Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.</li>
<li>This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&amp;P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo
UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.
This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&amp;P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Technology Index for the September 2025 rebalance.</li>
<li>Team Quiddity had one low conviction ADD/DEL pair "predicted" but there were no name changes announced. </li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is a big FAF upweight, as expected. There are other small changes and big capping/re-capping moves. We see US$3.9bn to trade.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Technology Index for the September 2025 rebalance.
Team Quiddity had one low conviction ADD/DEL pair "predicted" but there were no name changes announced. 

Horizon Robotics (9660 HK) is a big FAF upweight, as expected. There are other small changes and big capping/re-capping moves. We see US$3.9bn to trade.


[Quiddity Index] Sep25 HSTECH Review Announced; No Name Changes, Big Flows

<ul>
<li>Credit markets were stable yesterday, with the iTraxx X-Over at 261 bps. European bourses rose 0.1-1.2%. In the US, both the S&amp;P 500 and Nasdaq were flat.</li>
<li>In Asia this morning, the Nikkei is up 1.0%, while the Hang Seng is down 1.1%. US equity futures are slightly higher.</li>
<li>WTI is trading at USD 63.8/bbl, and Brent at USD 66.7/bbl. US President Donald Trump said that he sees the upcoming meeting with his Russian counterpart Vladimir Putin today as a precursor to a second and more important meeting. </li>
</ul>


Credit markets were stable yesterday, with the iTraxx X-Over at 261 bps. European bourses rose 0.1-1.2%. In the US, both the S&amp;P 500 and Nasdaq were flat.
In Asia this morning, the Nikkei is up 1.0%, while the Hang Seng is down 1.1%. US equity futures are slightly higher.
WTI is trading at USD 63.8/bbl, and Brent at USD 66.7/bbl. US President Donald Trump said that he sees the upcoming meeting with his Russian counterpart Vladimir Putin today as a precursor to a second and more important meeting. 


Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. </li>
<li>2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.</li>
<li>On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.</li>
</ul>


Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. 
2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.


PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

<ul>
<li>Lenovo is the largest PC maker globally, with a c. 25% market share. It is also a major mobile-phone maker and Top 5 server manufacturer.</li>
<li>At FYE 2024-25 (ended March 2025), Lenovo's revenue was USD 69 bn.</li>
<li>The largest shareholders of the HKEX-listed company are Legend Holdings (37%) and Chairman/CEO Yang Yuanqing (6.2%).</li>
</ul>


Lenovo is the largest PC maker globally, with a c. 25% market share. It is also a major mobile-phone maker and Top 5 server manufacturer.
At FYE 2024-25 (ended March 2025), Lenovo's revenue was USD 69 bn.
The largest shareholders of the HKEX-listed company are Legend Holdings (37%) and Chairman/CEO Yang Yuanqing (6.2%).


China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo UST yields rose 2-3 bps across the...

Lucror Analytics

[Quiddity Index] Sep25 HSTECH Review Announced; No Name Changes, Big Flows

The Hang Seng Technology Index review was announced on 22 August after the close. No name changes but nearly $3.9bn to trade with capping, re...

Travis Lundy

Lucror Analytics - Convertibles Brief

Credit markets were stable yesterday, with the iTraxx X-Over at 261 bps. European bourses rose 0.1-1.2%. In the US, both the S&P 500 and Nasdaq...

Lucror Analytics

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Nicolas Baratte

Lenovo - ESG Report - Lucror Analytics

Lenovo is the largest PC maker globally, with a c. 25% market share. It is also a major mobile-phone maker and Top 5 server manufacturer.

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo UST yields rose 2-3 bps across the...

Lucror Analytics

[Quiddity Index] Sep25 HSTECH Review Announced; No Name Changes, Big Flows

The Hang Seng Technology Index review was announced on 22 August after the close. No name changes but nearly $3.9bn to trade with capping, re...

Travis Lundy

Lucror Analytics - Convertibles Brief

Credit markets were stable yesterday, with the iTraxx X-Over at 261 bps. European bourses rose 0.1-1.2%. In the US, both the S&P 500 and Nasdaq...

Lucror Analytics

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

​Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Nicolas Baratte

Lenovo - ESG Report - Lucror Analytics

Lenovo is the largest PC maker globally, with a c. 25% market share. It is also a major mobile-phone maker and Top 5 server manufacturer.

Lucror Analytics

Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...