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.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Alam Sutera's ESG as "Adequate", albeit it is weakly positioned in this regard. While the scores for the Environmental and Social pillars are "Weak", Governance is "Adequate". Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Alam Sutera's ESG as "Adequate", albeit it is weakly positioned in this regard. While the scores for the Environmental and Social pillars are "Weak", Governance is "Adequate". Controversies are "Immaterial" and Disclosure is "Adequate". 

Alam Sutera - ESG Report - Lucror Analytics

Credit

We view Alam Sutera's (ASRI) tender offer as highly credit-negative. Noteholders which hold out would end up in a much worse position, without significant compensation. Holdouts could be left with notes that have no protective covenants, no reporting requirements, and lacking certain events of default. The proposed amendments would allow the company to act as it sees fit. That said, ASRI is still bounded by the indenture of the ASRIIJ 8.25 25, as long as these remain outstanding. We believe the development could be considered a distressed exchange by the rating agencies. We recommend that holders of the USD 2024 bonds tender their notes. We also recommend to "Hold" the USD 2025 notes.

  We view Alam Sutera's (ASRI) tender offer as highly credit-negative. Noteholders which hold out would end up in a much worse position, without significant compensation. Holdouts could be left with notes that have no protective covenants, no reporting requirements, and lacking certain events of default. The proposed amendments would allow the company to act as it sees fit. That said, ASRI is still bounded by the indenture of the ASRIIJ 8.25 25, as long as these remain outstanding. We believe the development could be considered a distressed exchange by the rating agencies.   We recommend that holders of the USD 2024 bonds tender their notes. We also recommend to "Hold" the USD 2025 notes. 

Alam Sutera - Event Flash - Tender Offer For USD 2024 Notes - Lucror Analytics

Leonard Law, CFA

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/times-china-holdings-ltd' target='_blank' rel='noopener'>Times China</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Times ChinaChina Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeand more...

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - September 2022 - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeCentral China Real Estateand more...

Indonesia

PT Alam Sutera Realty Tbk is a full service real estate company. The Company develops and manages, residential, commercial, leisure, and recreational projects.

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Alam Sutera Realty (ASRI IJ)

Alam Sutera - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Alam Sutera's ESG as...

Lucror Analytics

Alam Sutera - Event Flash - Tender Offer For USD 2024 Notes - Lucror Analytics

We view Alam Sutera's (ASRI) tender offer as highly credit-negative. Noteholders which hold out would end up in a much worse position, without...

Lucror Analytics

Weekly Wrap - 07 Oct 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Monthly - September 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Weekly Wrap - 30 Sep 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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