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 look at agency ratings for Asian 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” section, we look at agency ratings for Asian 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 - Agency Ratings For Asian Issuers - Lucror Analytics

The Asia HY Trade Recommendations report for January 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 January 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 - January 2019 - 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 - 16 Jan 2019

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

AsiaInfo Technologies / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27475" target="_blank" data-smartkarma-citation="entities:27475:1">Asiainfo Technologies (1119892D CH)</a> is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. It announced its IPO price range of HK$10.50-13.50 per share. At the mid-point of the IPO price range, AsiaInfo will raise proceeds of $132 million, resulting in a fully diluted market cap of $1.1 billion. Cornerstone investors which include <a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu Inc (ADR) (BIDU US)</a> and <a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a> have together agreed to purchase $60 million worth of shares in the offering.<div class="content-highlight">We had previously expressed our concerns about AsiaInfo's fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would not participate in the deal.</div>

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. It announced its IPO price range of HK$10.50-13.50 per share. At the mid-point of the IPO price range, AsiaInfo will raise proceeds of $132 million, resulting in a fully diluted market cap of $1.1 billion. Cornerstone investors which include Baidu Inc (ADR) (BIDU US) and Lenovo (992 HK) have together agreed to purchase $60 million worth of shares in the offering.We had previously expressed our concerns about AsiaInfo's fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would not participate in the deal.

AsiaInfo IPO Valuation: Not Enough of a Discount

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a> is nudging up against dual top resistance that will act as the primary top and short zone.Our last insight on Lenovo outlined reversing our short at 3.68/3.62 and met our ideal downside and turn target. If you are long then this is the zone to unwind and reverse.Overhead barrier from congestion lows from 2015 will provide the secondary resistance cap.We define clear short stop levels and downside reward targets. Risk to reward is less favorable near 6.0.

Lenovo (992 HK) is nudging up against dual top resistance that will act as the primary top and short zone.Our last insight on Lenovo outlined reversing our short at 3.68/3.62 and met our ideal downside and turn target. If you are long then this is the zone to unwind and reverse.Overhead barrier from congestion lows from 2015 will provide the secondary resistance cap.We define clear short stop levels and downside reward targets. Risk to reward is less favorable near 6.0.

Lenovo Top Zone to Reverse from Long to Short

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)

Asia HY Monthly - Agency Ratings For Asian Issuers - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

Asia HY Trade Recommendations - January 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 16 Jan 2019

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

Lucror Analytics

AsiaInfo IPO Valuation: Not Enough of a Discount

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in...

Arun George

Lenovo Top Zone to Reverse from Long to Short

Lenovo (992 HK) is nudging up against dual top resistance that will act as the primary top and short zone.Our last insight on Lenovo outlined...

Thomas Schroeder

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