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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, SK Hynix, Meituan, Pakuwon Jati, Nissan Motor</li>
<li>UST yields were little changed yesterday, with little response to a soft auction of 7Y notes. The market focus will be on the FOMC rate decision today, with the Fed largely expected to reduce rates by another 25 bps.</li>
<li>Equities notched fresh record highs, supported by expectations of strong Q3/25 earnings from major tech firms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, SK Hynix, Meituan, Pakuwon Jati, Nissan Motor
UST yields were little changed yesterday, with little response to a soft auction of 7Y notes. The market focus will be on the FOMC rate decision today, with the Fed largely expected to reduce rates by another 25 bps.
Equities notched fresh record highs, supported by expectations of strong Q3/25 earnings from major tech firms.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas</li>
<li>UST yields fell yesterday, led by the front end, despite a soft auction of 5Y notes (which tailed by 0.7 bps). The UST curve bullsteepened, with the yield on the 2Y UST falling 7 bps to 3.61%, while the yield on the 10Y UST declined 3 bps to 4.24%. Equities ended higher, ahead of Nvidia’s Q2/25 results release (out after the market closed). The S&amp;P 500 and Nasdaq were both up 0.2% at 6,481 and 21,590, respectively.</li>
<li>New York Fed President John Williams said that the current rates are “modestly restrictive”, which means the US central bank could “reduce interest rates and still be somewhat restrictive going forward, but again, we’re going to have to figure out exactly what’s happening in the economy”.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas
UST yields fell yesterday, led by the front end, despite a soft auction of 5Y notes (which tailed by 0.7 bps). The UST curve bullsteepened, with the yield on the 2Y UST falling 7 bps to 3.61%, while the yield on the 10Y UST declined 3 bps to 4.24%. Equities ended higher, ahead of Nvidia’s Q2/25 results release (out after the market closed). The S&amp;P 500 and Nasdaq were both up 0.2% at 6,481 and 21,590, respectively.
New York Fed President John Williams said that the current rates are “modestly restrictive”, which means the US central bank could “reduce interest rates and still be somewhat restrictive going forward, but again, we’re going to have to figure out exactly what’s happening in the economy”.


<ul>
<li>COG has reported largely stable FY 2024 results, with gross profit and EBITDA growing despite a lower top line.</li>
<li>Consolidated leverage improved, supported by the stronger earnings and cash flows.</li>
<li>Liquidity at the holdco level remains adequate.</li>
</ul>


COG has reported largely stable FY 2024 results, with gross profit and EBITDA growing despite a lower top line.
Consolidated leverage improved, supported by the stronger earnings and cash flows.
Liquidity at the holdco level remains adequate.


China Oil & Gas - Earnings Flash - FY 2024 Results - Lucror Analytics

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.</li>
<li>We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.</li>
</ul>


CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.


Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations

Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil &amp; Gas, Biocon Biologics</li>
<li>In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.</li>
<li>Separately, the S&amp;P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil &amp; Gas, Biocon Biologics
In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.
Separately, the S&amp;P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).


Hong Kong

China Oil and Gas Group Ltd. is engaged in the investments in, and the operation and management of the natural gas and energy related business. Gas operations include city piped gas business, natural gas vehicle refilling stations, pipeline construction and operation, as well as transportation, delivery and distribution of compressed natural gas (CNG) and liquefied natural gas (LNG).

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China Oil And Gas (603 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas, SK Hynix, Meituan,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas UST yields fell...

Lucror Analytics

China Oil & Gas - Earnings Flash - FY 2024 Results - Lucror Analytics

COG has reported largely stable FY 2024 results, with gross profit and EBITDA growing despite a lower top line. Consolidated leverage improved,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas, SK Hynix, Meituan,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas UST yields fell...

Lucror Analytics

China Oil & Gas - Earnings Flash - FY 2024 Results - Lucror Analytics

COG has reported largely stable FY 2024 results, with gross profit and EBITDA growing despite a lower top line. Consolidated leverage improved,...

Lucror Analytics

Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations

Most of the final expected ADDs/DELs were flagged by us in January 2025. These esoteric index flow considerations could be useful for China-focused...

Janaghan Jeyakumar, CFA

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta...

Lucror Analytics