which we estimate to cover one-third of interest expenses. Road King’s disclosures are poorer than those of its peers. That said, the company will provide more details when it publishes its interim report.

   Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was still fairly strong thanks to the company's presence in mainly high-tier cities. Financial metrics weakened slightly, with Revenue/Debt of 74% (FY 2018: 88%), Net Debt/Adjusted Inventory of 83% (FYE 2018: 74%) and EBITDA/Interest of 5.8x (FY 2018: 6.6x).    Liquidity remains adequate, with the cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which we estimate to cover one-third of interest expenses.    Road King’s disclosures are poorer than those of its peers. That said, the company will provide more details when it publishes its interim report. 

Road King - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for July includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for July includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

Hong Kong

Road King Infrastructure is an investment holding company that develops, operates, and manages property projects and toll roads. It focuses on residential and commercial property development and sales in Mainland China and Hong Kong, alongside investing in and operating expressways in Mainland China and Indonesia. The company was founded in 1994 and is headquartered in Tsim Sha Tsui, Hong Kong.

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Road King Infrastructure (1098 HK)

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 20 Aug 2019

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

Lucror Analytics

Road King - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was...

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for July includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

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