Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

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

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.

  In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.   In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market. 

Asia Monthly - August 2024 In Review - Lucror Analytics

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>On the back of a drop in chicken prices in 3Q24, the poultry sector has underperformed since the end of Jul24.</li><li>We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.</li><li>We maintain our Overweight rating given: 1) robust FY24-25 earnings growth, 2) mild fund positioning, and 3) cheap valuations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On the back of a drop in chicken prices in 3Q24, the poultry sector has underperformed since the end of Jul24.We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.We maintain our Overweight rating given: 1) robust FY24-25 earnings growth, 2) mild fund positioning, and 3) cheap valuations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Poultry: Concern on Low Livebird Prices Is Overdone

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 249% versus MSCI ASEAN’s 39%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 249% versus MSCI ASEAN’s 39%


External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Japfa Comfeed Indonesia / Equity Bottom-Up

<ul><li>JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with a run-rate of 79.6%/98.7% of FY24E targets.</li><li>We revisited JPFA’s mid-downstream facilities in Tangerang, Banten, specifically Ciomas Commercial Farm (CCF) and PT So Good Food (SGF).</li><li>Assuming a density of 16 live birds per square meter and a 1% mortality rate, we estimate that the Tangerang CCF contributes 1-2% of Banten's total live bird production.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with a run-rate of 79.6%/98.7% of FY24E targets.We revisited JPFA’s mid-downstream facilities in Tangerang, Banten, specifically Ciomas Commercial Farm (CCF) and PT So Good Food (SGF).Assuming a density of 16 live birds per square meter and a 1% mortality rate, we estimate that the Tangerang CCF contributes 1-2% of Banten's total live bird production.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA IJ - MNC Sekuritas Equity Report August 23, 2024

<ul><li>JPFA delivered 1H24 earnings beat as earnings momentum continued in 2Q24 (+145% yoy, +23% qoq), supported by higher margin.</li><li>The improving margin in 2Q24 was driven by lower feed costs(both corn and SBM) and higher prices for LB and DOC.</li><li>We maintain our Buy rating with a higher TP of Rp2,200 as we raise our FY24-25F est. by 24%-9% due to higher ASP and lower costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA delivered 1H24 earnings beat as earnings momentum continued in 2Q24 (+145% yoy, +23% qoq), supported by higher margin.The improving margin in 2Q24 was driven by lower feed costs(both corn and SBM) and higher prices for LB and DOC.We maintain our Buy rating with a higher TP of Rp2,200 as we raise our FY24-25F est. by 24%-9% due to higher ASP and lower costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japfa Comfeed Indonesia - 2Q24 Earnings Momentum Continued, Supported by Higher Margin

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Asia Monthly - August 2024 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also...

Lucror Analytics

Poultry: Concern on Low Livebird Prices Is Overdone

We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.

BRI Danareksa Research

The Stocks to Own in ASEAN – Vol. 48

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added...

A. Stotz Investment Research

JPFA IJ - MNC Sekuritas Equity Report August 23, 2024

JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with...

MNC Sekuritas

Japfa Comfeed Indonesia - 2Q24 Earnings Momentum Continued, Supported by Higher Margin

JPFA delivered 1H24 earnings beat as earnings momentum continued in 2Q24 (+145% yoy, +23% qoq), supported by higher margin.

BRI Danareksa Research

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