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

<ul>
<li>US markets were closed for Martin Luther King Jr Day yesterday.</li>
<li>China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.</li>
<li>China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.</li>
</ul>


US markets were closed for Martin Luther King Jr Day yesterday.
China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.
China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel Industries, Softbank Group</li>
<li>UST yields rose by 2-3 bps on Friday (except for the 2Y), ahead of an expected large corporate issuance slate this week. The yield on the 2Y UST was stable at 3.47%, while that on the 10Y UST was up 2 bps at 4.19%.</li>
<li>Equities edged higher in the first trading day of the year, albeit the performance of large tech stocks was muted. The S&amp;P 500 advanced 0.2% to 6,858, while the Nasdaq was flat at 23,236.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel Industries, Softbank Group
UST yields rose by 2-3 bps on Friday (except for the 2Y), ahead of an expected large corporate issuance slate this week. The yield on the 2Y UST was stable at 3.47%, while that on the 10Y UST was up 2 bps at 4.19%.
Equities edged higher in the first trading day of the year, albeit the performance of large tech stocks was muted. The S&amp;P 500 advanced 0.2% to 6,858, while the Nasdaq was flat at 23,236.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries</li>
<li>UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).</li>
<li>The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries
UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).
The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Thai Oil, Genting Berhad, Nickel Industries, Meituan</li>
<li>The UST curve twisted flatter yesterday, with long-end yields declining on account of a solid auction for 5Y notes. The yield on the 2Y UST rose 1 bp to 3.49%, while the yield on the 10Y UST declined 2 bps to 3.98%.</li>
<li>Equities and risk assets gained on optimism over a US-China trade deal expected to be signed later this week.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Thai Oil, Genting Berhad, Nickel Industries, Meituan
The UST curve twisted flatter yesterday, with long-end yields declining on account of a solid auction for 5Y notes. The yield on the 2Y UST rose 1 bp to 3.49%, while the yield on the 10Y UST declined 2 bps to 3.98%.
Equities and risk assets gained on optimism over a US-China trade deal expected to be signed later this week.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 3rd (reported today). The aggregated short interest was USD28.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ALS, Washington H Soul Pattinson&amp;Co, Brambles, CAR, Fortescue.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 3rd (reported today). The aggregated short interest was USD28.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in ALS, Washington H Soul Pattinson&amp;Co, Brambles, CAR, Fortescue.


ASX Short Interest Weekly (Oct 3rd): ALS, Washington H Soul Pattinson&Co, Brambles, CAR, Fortescue

Australia

Nickel Industries Limited is an ASX-listed company that engages in nickel ore mining and the production of nickel pig iron, nickel matte, and mixed hydroxide precipitate. The company's products are used in the stainless steel industry and the electric vehicle supply chain. It was incorporated in 2007 and is based in Sydney, Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nickel Industries (NIC AU)

Lucror Analytics - Morning Views Asia

China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Thai Oil, Genting Berhad, Nickel Industries,...

Lucror Analytics

ASX Short Interest Weekly (Oct 3rd): ALS, Washington H Soul Pattinson&Co, Brambles, CAR, Fortescue

We analyzed ASX short interest report for the past week and highlight short interest changes in ALS, Washington H Soul Pattinson&Co, Brambles, CAR,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)