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

Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT</li>
<li>UST yields fell 3-7 bps yesterday, as treasuries rallied following the weak December retail sales figures. The UST curve bull flattened, with the yield on the 2Y UST dropping 3 bps to 3.45%, while that on the 10Y UST was down 6 bps at 4.14%.</li>
<li>Equities retreated, led by weakness in tech names, amid concerns over the impact of AI disruption on traditional software firms. The S&amp;P 500 slipped 0.3% to 6,942, while the Nasdaq declined 0.6% to 23,102.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT
UST yields fell 3-7 bps yesterday, as treasuries rallied following the weak December retail sales figures. The UST curve bull flattened, with the yield on the 2Y UST dropping 3 bps to 3.45%, while that on the 10Y UST was down 6 bps at 4.14%.
Equities retreated, led by weakness in tech names, amid concerns over the impact of AI disruption on traditional software firms. The S&amp;P 500 slipped 0.3% to 6,942, while the Nasdaq declined 0.6% to 23,102.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports</li>
<li>The US software sector sold off overnight, weighing on the S&amp;P 500 (-0.8%) and Nasdaq (-1.4%), driven by a new AI automation tool which sparked fears of disruption.</li>
<li>Brent rose 1.6% to c. USD 68/bl on Tuesday, as geopolitical tensions resurfaced following the US downing of an Iranian drone near an American aircraft carrier in the Arabian Sea.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
The US software sector sold off overnight, weighing on the S&amp;P 500 (-0.8%) and Nasdaq (-1.4%), driven by a new AI automation tool which sparked fears of disruption.
Brent rose 1.6% to c. USD 68/bl on Tuesday, as geopolitical tensions resurfaced following the US downing of an Iranian drone near an American aircraft carrier in the Arabian Sea.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &amp; Lifescapes</li>
<li>The UST curve twisted steeper around the 10Y on Friday, after US President Donald Trump confirmed Kevin Warsh as his choice for the next Fed Chairman. The steepening move came as the market priced in slightly more Fed easing, while the long end was pressured by Mr Warsh’s preference against the Fed expanding its balance sheet.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.52%, while that on the 10Y UST was stable at 4.24%. The yield on the 30Y UST was up 2 bps at 4.87%. Equities slid alongside a sell-off in previous metals. The S&amp;P 500 and Nasdaq were down 0.4% and 0.9% at 6,939 and 23,462, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &amp; Lifescapes
The UST curve twisted steeper around the 10Y on Friday, after US President Donald Trump confirmed Kevin Warsh as his choice for the next Fed Chairman. The steepening move came as the market priced in slightly more Fed easing, while the long end was pressured by Mr Warsh’s preference against the Fed expanding its balance sheet.
The yield on the 2Y UST fell 4 bps to 3.52%, while that on the 10Y UST was stable at 4.24%. The yield on the 30Y UST was up 2 bps at 4.87%. Equities slid alongside a sell-off in previous metals. The S&amp;P 500 and Nasdaq were down 0.4% and 0.9% at 6,939 and 23,462, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports</li>
<li>UST yields rose led by the front end, following the release of lower-than-expected weekly jobless claims data as well as stronger-thanexpected Empire Manufacturing and Philadelphia Fed surveys.</li>
<li>The UST curve bear flattened, with the yield on the 2Y UST rising 5 bps to 3.57% and that on the 10Y UST increasing 4 bps to 4.17%. Equities recovered after two days of declines, with the S&amp;P 500 and Nasdaq up 0.3% and 0.2%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
UST yields rose led by the front end, following the release of lower-than-expected weekly jobless claims data as well as stronger-thanexpected Empire Manufacturing and Philadelphia Fed surveys.
The UST curve bear flattened, with the yield on the 2Y UST rising 5 bps to 3.57% and that on the 10Y UST increasing 4 bps to 4.17%. Equities recovered after two days of declines, with the S&amp;P 500 and Nasdaq up 0.3% and 0.2%, respectively.


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.</li>
<li>The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.</li>
<li>We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.</li>
</ul>


Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.
The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.
We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.


Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

India

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

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Adani Ports & Special Economic Zone (ADSEZ IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports The US software sector sold off...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports UST yields rose led by the front...

Lucror Analytics

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports The US software sector sold off...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports UST yields rose led by the front...

Lucror Analytics

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

​Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...

Manishi Raychaudhuri

Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...