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

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full coverage. 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 provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full coverage.   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 - Chinese Property Update (2021) - Lucror Analytics

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.<ul><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li></ul>

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.Gajah Tunggal

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.<ul><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-8071'>Guorui Properties</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li></ul>

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.Gajah TunggalGuorui PropertiesSunac China Holdings

Morning Views Asia: Gajah Tunggal, Guorui Properties, Sunac China Holdings

Gajah Tunggal’s Q4 and FY 2020 results were stronger than expected, aided by significant margin improvement even as revenue continued to slump. The company generated robust free cash flows, which were used towards debt repayment. As a result, leverage improved, reaching a moderately healthy level. In our view, Gajah Tunggal’s earnings recovery will reduce downside pressure on the bonds, and has significantly increased its ability to refinance the existing Notes. It remains uncertain whether the company will be able to issue new Notes, given the severely weakened financing environment for Indonesian issuers. Nevertheless, it seems to retain access to banking facilities, having established firm plans to refinance the senior secured loans.  We revise our recommendation on the GJTLIJ Notes to “Hold” from “Not Recommended”, as we believe the refinancing risk has lessened.

  Gajah Tunggal’s Q4 and FY 2020 results were stronger than expected, aided by significant margin improvement even as revenue continued to slump. The company generated robust free cash flows, which were used towards debt repayment. As a result, leverage improved, reaching a moderately healthy level.   In our view, Gajah Tunggal’s earnings recovery will reduce downside pressure on the bonds, and has significantly increased its ability to refinance the existing Notes. It remains uncertain whether the company will be able to issue new Notes, given the severely weakened financing environment for Indonesian issuers. Nevertheless, it seems to retain access to banking facilities, having established firm plans to refinance the senior secured loans.    We revise our recommendation on the GJTLIJ Notes to “Hold” from “Not Recommended”, as we believe the refinancing risk has lessened. 

Gajah Tunggal - Earnings Flash - FY 2020 Results - Lucror Analytics

In this month's “In-Focus”, we update our study of 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 update our study of 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 - Asian HY Ratings Transition Study - Lucror Analytics

Indonesia

PT Gajah Tunggal Tbk manufactures goods made of rubber, primarily tires and tubes for vehicles. Through its subsidiaries, the Company also manufactures nylon cords, polyesters, ethylene glycol, petrochemical, nylon filament yarns, polyester-chips as raw material for nylon cords and tire yarns as well as synthetic rubber and rims. Gajah Tunggal also trades car accessories.

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Gajah Tunggal (GJTL IJ)

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory...

Lucror Analytics

Morning Views Asia: Gajah Tunggal

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

Lucror Analytics

Morning Views Asia: Gajah Tunggal, Guorui Properties, Sunac China Holdings

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

Lucror Analytics

Gajah Tunggal - Earnings Flash - FY 2020 Results - Lucror Analytics

Gajah Tunggal’s Q4 and FY 2020 results were stronger than expected, aided by significant margin improvement even as revenue continued to slump....

Lucror Analytics

Asia HY Monthly - Asian HY Ratings Transition Study - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror...

Lucror Analytics

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