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, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage. 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, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage.    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 - Macau Gaming Update - Lucror Analytics

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

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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 provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments.    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 Property Update - Lucror Analytics

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

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

International Container's (ICTSI) H1/19 operating results were sound, with strong top-line growth and improved margins. That said, the company’s aggressive and mainly debt-funded expansion continues. ICTSI has been relying heavily on perpetual securities (adjusted to debt), which comprised c. 22% of borrowings as of end-June. The company has limited scope when it comes to raising tariffs, which in most countries must be approved by the authorities. Hence, ICTSI must achieve volume growth by expanding into new ports. This would expose it to regulatory and political uncertainty, especially given its focus on emerging markets. In H1/19, the company paid c. USD 470 mn to the Sudan government but was unable to take over the operation of a port due to political instability. ICTSI still has USD 250 mn receivable from the government.   .

   International Container's (ICTSI) H1/19 operating results were sound, with strong top-line growth and improved margins. That said, the company’s aggressive and mainly debt-funded expansion continues. ICTSI has been relying heavily on perpetual securities (adjusted to debt), which comprised c. 22% of borrowings as of end-June.    The company has limited scope when it comes to raising tariffs, which in most countries must be approved by the authorities. Hence, ICTSI must achieve volume growth by expanding into new ports. This would expose it to regulatory and political uncertainty, especially given its focus on emerging markets. In H1/19, the company paid c. USD 470 mn to the Sudan government but was unable to take over the operation of a port due to political instability. ICTSI still has USD 250 mn receivable from the government.   . 

International Container - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Philippines

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

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ICTSI (ICT PM)

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for September includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

International Container - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

International Container's (ICTSI) H1/19 operating results were sound, with strong top-line growth and improved margins. That said, the company’s...

Lucror Analytics

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