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”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 (2019) - Lucror Analytics

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

Trung Nguyen

Agung Podomoro Land’s 9M/19 results remained weak, but positively, the liquidity crisis has been resolved. Marketing sales continued to be weak. Revenue and earnings plunged, and the financial risk profile continued to deteriorate rapidly. Liquidity, while improved, was still poor. Although the near-term liquidity crisis associated with the two loan facilities has been abated, operations remain a medium- to long-term issue. The business has burnt cash at a rapid pace, with the exceptional Q3/19 possibly not sustainable. The Central Park Mall sale will bring a much-welcome large amount of proceeds (IDR 6.3 tn), which can be used to execute its projects. We see fair ratings for APLN (currently rated B2/CCC+ by Moody's and Fitch) at around B3/B-.

  Agung Podomoro Land’s 9M/19 results remained weak, but positively, the liquidity crisis has been resolved. Marketing sales continued to be weak. Revenue and earnings plunged, and the financial risk profile continued to deteriorate rapidly. Liquidity, while improved, was still poor.   Although the near-term liquidity crisis associated with the two loan facilities has been abated, operations remain a medium- to long-term issue. The business has burnt cash at a rapid pace, with the exceptional Q3/19 possibly not sustainable. The Central Park Mall sale will bring a much-welcome large amount of proceeds (IDR 6.3 tn), which can be used to execute its projects.   We see fair ratings for APLN (currently rated B2/CCC+ by Moody's and Fitch) at around B3/B-. 

Agung Podomoro Land - Earnings Flash - 9M FY 2019 Results - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system. 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 recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system.   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 - Corporate Governance And Corruption In Indonesia - Lucror Analytics

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

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 - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index...

Lucror Analytics

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

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

Lucror Analytics

Agung Podomoro Land - Earnings Flash - 9M FY 2019 Results - Lucror Analytics

Agung Podomoro Land’s 9M/19 results remained weak, but positively, the liquidity crisis has been resolved. Marketing sales continued to be weak....

Lucror Analytics

Asia HY Monthly - Corporate Governance And Corruption In Indonesia - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor...

Lucror Analytics

Asia HY Trade Recommendations - October 2019 - Lucror Analytics

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)