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

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.

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. 

Lucror Analytics - Morning Views Asia - 03 Dec 2018

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Natural Food International / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27809" target="_blank" data-smartkarma-citation="entities:27809:1">Natural Food International H (1837 HK)</a> plans to raise up to US$113m in its Hong Kong IPO. The company owns a reputed brand and its products are well liked. I was able to try one of the products and check the reviews of few others on the online sites. 
However, revenue growth has been driven mostly by store openings as same-store sales growth (SSSG) appears to be stagnant. In addition, there are a host of related party transactions from key supplier to speciality store operations, which will continue to remain a worry.

Natural Food International H (1837 HK) plans to raise up to US$113m in its Hong Kong IPO. The company owns a reputed brand and its products are well liked. I was able to try one of the products and check the reviews of few others on the online sites. 
However, revenue growth has been driven mostly by store openings as same-store sales growth (SSSG) appears to be stagnant. In addition, there are a host of related party transactions from key supplier to speciality store operations, which will continue to remain a worry.

Natural Food IPO - Quick Take - Network Expansion Can Only Go so Far, SSSG Might Have Turned -Ve

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

Lucror Analytics - Morning Views Asia - 31 Oct 2018

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul class="">
<li>Jack Ma plans to resign as the chairman of Alibaba Group after one year from now.</li>
<li>We believe Jack Ma has to do so due to the poor relationship between AliPay and the People's Bank of China (PBOC).</li>
<li>We believe Jack Ma hopes to ease the relationship with PBOC within one year.</li>
</ul>


Jack Ma plans to resign as the chairman of Alibaba Group after one year from now.
We believe Jack Ma has to do so due to the poor relationship between AliPay and the People's Bank of China (PBOC).
We believe Jack Ma hopes to ease the relationship with PBOC within one year.


Alibaba (BABA): Jack Ma’s Retirement Plan - Wants to or Has To?

Hong Kong

Health and Happiness (H&H) is a global family nutrition company that manufactures and sells premium nutrition and wellness products across adult, baby, and pet segments. Its offerings include infant formulas, probiotic supplements, vitamins, health supplements, and pet nutrition. The company is headquartered in Hong Kong and was founded in 1999.

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Health and Happiness (1112 HK)

Lucror Analytics - Morning Views Asia - 03 Dec 2018

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

Lucror Analytics

Natural Food IPO - Quick Take - Network Expansion Can Only Go so Far, SSSG Might Have Turned -Ve

Natural Food International H (1837 HK) plans to raise up to US$113m in its Hong Kong IPO. The company owns a reputed brand and its products are...

Sumeet Singh

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

Lucror Analytics - Morning Views Asia - 31 Oct 2018

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

Lucror Analytics

Alibaba (BABA): Jack Ma’s Retirement Plan - Wants to or Has To?

Jack Ma plans to resign as the chairman of Alibaba Group after one year from now. We believe Jack Ma has to do so due to the poor relationship...

Ming Lu

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