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 September 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 September 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 - September 2019 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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 provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments.    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 - Chinese Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for August 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 August 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 - August 2019 - Lucror Analytics

Pan Brothers' H1/19 results are reasonable, thanks to the decent growth in revenue (+9%) and EBITDA (+19%). The EBITDA margin improved slightly on reduced SG&A expenses, as the company incurred lower marketing expenses and staff costs. That said, debt remains elevated. We note that debt could pick up further if Pan Brothers executes its plans to expand plant capacity to 130 mn pieces by 2021. Cash flow also remains poor. Moreover, management has guided for negative CFO in FY 2020. For the rest of FY 2019, we foresee revenue growth of 10% and stable EBITDA margins, supported by higher utilisation of existing capacity. We also expect the financial profile to remain broadly stable, aided by cash collections during H2.  .

   Pan Brothers' H1/19 results are reasonable, thanks to the decent growth in revenue (+9%) and EBITDA (+19%). The EBITDA margin improved slightly on reduced SG&A expenses, as the company incurred lower marketing expenses and staff costs. That said, debt remains elevated. We note that debt could pick up further if Pan Brothers executes its plans to expand plant capacity to 130 mn pieces by 2021. Cash flow also remains poor. Moreover, management has guided for negative CFO in FY 2020.    For the rest of FY 2019, we foresee revenue growth of 10% and stable EBITDA margins, supported by higher utilisation of existing capacity. We also expect the financial profile to remain broadly stable, aided by cash collections during H2.  . 

Pan Brothers - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

Indonesia

PT Pan Brothers Tbk spins, weaves, knits, finishes, and prints garments. The Company's products include polo shirts, track suits, sweat shirts, pants, and fabrics. Pan Brothers exports its products.

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Pan Brothers (PBRX IJ)

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

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

Lucror Analytics

Pan Brothers - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Pan Brothers' H1/19 results are reasonable, thanks to the decent growth in revenue (+9%) and EBITDA (+19%). The EBITDA margin improved slightly...

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

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