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

Lippo Karawaci's (LPKR) H1/23 results were much better than expected, and showed that the company was on track to achieve its turnaround goals. All business segments performed well, with healthcare again the largest contributor to revenue and earnings. Still, we note positively that the real estate segment's performance was in line with guidance amid a challenging operating environment, with high and rising interest rates. Conversely, the financial risk profile remains weak, with elevated leverage ratios and thin fixed charge cover. Liquidity is barely adequate. The healthcare segment continues to be LPKR's key pillar, accounting for two-thirds of revenue and boasting strong (and improved) EBITDA. Moreover, we note that the segment should be relatively immune to the volatility in the economy.

  Lippo Karawaci's (LPKR) H1/23 results were much better than expected, and showed that the company was on track to achieve its turnaround goals. All business segments performed well, with healthcare again the largest contributor to revenue and earnings. Still, we note positively that the real estate segment's performance was in line with guidance amid a challenging operating environment, with high and rising interest rates. Conversely, the financial risk profile remains weak, with elevated leverage ratios and thin fixed charge cover. Liquidity is barely adequate.   The healthcare segment continues to be LPKR's key pillar, accounting for two-thirds of revenue and boasting strong (and improved) EBITDA. Moreover, we note that the segment should be relatively immune to the volatility in the economy. 

Lippo Karawaci - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Leonard Law, CFA

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-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-315'>Softbank Group</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.Lippo KarawaciSoftbank Group

Morning Views Asia: Lippo Karawaci, Softbank Group

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
In this note, we talk about the not-so-positive aspects of the deal.


Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

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-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</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 ResourcesGuangzhou R&F PropertiesLippo Karawaci

Morning Views Asia: Geo Energy Resources, Guangzhou R&F Properties, Lippo Karawaci

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

Cross Asset Strategy

<ul>
<li>This week we look at the noise surrounding the entrance of new EV players to Indonesia and suggest that <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> is well-positioned to face the renewed competition. </li>
<li>We also look at CVC's move on <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a>, Kopi Kenangan's expansion plans, and Microsoft's commitment to invest US$1.7bn in the AI space in Indonesia. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the noise surrounding the entrance of new EV players to Indonesia and suggest that Astra International is well-positioned to face the renewed competition. 
We also look at CVC's move on Siloam International Hospitals, Kopi Kenangan's expansion plans, and Microsoft's commitment to invest US$1.7bn in the AI space in Indonesia. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - EV Frenzy, Siloam Gets New Investors, Kopi Kenangan, and Microsoft's Pledge

Indonesia

PT Lippo Karawaci Tbk is a diversified and integrated property group and is involved in townships, residential homes, hospitals, hotels, retail malls and industrial estate development and management.  PT Lippo Karawaci through its subsidiaries is also engaged in property and REIT management.

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Lippo Karawaci (LPKR IJ)

Lippo Karawaci - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Lippo Karawaci's (LPKR) H1/23 results were much better than expected, and showed that the company was on track to achieve its turnaround goals....

Lucror Analytics

Morning Views Asia: Lippo Karawaci, Softbank Group

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

Lucror Analytics

Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Morning Views Asia: Geo Energy Resources, Guangzhou R&F Properties, Lippo Karawaci

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

Lucror Analytics

CrossASEAN Ground Zero - EV Frenzy, Siloam Gets New Investors, Kopi Kenangan, and Microsoft's Pledge

This week we look at the noise surrounding the entrance of new EV players to Indonesia and suggest that Astra International is well-positioned to...

Angus Mackintosh

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