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 global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty. 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.

  The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty.   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 - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

Trung Nguyen

Agung Podomoro Land's (APL) ​FY 2019 results were very weak, albeit this was expected given the similar 9M development. Leverage deteriorated only slightly, as debt reduction offset the lower earnings. Coverage ratios have deteriorated significantly and are stressed. While the company had managed to delay the liquidity crisis in Q3, refinancing risk has risen again. The outlook for APL will hinge on the sale of Central Park Mall. Proceeds from the transaction would shore up liquidity, which is inadequate, and be used to pay back the USD 127 mn bridge loan maturing in March 2021.

  Agung Podomoro Land's (APL) ​FY 2019 results were very weak, albeit this was expected given the similar 9M development. Leverage deteriorated only slightly, as debt reduction offset the lower earnings. Coverage ratios have deteriorated significantly and are stressed. While the company had managed to delay the liquidity crisis in Q3, refinancing risk has risen again. The outlook for APL will hinge on the sale of Central Park Mall. Proceeds from the transaction would shore up liquidity, which is inadequate, and be used to pay back the USD 127 mn bridge loan maturing in March 2021. 

Agung Podomoro Land - Earnings Flash - FY 2019 Results - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - 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.<ul><li><a href='#lucror-entity-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li><li><a href='#lucror-entity-7817'>Zoomlion Heavy Industry H</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.Agung Podomoro LandIndika EnergyLippo KarawaciSoftbank GroupTata Motors LtdZoomlion Heavy Industry H

Morning Views Asia: Agung Podomoro Land, Indika Energy, Lippo Karawaci, Softbank Group

Indonesia

PT Agung Podomoro Land Tbk is a leading integrated diversified real estate owner, developer, and manager in Indonesia, focusing on retail, commercial, and residential properties. The company's activities span land acquisition, design, development, project management, sales, leasing, marketing, and the operation of superblocks, shopping malls, offices, hotels, and residential units. Headquartered in Jakarta, Indonesia, the company was established in 2004.

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

Agung Podomoro Land (APLN IJ)

Asia HY Monthly - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and...

Lucror Analytics

Agung Podomoro Land - Earnings Flash - FY 2019 Results - Lucror Analytics

Agung Podomoro Land's (APL) FY 2019 results were very weak, albeit this was expected given the similar 9M development. Leverage deteriorated only...

Lucror Analytics

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Morning Views Asia: Agung Podomoro Land, Indika Energy, 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia HY Monthly - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and...

Lucror Analytics

Agung Podomoro Land - Earnings Flash - FY 2019 Results - Lucror Analytics

Agung Podomoro Land's (APL) ​FY 2019 results were very weak, albeit this was expected given the similar 9M development. Leverage deteriorated only...

Lucror Analytics

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Morning Views Asia: Agung Podomoro Land, Indika Energy, 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

Agung Podomoro Land's (APL) FY 2019 results were very weak, albeit this was expected given the similar 9M development. Leverage deteriorated only...