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 Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - September 2021 - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults. 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 variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults.   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 Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults. 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 Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults.   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 Developers’ Urban Redevelopment Businesses - Lucror Analytics

Chandra Asri Petrochemical’s Q2 and H1/21 results were acceptable, considering the solid earnings growth. While cash flows were weak, we expect the company to achieve normalised working capital levels in H2, and generate positive OCF for the full year. In addition, CAP’s leverage profile and access to capital remains strong. We view positively CAP’s planned rights issuance and selection of Thai Oil as a strategic investor. If approved by regulators, the transactions would allow CAP to pre-fund around one-third of the c. USD 5 bn capex for the development of CAP2. We also believe the entry of SOE Thai Oil as a strategic minority investor will improve CAP’s corporate governance, while diluting the stakes of controlling shareholders Barito Pacific and Prajogo Pangestu.

  Chandra Asri Petrochemical’s Q2 and H1/21 results were acceptable, considering the solid earnings growth. While cash flows were weak, we expect the company to achieve normalised working capital levels in H2, and generate positive OCF for the full year. In addition, CAP’s leverage profile and access to capital remains strong.   We view positively CAP’s planned rights issuance and selection of Thai Oil as a strategic investor. If approved by regulators, the transactions would allow CAP to pre-fund around one-third of the c. USD 5 bn capex for the development of CAP2. We also believe the entry of SOE Thai Oil as a strategic minority investor will improve CAP’s corporate governance, while diluting the stakes of controlling shareholders Barito Pacific and Prajogo Pangestu. 

Chandra Asri - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Indonesia

Chandra Asri Pacific is Southeast Asia's leading energy, chemical, and infrastructure solutions company. It operates Indonesia's largest integrated petrochemical complex, producing olefins, polyolefins, styrene monomer, and butadiene, used in various industrial applications. The company also provides energy, water, logistics, ports, and storage services. Headquartered in Jakarta, Indonesia, the company was founded in 1984.

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Chandra Asri Pacific (TPIA IJ)

Asia HY Trade Book - September 2021 - Lucror Analytics

The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report...

Lucror Analytics

Asia HY Trade Book - September 2021 - Lucror Analytics

The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report...

Lucror Analytics

Asia HY Monthly - Chinese Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that...

Lucror Analytics

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban...

Lucror Analytics

Chandra Asri - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Chandra Asri Petrochemical’s Q2 and H1/21 results were acceptable, considering the solid earnings growth. While cash flows were weak, we expect...

Lucror Analytics

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