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 discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance. 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 discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance.    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 - Corporate Governance In Chinese Companies - Lucror Analytics

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Travelsky Technology Ltd H / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/19829" target="_blank" data-smartkarma-citation="entities:19829:1">Travelsky Technology Ltd H (696 HK)</a> continues to benefit from the rising number of air travels in China. The number of passengers for both domestic and international continues to rise, hitting the all-time high that is, of course, a positive for Travelsky. The company's internal statistic desk has shown that the Chinese passengers still prefer Chinese Airlines when flying, be it domestic or international flights. Not only by the number of passengers but the growth for passengers preferring…

Travelsky Technology Ltd H (696 HK) continues to benefit from the rising number of air travels in China. The number of passengers for both domestic and international continues to rise, hitting the all-time high that is, of course, a positive for Travelsky. The company's internal statistic desk has shown that the Chinese passengers still prefer Chinese Airlines when flying, be it domestic or international flights. Not only by the number of passengers but the growth for passengers preferring…

Travelsky: Continuing Growth and Partnerships

Thematic (Sector/Industry)

In my previous note, I have written about how the new SHIA express could give <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird (BIRD IJ)</a> a run for their money. Last week, I had the opportunity to personally experience the improvement in the infrastructure condition that holds the country's back for a long time. <h2>Odd &amp; Even</h2>Despite the fact that MRT and LRT development has narrowed the road, traffic has never been better thanks to the odd and even plate number rule. The previous Jakarta governor came up with the odd-even number rule on…

In my previous note, I have written about how the new SHIA express could give Blue Bird (BIRD IJ) a run for their money. Last week, I had the opportunity to personally experience the improvement in the infrastructure condition that holds the country's back for a long time. Odd &amp; EvenDespite the fact that MRT and LRT development has narrowed the road, traffic has never been better thanks to the odd and even plate number rule. The previous Jakarta governor came up with the odd-even number rule on…

Jakarta Traffic - On the Ground Observation

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Garuda Maintenance Facility / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/25901" target="_blank" data-smartkarma-citation="entities:25901:1">Garuda Maintenance Facility (1536227D IJ)</a> is raising approximately US$419m in its upcoming IPO. Proceeds will be used to expand current capacity, repay debt, and general working capital.In this insight, we will look at the company's past performance, the Manufacturing, Repair, and Overhaul (MRO) industry, and compare it with peers in the same industry. As usual, we will also run the deal through our ECM framework.

Garuda Maintenance Facility (1536227D IJ) is raising approximately US$419m in its upcoming IPO. Proceeds will be used to expand current capacity, repay debt, and general working capital.In this insight, we will look at the company's past performance, the Manufacturing, Repair, and Overhaul (MRO) industry, and compare it with peers in the same industry. As usual, we will also run the deal through our ECM framework.

Garuda Maintenance Facility IPO - Bright Spot in a Challenging Industry

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Indonesia

PT Garuda Indonesia Persero Tbk provides airline services. The Company offers domestic and international flights, online check in, and associated services for passengers, baggage, and cargo.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Garuda Indonesia (Persero) (GIAA IJ)

Asia HY Monthly - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Travelsky: Continuing Growth and Partnerships

Travelsky Technology Ltd H (696 HK) continues to benefit from the rising number of air travels in China. The number of passengers for both domestic...

Henry Soediarko

Jakarta Traffic - On the Ground Observation

In my previous note, I have written about how the new SHIA express could give Blue Bird (BIRD IJ) a run for their money. Last week, I had the...

Henry Soediarko

Garuda Maintenance Facility IPO - Bright Spot in a Challenging Industry

Garuda Maintenance Facility (1536227D IJ) is raising approximately US$419m in its upcoming IPO. Proceeds will be used to expand current capacity,...

Zhen Zhou, Toh

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)