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 look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year, with a substantial share of them being SOEs. We review broader trends as well as select cases, and discuss our takeaways on how best to asses the credit profiles of Chinese issuers. 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 look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year, with a substantial share of them being SOEs. We review broader trends as well as select cases, and discuss our takeaways on how best to asses the credit profiles of Chinese issuers.   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 - USD Bond Defaults In China - Lucror Analytics

The Asia HY Trade Book for the month of January 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 January 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 - January 2021 - Lucror Analytics

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.  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 review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.    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 - 2020 In Review And 2021 Outlook - Lucror Analytics

The Asia HY Trade Book for the month of December 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 December 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 - December 2020 - 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

Equity Bottom-Up

Indonesia’s biggest milk company <a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Industry &amp; Trading (ULTJ IJ)</a> recently announced its 3Q2020 results, which saw a resilient performance from its dairy business and less so from packet tea. We caught up with management to garner a bit more colour on the simmering recovery that is taking place. 
In the dairy division white milk in larger packet sizes has been doing especially well, given the large portion of the population working and schooling from home. 
Smaller packet flavoured milks and packet tea under the Teh Sosroh brand continue to be under pressure given these are often picked up on the move but we expect a decent recovery as the economy opens up. 
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-ind-trading" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Ind &amp; Trading (ULTJ IJ)</a> is likely to see a marginally slower growth performance this year but a continued rebound in earnings should be expected in 4Q2020, driven by a move to a "new normal" in Indonesia and a gradual opening up of the economy. 
The company has opened a new Tetrapak line for larger packets to satisfy the growing demand for family packs. It is also investing in two large-sized dairy farms to ensure local supply.
Next year the company will invest in a new production and distribution centre closer to Jakarta, which will diversify its operations geographically. It has successfully secured IDR3tn in medium-term notes to finance its expansion. 
Valuations remain attractive with the company trading on 15.5x FY21E PER versus its peer group average of 26x forward PER. <a href="https://www.smartkarma.com/entities/ultrajaya-milk-ind-trading" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Ind &amp; Trading (ULTJ IJ)</a> remains a core staple holding in Indonesia and one of our top long-term consumer picks.

Indonesia’s biggest milk company Ultrajaya Milk Industry &amp; Trading (ULTJ IJ) recently announced its 3Q2020 results, which saw a resilient performance from its dairy business and less so from packet tea. We caught up with management to garner a bit more colour on the simmering recovery that is taking place. 
In the dairy division white milk in larger packet sizes has been doing especially well, given the large portion of the population working and schooling from home. 
Smaller packet flavoured milks and packet tea under the Teh Sosroh brand continue to be under pressure given these are often picked up on the move but we expect a decent recovery as the economy opens up. 
Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) is likely to see a marginally slower growth performance this year but a continued rebound in earnings should be expected in 4Q2020, driven by a move to a "new normal" in Indonesia and a gradual opening up of the economy. 
The company has opened a new Tetrapak line for larger packets to satisfy the growing demand for family packs. It is also investing in two large-sized dairy farms to ensure local supply.
Next year the company will invest in a new production and distribution centre closer to Jakarta, which will diversify its operations geographically. It has successfully secured IDR3tn in medium-term notes to finance its expansion. 
Valuations remain attractive with the company trading on 15.5x FY21E PER versus its peer group average of 26x forward PER. Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) remains a core staple holding in Indonesia and one of our top long-term consumer picks. 

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Simmering Recovery

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Asia HY Monthly - USD Bond Defaults In China - Lucror Analytics

In this month's “In-Focus”, we look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year,...

Lucror Analytics

Asia HY Trade Book - January 2021 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - 2020 In Review And 2021 Outlook - Lucror Analytics

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead. ...

Lucror Analytics

Asia HY Trade Book - December 2020 - Lucror Analytics

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

Lucror Analytics

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Simmering Recovery

Ultrajaya Milk Ind & Trading (ULTJ IJ) is the leading dairy company in Indonesia, dominating the UHT market. It continues to expand capacity and...

Angus Mackintosh

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