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

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 - 14 Feb 2019

Trung Nguyen

Azure Power’s Q3/18-19 results were better than expected, especially after a soft Q2, with a y-o-y surge in revenue and earnings. Despite the increase in Debt/LTM EBITDA, we think the financial risk profile may have improved, based on Debt/Run-rate EBITDA. Liquidity is sound, and should suffice to fund the company's growth. Our fundamental Credit Bias remains "Stable", due to the visibility afforded by contractual cash flows. We recommend to "Hold" the AZUPOE '22s, as the Notes are fairly valued compared to Indian renewable energy peers.

   Azure Power’s Q3/18-19 results were better than expected, especially after a soft Q2, with a y-o-y surge in revenue and earnings. Despite the increase in Debt/LTM EBITDA, we think the financial risk profile may have improved, based on Debt/Run-rate EBITDA. Liquidity is sound, and should suffice to fund the company's growth.    Our fundamental Credit Bias remains "Stable", due to the visibility afforded by contractual cash flows. We recommend to "Hold" the AZUPOE '22s, as the Notes are fairly valued compared to Indian renewable energy peers. 

Azure Power - Earnings Flash - Q3 FY 2018-19 Results - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian 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” section, we look at agency ratings for Asian 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 - Agency Ratings For Asian Issuers - Lucror Analytics

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

Lucror Analytics - Morning Views Asia - 15 Nov 2018

India

Azure Power is an Indian solar power company that develops, constructs, owns, and operates utility-scale solar, wind, and hybrid power projects. The company sells energy to government utilities and independent industrial and commercial customers in India. Azure Power was founded in 2008 and is headquartered in New Delhi, India.

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Azure Power (AZREF US)

Lucror Analytics - Morning Views Asia - 14 Feb 2019

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

Lucror Analytics

Azure Power - Earnings Flash - Q3 FY 2018-19 Results - Lucror Analytics

Azure Power’s Q3/18-19 results were better than expected, especially after a soft Q2, with a y-o-y surge in revenue and earnings. Despite the...

Lucror Analytics

Asia HY Monthly - Agency Ratings For Asian Issuers - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

Asia HY Trade Recommendations - January 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 15 Nov 2018

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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P/E

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