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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo</li>
<li>The Chinese government has announced a GDP growth target of “around 5%” for 2025 (matching the growth target and actual level achieved in 2024), according to Premier Li Qiang’s annual government work report unveiled during the Two Sessions meeting.</li>
<li>Meanwhile, the government has raised the fiscal budget deficit target to 4% of GDP (vs. 3% previously), and lowered its annual CPI inflation target to “around 2%” (reflecting downward pressure on prices).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo
The Chinese government has announced a GDP growth target of “around 5%” for 2025 (matching the growth target and actual level achieved in 2024), according to Premier Li Qiang’s annual government work report unveiled during the Two Sessions meeting.
Meanwhile, the government has raised the fiscal budget deficit target to 4% of GDP (vs. 3% previously), and lowered its annual CPI inflation target to “around 2%” (reflecting downward pressure on prices).


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo</li>
<li>Commerce Secretary Howard Lutnick said the Trump administration could announce some tariff relief for Mexican and Canadian goods as soon as today, after US President Donald Trump’s sweeping tariffs on Mexican and Canadian imports took effect yesterday.</li>
<li>“Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they’ll do better, and the president’s listening, because you know he’s very, very fair and very reasonable”, Mr Lutnicksaid in an interview with Fox Business yesterday.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo
Commerce Secretary Howard Lutnick said the Trump administration could announce some tariff relief for Mexican and Canadian goods as soon as today, after US President Donald Trump’s sweeping tariffs on Mexican and Canadian imports took effect yesterday.
“Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they’ll do better, and the president’s listening, because you know he’s very, very fair and very reasonable”, Mr Lutnicksaid in an interview with Fox Business yesterday.


<p>Cikarang Listrindo (CL) is Indonesia's oldest independent power producer, with 1,144 MW of capacity. The company has two natural gas-fired plants with a combined installed capacity of 864 MW, and a 280 MW coal-fired plant. It is the sole electricity provider to c. 2,700 tenants across five industrial estates in Cikarang. It was listed on the Indonesia Stock Exchange in June 2016. The Joso, Brasali and Sofyan families own over 80% of the company.</p>

Cikarang Listrindo (CL) is Indonesia's oldest independent power producer, with 1,144 MW of capacity. The company has two natural gas-fired plants with a combined installed capacity of 864 MW, and a 280 MW coal-fired plant. It is the sole electricity provider to c. 2,700 tenants across five industrial estates in Cikarang. It was listed on the Indonesia Stock Exchange in June 2016. The Joso, Brasali and Sofyan families own over 80% of the company.

Cikarang Listrindo - ESG Report - Lucror Analytics

<ul>
<li>Cikarang Listrindo (CL) has launched a roadshow to market a 144A/RegS senior unsecured notes offering of up to USD 350 mn.</li>
<li>The proceeds will likely be used to refinance the company's USD 500 mn 4.95% bonds due September 2026. We see fair value for the proposed notes at c.</li>
<li>150 bps above the relevant Treasury benchmark.</li>
</ul>


Cikarang Listrindo (CL) has launched a roadshow to market a 144A/RegS senior unsecured notes offering of up to USD 350 mn.
The proceeds will likely be used to refinance the company's USD 500 mn 4.95% bonds due September 2026. We see fair value for the proposed notes at c.
150 bps above the relevant Treasury benchmark.


Cikarang Listrindo - Tear Sheet - Lucror Analytics

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo</li>
<li>In the US, January new home sales fell 10.5% m-o-m to a three-month low of 657 k annualised units (680 k e / 734 k p). The decline reflects weather conditions (as several regions experienced record snowfall in January), as well as affordability concerns amid high prices and mortgage rates. Separately, building permits fell 0.6% (-0.7% p) in the same month.</li>
<li>Atlanta Fed President Raphael Bostic said the US central bank should hold interest rates where they are and retain a "restrictive posture". He added: "You can say that we are hitting our employment mandate, and now we have to get the price stability mandate under control."</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo
In the US, January new home sales fell 10.5% m-o-m to a three-month low of 657 k annualised units (680 k e / 734 k p). The decline reflects weather conditions (as several regions experienced record snowfall in January), as well as affordability concerns amid high prices and mortgage rates. Separately, building permits fell 0.6% (-0.7% p) in the same month.
Atlanta Fed President Raphael Bostic said the US central bank should hold interest rates where they are and retain a "restrictive posture". He added: "You can say that we are hitting our employment mandate, and now we have to get the price stability mandate under control."


Indonesia

PT Cikarang Listrindo Tbk is an Indonesian power-producing company involved in electricity generation, distribution, and sales to industrial and commercial customers. It operates gas, coal, and solar power plants and provides public electric vehicle charging stations. The company was founded in 1990 and is headquartered in Jakarta, Indonesia.

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Cikarang Listrindo (POWR IJ)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo Commerce Secretary Howard...

Lucror Analytics

Cikarang Listrindo - ESG Report - Lucror Analytics

Cikarang Listrindo (CL) is Indonesia's oldest independent power producer, with 1,144 MW of capacity. The company has two natural gas-fired plants...

Lucror Analytics

Cikarang Listrindo - Tear Sheet - Lucror Analytics

Cikarang Listrindo (CL) has launched a roadshow to market a 144A/RegS senior unsecured notes offering of up to USD 350 mn.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo

Lucror Analytics

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