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

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.

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. 

Lucror Analytics - Morning Views Asia - 15 Jan 2019

Lucror Analytics - Morning Views Asia - 11 Jan 2019

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance. 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 discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance.    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 In Chinese Companies - Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Nov 2018

Trung Nguyen

Alam Sutera's soft 9M/18 results followed a strong H1 performance. That said, profitability (excluding FX effects) and cash flows remained strong. The financial risk profile continued to improve compared to FYE 2017. We expect the Q4/18 operating performance to be in line with the 9M results. We revise downwards our revenue forecast to 5% growth (from 25%) to factor in the especially strong Q3/17. The key near-term credit driver remains the rising refinancing risk, as the USD 2020 Notes will mature in less than 1.5 years. The company has no concrete plans to address the maturity of the Notes, and current market conditions would pose a challenge to refinancing efforts. We maintain a relative value “Speculative Buy” recommendation on the ASRIIJ '22s, for investors with a positive outlook on Indonesian systemic risk.

   Alam Sutera's soft 9M/18 results followed a strong H1 performance. That said, profitability (excluding FX effects) and cash flows remained strong. The financial risk profile continued to improve compared to FYE 2017.    We expect the Q4/18 operating performance to be in line with the 9M results. We revise downwards our revenue forecast to 5% growth (from 25%) to factor in the especially strong Q3/17. The key near-term credit driver remains the rising refinancing risk, as the USD 2020 Notes will mature in less than 1.5 years. The company has no concrete plans to address the maturity of the Notes, and current market conditions would pose a challenge to refinancing efforts.    We maintain a relative value “Speculative Buy” recommendation on the ASRIIJ '22s, for investors with a positive outlook on Indonesian systemic risk. 

Alam Sutera - Earnings Flash - 9M FY 2018 Results - Lucror Analytics

Indonesia

Alam Sutera Realty Tbk is an Indonesia-based integrated property developer focused on residential, commercial, and mixed-use developments, including shopping centers, recreational areas, and hotels. The company's core activities involve the construction and management of these properties, with significant projects in areas like Serpong and Tangerang. It was founded in 1993 and is headquartered in Jakarta, Indonesia.

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Alam Sutera Realty (ASRI IJ)

Lucror Analytics - Morning Views Asia - 15 Jan 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 11 Jan 2019

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

Lucror Analytics

Asia HY Monthly - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Nov 2018

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

Lucror Analytics

Alam Sutera - Earnings Flash - 9M FY 2018 Results - Lucror Analytics

Alam Sutera's soft 9M/18 results followed a strong H1 performance. That said, profitability (excluding FX effects) and cash flows remained...

Lucror Analytics

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