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 Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - September 2021 - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults. 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 variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults.   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 Variable Interest Entities - 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-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-29231'>KWG Living Group</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</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 Aoyuan PropertyHopson DevelopmentIndika EnergyKWG Living GroupSunac China HoldingsWynn Macau Ltd

Morning Views Asia: China Aoyuan Property, Hopson Development, Indika Energy, KWG Living Group

Adani Ports & Special Economic Zone / 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.<ul><li><a href='#lucror-entity-6827'>ABM Investama</a></li><li><a href='#lucror-entity-246'>Adani Ports & Special Economic Zone</a></li><li><a href='#lucror-entity-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-8205'>China South City</a></li><li><a href='#lucror-entity-1776'>Indika Energy</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.ABM InvestamaAdani Ports & Special Economic ZoneAgung Podomoro LandEvergrande Real Estate GroupChina South CityIndika Energy

Morning Views Asia: ABM Investama, Adani Ports & Special Economic Zone, Agung Podomoro Land

Trung Nguyen

Indika Energy's H1/21 results were strong as expected, given the solid recovery in coal prices from October 2020 onwards. The financial risk profile has improved significantly. Liquidity remains adequate and the debt maturity profile continues to be healthy. We expect even stronger performance in H2/21, and revise our forecast for the year due to the extent of the coal price recovery. The Newcastle benchmark is now at USD 152/ton, almost triple y-o-y. We expect FY 2021 revenue and EBITDA to grow by 25% and 70%, respectively. We also expect Debt/EBITDA and Net Debt/EBITDA to dip below 3x and 2x by FYE 2021. We foresee that Moody’s and Fitch may revise their outlooks on Indika to stable from negative soon.

  Indika Energy's H1/21 results were strong as expected, given the solid recovery in coal prices from October 2020 onwards. The financial risk profile has improved significantly. Liquidity remains adequate and the debt maturity profile continues to be healthy.   We expect even stronger performance in H2/21, and revise our forecast for the year due to the extent of the coal price recovery. The Newcastle benchmark is now at USD 152/ton, almost triple y-o-y. We expect FY 2021 revenue and EBITDA to grow by 25% and 70%, respectively. We also expect Debt/EBITDA and Net Debt/EBITDA to dip below 3x and 2x by FYE 2021.   We foresee that Moody’s and Fitch may revise their outlooks on Indika to stable from negative soon. 

Indika Energy - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

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)

Asia HY Trade Book - September 2021 - Lucror Analytics

The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report...

Lucror Analytics

Asia HY Monthly - Chinese Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that...

Lucror Analytics

Morning Views Asia: China Aoyuan Property, Hopson Development, Indika Energy, KWG Living Group

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: ABM Investama, Adani Ports & Special Economic Zone, Agung Podomoro Land

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

Lucror Analytics

Indika Energy - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Indika Energy's H1/21 results were strong as expected, given the solid recovery in coal prices from October 2020 onwards. The financial risk...

Lucror Analytics

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