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 spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - 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-27942'>Agility</a></li><li><a href='#lucror-entity-942'>Car Inc</a></li><li><a href='#lucror-entity-26799'>Future Retail</a></li><li><a href='#lucror-entity-10454'>Glenmark Pharmaceuticals</a></li><li><a href='#lucror-entity-20844'>Medco Energi</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.AgilityCar IncFuture RetailGlenmark PharmaceuticalsMedco Energi

Morning Views Asia: Agility, Car Inc, Future Retail, Glenmark Pharmaceuticals, Medco Energi

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and 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 March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

Trung Nguyen

Glenmark Pharmaceuticals’ Q3/19-20? results were again disappointing. Growth was more sluggish than expected, especially with the sharp slowdown in the US only partly offset by stronger-than-expected sales in India. Furthermore, not all was positive in India, where the consumer care business decelerated significantly, perhaps due to the weak economy. We note that Glenmark has consistently missed guidance in key areas since its USD '21 bond issuance: revenue growth, profitability and deleveraging, despite a two-decade-long record of growth. Positively, the financial risk profile remains stable, with stable earnings and a small decrease in debt. Liquidity is weak, as the company will face large debt maturities in the next 1.5 years. This would improve if the company is successful in issuing new USD 200 mn Notes to refinance the existing USD 200 mn 2021 Notes (maturing August 2021).

  Glenmark Pharmaceuticals’ Q3/19-20? results were again disappointing. Growth was more sluggish than expected, especially with the sharp slowdown in the US only partly offset by stronger-than-expected sales in India. Furthermore, not all was positive in India, where the consumer care business decelerated significantly, perhaps due to the weak economy. We note that Glenmark has consistently missed guidance in key areas since its USD '21 bond issuance: revenue growth, profitability and deleveraging, despite a two-decade-long record of growth. Positively, the financial risk profile remains stable, with stable earnings and a small decrease in debt. Liquidity is weak, as the company will face large debt maturities in the next 1.5 years. This would improve if the company is successful in issuing new USD 200 mn Notes to refinance the existing USD 200 mn 2021 Notes (maturing August 2021). 

Glenmark Pharmaceuticals - Earnings Flash - Q3 FY 2019-20 Results - Lucror Analytics

India

Glenmark Pharmaceuticals Limited is an Indian multinational pharmaceutical company that develops, manufactures, and markets branded and generic formulations, active pharmaceutical ingredients (APIs), and over-the-counter (OTC) products. The company focuses on therapeutic areas including respiratory, dermatology, and oncology, with products such as Ryaltris, Winlevi, and Candid. It was founded in 1977 and is headquartered in Mumbai, India.

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Glenmark Pharmaceuticals (GNP IN)

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Morning Views Asia: Agility, Car Inc, Future Retail, Glenmark Pharmaceuticals, Medco Energi

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

Lucror Analytics

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Glenmark Pharmaceuticals - Earnings Flash - Q3 FY 2019-20 Results - Lucror Analytics

Glenmark Pharmaceuticals’ Q3/19-20? results were again disappointing. Growth was more sluggish than expected, especially with the sharp slowdown...

Lucror Analytics

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