Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

Indika Energy has specified an early tender payment of USD 50 per USD 1,000 principal. However, it is already included in the total consideration and will be deducted if noteholders tender after the early tender deadline (June 22nd). Furthermore, the total consideration is subject to the price ranges (per USD 1,000 principal). For the 2024 notes, the acceptable price range is USD 977.5 to USD 1,007.5, and for 2025 notes USD 1,002.5 to USD 1,025.0. The tender offer prices are not as competitive as we initially thought. The bid prices for the 2024 and 2025 are currently c. 98 and 100.7, respectively. Thus, there are upsides of at most 2 pts for the 2024 notes and c. 1.8 pts for the 2025 notes, assuming that holders tender the notes at the maximum prices and before the early tender deadline. The yields on the notes are still attractive, while tendering carries reinvestment risk. When reinvesting, the bid/ask spreads can eat up most of the maximum profits from the tender offer.

  Indika Energy has specified an early tender payment of USD 50 per USD 1,000 principal. However, it is already included in the total consideration and will be deducted if noteholders tender after the early tender deadline (June 22nd). Furthermore, the total consideration is subject to the price ranges (per USD 1,000 principal). For the 2024 notes, the acceptable price range is USD 977.5 to USD 1,007.5, and for 2025 notes USD 1,002.5 to USD 1,025.0.   The tender offer prices are not as competitive as we initially thought. The bid prices for the 2024 and 2025 are currently c. 98 and 100.7, respectively. Thus, there are upsides of at most 2 pts for the 2024 notes and c. 1.8 pts for the 2025 notes, assuming that holders tender the notes at the maximum prices and before the early tender deadline. The yields on the notes are still attractive, while tendering carries reinvestment risk. When reinvesting, the bid/ask spreads can eat up most of the maximum profits from the tender offer. 

Indika Energy - Event Flash - Tender Offer Correction - Lucror Analytics

Leonard Law, CFA

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-6159'>China SCE</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-5225'>Country Garden Holdings Co</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.China SCECIFI HoldingsCountry Garden Holdings CoIndika EnergyPowerlong Commercial Management HoldingsVedanta Resources

Morning Views Asia: China SCE, CIFI Holdings, Country Garden Holdings Co, Indika Energy

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/times-china-holdings-ltd' target='_blank' rel='noopener'>Times China</a></li><li><a href='/entities/ronshine-china-holdings-ltd' target='_blank' rel='noopener'>Ronshine China Holdings</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:EvergrandeLogan Property HoldingsTimes ChinaRonshine China HoldingsChina Jinmao Holdingsand more...

This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017. 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.

  This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017.   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 - Indonesian Bankruptcy Regime Revisited - Lucror Analytics

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/heineken-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12647:1" rel="noopener">Heineken Malaysia Bhd (HEIM MK)</a> and a lot more besides.</li>
<li>There were also sector pieces on Asian Tourism, Thai Banks, and Indonesian Banks plus our usual value-added commentary on the past week's developments in South-East Asia.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on PT Avia Avian (AVIA IJ), Mitra Adiperkasa (MAPI IJ), Grab (GRAB US), Heineken Malaysia Bhd (HEIM MK) and a lot more besides.
There were also sector pieces on Asian Tourism, Thai Banks, and Indonesian Banks plus our usual value-added commentary on the past week's developments in South-East Asia.


The Week That Was in ASEAN@Smartkarma - Avian Paint, Grab's Surprise, and Heineken for Tourists

Indonesia

PT Indika Energy Tbk is an energy company. The Company provides energy services, energy resources and infrastructure, primarily in the areas of coal production, engineering, procurement and construction services and power generation services.

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Indika Energy (INDY IJ)

Indika Energy - Event Flash - Tender Offer Correction - Lucror Analytics

Indika Energy has specified an early tender payment of USD 50 per USD 1,000 principal. However, it is already included in the total consideration...

Lucror Analytics

Morning Views Asia: China SCE, CIFI Holdings, Country Garden Holdings Co, Indika Energy

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

Lucror Analytics

Weekly Wrap - 03 Jun 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Monthly - Indonesian Bankruptcy Regime Revisited - Lucror Analytics

This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017. The Asia Monthly focuses on...

Lucror Analytics

The Week That Was in ASEAN@Smartkarma - Avian Paint, Grab's Surprise, and Heineken for Tourists

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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