Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Delta Dunia Makmur's ESG as "Adequate", in line with the Environmental and Governance pillars. The Social pillar is "Strong". Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Delta Dunia Makmur's ESG as "Adequate", in line with the Environmental and Governance pillars. The Social pillar is "Strong". Controversies are "Immaterial" and Disclosure is "Adequate". 

Delta Dunia Makmur - ESG Report - Lucror Analytics

Leonard Law, CFA

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.<ul><li><a href='#lucror-entity-9334'>Delta Dunia Makmur</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.Delta Dunia Makmur

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Delta Dunia Makmur's ESG as "Adequate", in line with its "Adequate" Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Delta Dunia Makmur's ESG as "Adequate", in line with its "Adequate" Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Adequate".  

Asia Fixed Income Analyst

Derek Silva

Indonesia coal is hot right now. Part of the excitement lies behind the new deal signed this week by Indonesian Coal Mining Association (APBI) with the China Coal Transport and Distribution (CCTD) association, which would see $1.5bn of thermal coal supplied to China over the next three years. Until the past week or so, there has been little to celebrate in the sector for 2020.Things are looking brighter for 2021 already. The USD bonds of Indonesian coal issuers have taken notice and responded nicely. Many have returned to a cash price back over par (100).And while the bonds from BUMA (Bukit Makmur Mandiri Utama) have also finally started to react, and the shares of BUMA's parent company have reached 52-week highs, we think there is still very good upside in the bonds, indicated at a cash price of ~88.5 and offering a short-dated yield-to-maturity of ~20% (and much higher yield to call).

Indonesia coal is hot right now. Part of the excitement lies behind the new deal signed this week by Indonesian Coal Mining Association (APBI) with the China Coal Transport and Distribution (CCTD) association, which would see $1.5bn of thermal coal supplied to China over the next three years. Until the past week or so, there has been little to celebrate in the sector for 2020.Things are looking brighter for 2021 already. The USD bonds of Indonesian coal issuers have taken notice and responded nicely. Many have returned to a cash price back over par (100).And while the bonds from BUMA (Bukit Makmur Mandiri Utama) have also finally started to react, and the shares of BUMA's parent company have reached 52-week highs, we think there is still very good upside in the bonds, indicated at a cash price of ~88.5 and offering a short-dated yield-to-maturity of ~20% (and much higher yield to call).

Indonesia Coal Is on Fire; New China Deal to Help in 2021

Indonesia

BUMA Internasional Grup is an investment holding company that provides comprehensive coal mining and mining services in Indonesia, Australia, and the United States. Its services include overburden removal, coal mining, transportation, and reclamation, along with mining technology solutions and vocational training. The company is headquartered in Jakarta, Indonesia, and was founded in 1990.

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BUMA Internasional Grup (DOID IJ)

Delta Dunia Makmur - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Delta Dunia Makmur's ESG...

Lucror Analytics

Morning Views Asia: Delta Dunia Makmur

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

Lucror Analytics

Delta Dunia Makmur - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Delta Dunia Makmur's ESG...

Lucror Analytics

Delta Dunia Makmur - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Delta Dunia Makmur's ESG...

Lucror Analytics

Indonesia Coal Is on Fire; New China Deal to Help in 2021

Indonesia coal is hot right now. Higher coal prices and a new deal with China has pushed coal company bonds above par. But BUMA's bonds still have...

Derek Silva

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