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 the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

Trung Nguyen

Alam Suteraâ€™s FY 2019 resultsآ were better than expected and much stronger than the 9Mآ figures, thanks toآ the exceptional Q4, which saw a large land sale transaction to CFLD. That said, the financial risk profile continued to deteriorate, and liquidity is weak on account of the large debt maturities coming up in April 2021 and March 2022. We believeآ the company should be able to refinance the USD 2021 Notes when they come due, but the USD 370 mn 2022 Notes will remain a major challenge. آ

  Alam Suteraâ€™s FY 2019 resultsآ were better than expected and much stronger than the 9Mآ figures, thanks toآ the exceptional Q4, which saw a large land sale transaction to CFLD. That said, the financial risk profile continued to deteriorate, and liquidity is weak on account of the large debt maturities coming up in April 2021 and March 2022. We believeآ the company should be able to refinance the USD 2021 Notes when they come due, but the USD 370 mn 2022 Notes will remain a major challenge. آ  

Alam Sutera - Earnings Flash - FY 2019 Results - 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.<ul><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-15142'>Pan Brothers</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</a></li></ul>

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.Alam Sutera RealtyPan BrothersSirtex Medical

Morning Views Asia: Alam Sutera Realty, Pan Brothers, Sirtex Medical

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - 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.<ul><li><a href='#lucror-entity-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li><li><a href='#lucror-entity-3474'>Yuzhou Properties Co</a></li></ul>

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.361 Degrees InternationalAlam Sutera RealtyGajah TunggalIndika EnergyWynn Macau LtdYuzhou Properties Co

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Gajah Tunggal, Indika Energy

Indonesia

Alam Sutera Realty Tbk is an Indonesia-based integrated property developer focused on residential, commercial, and mixed-use developments, including shopping centers, recreational areas, and hotels. The company's core activities involve the construction and management of these properties, with significant projects in areas like Serpong and Tangerang. It was founded in 1993 and is headquartered in Jakarta, Indonesia.

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Alam Sutera Realty (ASRI IJ)

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Alam Sutera - Earnings Flash - FY 2019 Results - Lucror Analytics

Alam Suteraâ€™s FY 2019 resultsآ were better than expected and much stronger than the 9Mآ figures, thanks toآ the exceptional Q4, which saw a...

Lucror Analytics

Morning Views Asia: Alam Sutera Realty, Pan Brothers, Sirtex Medical

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

Lucror Analytics

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Gajah Tunggal, Indika Energy

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

Lucror Analytics

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