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.

Credit

Anton Oilfield’s FY 2018 results were healthy, thanks to continued y-o-y growth in revenue (+33%) and EBITDA (+34%). Leverage metrics improved to manageable levels, with Debt/EBITDA at 3.5x and Net Debt/EBITDA at 2.7x. FCF generation was positive. The order book remained robust, offering a good base for future earnings growth. We expect the financial profile to continue improving gradually in the absence of major acquisitions, with refinancing risk to remain manageable. Anton has high exposure to geopolitical risk in Iraq and the Middle East. That said, the risk is mitigated by insurance arrangements for the Iraqi project. We view positively the company’s exposure to developments in China’s shale gas industry.

   Anton Oilfield’s FY 2018 results were healthy, thanks to continued y-o-y growth in revenue (+33%) and EBITDA (+34%). Leverage metrics improved to manageable levels, with Debt/EBITDA at 3.5x and Net Debt/EBITDA at 2.7x. FCF generation was positive.    The order book remained robust, offering a good base for future earnings growth. We expect the financial profile to continue improving gradually in the absence of major acquisitions, with refinancing risk to remain manageable.    Anton has high exposure to geopolitical risk in Iraq and the Middle East. That said, the risk is mitigated by insurance arrangements for the Iraqi project. We view positively the company’s exposure to developments in China’s shale gas industry. 

Anton Oilfield - Earnings Flash - FY 2018 Results - Lucror Analytics

Leonard Law, CFA

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage. 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 "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage.    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 "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

Investor sentiment remained healthy in February after strong returns in January. Interestingly, this is against a backdrop of increasing uncertainty, with debt growing in China; UK potentially leaving the EU; slow growth in the eurozone, Japan, China and Korea; weak growth in emerging markets; rising geopolitical tensions; and paralysis in the US on basic policy fixes.

Investor sentiment remained healthy in February after strong returns in January. Interestingly, this is against a backdrop of increasing uncertainty, with debt growing in China; UK potentially leaving the EU; slow growth in the eurozone, Japan, China and Korea; weak growth in emerging markets; rising geopolitical tensions; and paralysis in the US on basic policy fixes.

Asia HY Monthly – Oil & Gas Review (February 2019)

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 - 22 Feb 2019

China

Anton Oilfield Services Group provides onshore oilfield services and products. The Company provides oilfield services and products in the areas of well, drilling, production, and field services.

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Anton Oilfield (3337 HK)

Anton Oilfield - Earnings Flash - FY 2018 Results - Lucror Analytics

Anton Oilfield’s FY 2018 results were healthy, thanks to continued y-o-y growth in revenue (+33%) and EBITDA (+34%). Leverage metrics improved to...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

Asia HY Monthly – Oil & Gas Review (February 2019)

Investor sentiment remained healthy in February after strong returns in January. Interestingly, this is against a backdrop of increasing...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 22 Feb 2019

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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