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 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 2020 - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. 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 look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   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 - 2019 In Review And 2020 Outlook - Lucror Analytics

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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<a href="https://www.smartkarma.com/entities/united-envirotech-ltd" target="_blank" data-smartkarma-citation="entities:36:1" rel="noopener">Citic Envirotech (CEL SP)</a> is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment, water supply and recycling. On 6 November, CKM announced a pre-conditional privatisation offer at S$0.55 per share. The Circular was released on Monday and the EGM to approve the privatisation will be held on 31 December.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/citic-envirotech-privatisation-offer-s-targeted-appeal" target="_blank" rel="noopener">our previous note</a>, we stated that our valuation analysis suggests that CKM’s offer while not a knockout bid, is worth a look for investors not willing to wait around for recovery and seeking a reasonable exit. Our view is that the IFA report is far from convincing and investors willing to take a long-term view have reasonable grounds to reject the offer. </div>

Citic Envirotech (CEL SP) is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment, water supply and recycling. On 6 November, CKM announced a pre-conditional privatisation offer at S$0.55 per share. The Circular was released on Monday and the EGM to approve the privatisation will be held on 31 December.In our previous note, we stated that our valuation analysis suggests that CKM’s offer while not a knockout bid, is worth a look for investors not willing to wait around for recovery and seeking a reasonable exit. Our view is that the IFA report is far from convincing and investors willing to take a long-term view have reasonable grounds to reject the offer. 

CITIC Envirotech: Thoughts on the IFA Report

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction revenue. The requirement for expenditure on the water sector in China remains intact and the current rating of the shares appears undemanding.

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction revenue. The requirement for expenditure on the water sector in China remains intact and the current rating of the shares appears undemanding.

China Water Affairs Group - Valuation ignoring growth potential

Hong Kong

China Water Affairs Group Limited, through its subsidiaries, supplies city water and sewage treatment.  The Company supplies raw water and tap water, treats sewage, constructs water supply pipe networks, and installs water meters.

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China Water Affairs (855 HK)

Asia HY Trade Recommendations - January 2020 - 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

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

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

Lucror Analytics

CITIC Envirotech: Thoughts on the IFA Report

Citic Envirotech (CEL SP) is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment,...

Arun George

China Water Affairs Group - Valuation ignoring growth potential

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction...

Edison Investment Research

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