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” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe. 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 LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe.    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 - LARA And Credit Bias Study - Lucror Analytics

Trung Nguyen

Jain Irrigation’s Q4/18-19 results were weak. The full-year numbers appear decent only due to the effects of the acquisition of the two US distributors, with the benefits no longer providing a boost in Q3 and Q4. The financial risk profile deteriorated from FYE 2017-18, with debt growing much faster than earnings. Net Debt/EBITDA of 4.1x fell short of management’s target of 3.5x by FYE 18-19 by a significant margin. Liquidity, which has been persistently poor, deteriorated further. We expect negative rating pressure, given that Jain's performance has fallen short of the rating agencies’ expectations.

   Jain Irrigation’s Q4/18-19 results were weak. The full-year numbers appear decent only due to the effects of the acquisition of the two US distributors, with the benefits no longer providing a boost in Q3 and Q4. The financial risk profile deteriorated from FYE 2017-18, with debt growing much faster than earnings. Net Debt/EBITDA of 4.1x fell short of management’s target of 3.5x by FYE 18-19 by a significant margin. Liquidity, which has been persistently poor, deteriorated further.    We expect negative rating pressure, given that Jain's performance has fallen short of the rating agencies’ expectations. 

Jain Irrigation - Earnings Flash - FY 2018-19 Results - 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.

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 - 31 May 2019

The Asia HY Trade Recommendations report for May 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 May 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 - May 2019 - Lucror Analytics

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations. 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 the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations.    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 - 2018 Results Overview (Ex-India) - Lucror Analytics

India

Jain Irrigation Systems Ltd. manufactures micro-irrigation systems, plastic pipes and plastic sheets, as well as processes horticulture in India.  The Company's irrigation systems include both drip and sprinkler systems.

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Jain Irrigation Systems (JI IN)

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage,...

Lucror Analytics

Jain Irrigation - Earnings Flash - FY 2018-19 Results - Lucror Analytics

Jain Irrigation’s Q4/18-19 results were weak. The full-year numbers appear decent only due to the effects of the acquisition of the two US...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 31 May 2019

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 - May 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - 2018 Results Overview (Ex-India) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they...

Lucror Analytics

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52-week Range

Market Cap (USDm)

P/E

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