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 Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

Trung Nguyen

In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of the impact due to COVID-19 becoming apparent in late March. The full-year results were very poor, with H1 impacted by the Indian economy's sharp slowdown and COVID-19 in Q4 negating the slight recovery that materialised in Q3. The financial risk profile has increased significantly due to the debt the group has taken on to fund capex. This is unlikely to generate EBITDA in the short term. We are highly concerned by JSW's aggressive financial policy. Management is maintaining its high guidance for FY 2020-21 debt-funded capex. The company is continuing to fund existing expansion plans despite a highly challenging operating environment in which most other companies are scaling down capex. Liquidity is weak and cannot cover both short-term debt and capex. We expect the financial risk profile will continue to deteriorate.

  In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of the impact due to COVID-19 becoming apparent in late March. The full-year results were very poor, with H1 impacted by the Indian economy's sharp slowdown and COVID-19 in Q4 negating the slight recovery that materialised in Q3. The financial risk profile has increased significantly due to the debt the group has taken on to fund capex. This is unlikely to generate EBITDA in the short term.   We are highly concerned by JSW's aggressive financial policy. Management is maintaining its high guidance for FY 2020-21 debt-funded capex. The company is continuing to fund existing expansion plans despite a highly challenging operating environment in which most other companies are scaling down capex. Liquidity is weak and cannot cover both short-term debt and capex. We expect the financial risk profile will continue to deteriorate. 

JSW Steel - Earnings Flash - FY 2019-20 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.<ul><li><a href='#lucror-entity-8717'>Geo Energy Resources</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-20934'>Tata Steel 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.Geo Energy ResourcesJSW Steel LtdTata Steel Ltd

Morning Views Asia: Geo Energy Resources, JSW Steel Ltd, Tata Steel Ltd

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty. 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.

  The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty.   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 - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

JSW Steel - Earnings Flash - FY 2019-20 Results - Lucror Analytics

In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of...

Lucror Analytics

Morning Views Asia: Geo Energy Resources, JSW Steel Ltd, Tata Steel Ltd

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

Lucror Analytics

Asia HY Monthly - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and...

Lucror Analytics

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

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