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 Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for June 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for June 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - June 2023 - Lucror Analytics

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting</li>
<li>FTA is making good progress on promoting its automated freight matching service</li>
<li>But other changes will require more time, and investors are impatient</li>
</ul>


Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting
FTA is making good progress on promoting its automated freight matching service
But other changes will require more time, and investors are impatient


Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

The Europe HY Trade Book for March 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for March 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - March 2023 - Lucror Analytics

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Recent pullback of <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a> has made this China's tourism recovery play even more attractive.  Since end-Feb, consensus earnings forecasts have been upgraded by 19-20%.</li>
<li>It is best positioned to capture the revival in China's domestic and outbound travels. Forward booking data has pointed to very solid momentum over the next few months.</li>
<li>We anticipate good margin expansion going forward, and its resilient financial position provides opportunities for value-enhancing M&amp;As. These all justify a premium valuation over peers. </li>
</ul>


Recent pullback of Trip.com (9961 HK) has made this China's tourism recovery play even more attractive.  Since end-Feb, consensus earnings forecasts have been upgraded by 19-20%.
It is best positioned to capture the revival in China's domestic and outbound travels. Forward booking data has pointed to very solid momentum over the next few months.
We anticipate good margin expansion going forward, and its resilient financial position provides opportunities for value-enhancing M&amp;As. These all justify a premium valuation over peers. 


Trip.com (9961 HK): The Best Is yet to Come

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

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Expedia Group, Inc. (EXPE US)

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - June 2023 - Lucror Analytics

The Europe HY Trade Book for June 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Despite solid revenue growth and rising profitability in Q1, investors focused on unexciting Q2 guidance. In this note we highlight some...

Tracking Traffic

Europe HY Trade Book - March 2023 - Lucror Analytics

The Europe HY Trade Book for March 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Trip.com (9961 HK): The Best Is yet to Come

Trip.com is best positioned to capture revival in China's domestic and outbound travels. Booking data pointed to good forward momentum, and recent...

Osbert Tang, CFA

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52-week Range

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