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

Azure Power’s Q3/20-21 results were acceptable from a credit perspective. The disappointing miss in earnings was non-cash in nature (due to stock compensation expenses followed the sharp increase in the stock price). The other major negative development was the status of the 4 GW project, which would enhance the company's equity value. From a credit perspective, the financial risk profile is stable or improving based on management’s preferred ratio, Net Debt/LTM EBITDA for operating assets. The delay in the 4 GW project does not affect the credit profile, as the company would have to take on significantly more debt to develop the project. While liquidity remains weak, we note the continued support from controlling shareholder CPDQ.

  Azure Power’s Q3/20-21 results were acceptable from a credit perspective. The disappointing miss in earnings was non-cash in nature (due to stock compensation expenses followed the sharp increase in the stock price). The other major negative development was the status of the 4 GW project, which would enhance the company's equity value. From a credit perspective, the financial risk profile is stable or improving based on management’s preferred ratio, Net Debt/LTM EBITDA for operating assets. The delay in the 4 GW project does not affect the credit profile, as the company would have to take on significantly more debt to develop the project. While liquidity remains weak, we note the continued support from controlling shareholder CPDQ. 

Azure Power - Earnings Flash - Q3 FY 2020-21 Results - Lucror Analytics

Leonard Law, CFA

In this month's “In-Focus”, we look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year, with a substantial share of them being SOEs. We review broader trends as well as select cases, and discuss our takeaways on how best to asses the credit profiles of Chinese issuers. 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”, we look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year, with a substantial share of them being SOEs. We review broader trends as well as select cases, and discuss our takeaways on how best to asses the credit profiles of Chinese issuers.   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 - USD Bond Defaults In China - Lucror Analytics

The Asia HY Trade Book for the month of January includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of January includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - January 2021 - Lucror Analytics

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.  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.

  This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.    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 - 2020 In Review And 2021 Outlook - 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-28320'>Azure Power Global Ltd</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.Azure Power Global LtdSirtex Medical

Morning Views Asia: Azure Power Global Ltd, Sirtex Medical

India

Azure Power Global Limited operates as an independent solar power producer. The Company designs, constructs, maintains, and operates solar energy projects. Azure Power Global serves customers worldwide.

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Azure Power Global Ltd (AZRE US)

Azure Power - Earnings Flash - Q3 FY 2020-21 Results - Lucror Analytics

Azure Power’s Q3/20-21 results were acceptable from a credit perspective. The disappointing miss in earnings was non-cash in nature (due to stock...

Lucror Analytics

Asia HY Monthly - USD Bond Defaults In China - Lucror Analytics

In this month's “In-Focus”, we look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year,...

Lucror Analytics

Asia HY Trade Book - January 2021 - Lucror Analytics

The Asia HY Trade Book for the month of January includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Asia HY Monthly - 2020 In Review And 2021 Outlook - Lucror Analytics

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead. ...

Lucror Analytics

Morning Views Asia: Azure Power Global Ltd, Sirtex Medical

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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