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 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

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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 agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 (2019) - Lucror Analytics

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

<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. Last night, CKM announced a pre-conditional privatisation offer at S$0.55 per share. <div class="content-highlight">At first glance, the offer price which represents a 69% and 66% premium to the 3-month and 6-month VWAP respectively, seems attractive. Overall, 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. </div>

Citic Envirotech (CEL SP) is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment, water supply and recycling. Last night, CKM announced a pre-conditional privatisation offer at S$0.55 per share. At first glance, the offer price which represents a 69% and 66% premium to the 3-month and 6-month VWAP respectively, seems attractive. Overall, 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. 

CITIC Envirotech Privatisation Offer’s Targeted Appeal

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 - 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

Asia HY Monthly - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index...

Lucror Analytics

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

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

Lucror Analytics

CITIC Envirotech Privatisation Offer’s Targeted Appeal

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

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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