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>Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.</li>
<li>The S&amp;P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725. </li>
</ul>


Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.
The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.
The S&amp;P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725. 


Trung Nguyen

<ul>
<li>US markets were in risk-on mode overnight, amid strong earnings from tech companies.</li>
<li>The S&amp;P 500 was up 0.6% for the eighth consecutive day, while the Nasdaq gained 1.5%.</li>
<li>US Treasuries steepened, with the 2Y yield shrinking by 5 bps but the 30Y gaining 3 bps as investors slightly curbed their bets on US interest-rate cuts this year given factory activity data, while keeping the inflation expectation further out.</li>
</ul>


US markets were in risk-on mode overnight, amid strong earnings from tech companies.
The S&amp;P 500 was up 0.6% for the eighth consecutive day, while the Nasdaq gained 1.5%.
US Treasuries steepened, with the 2Y yield shrinking by 5 bps but the 30Y gaining 3 bps as investors slightly curbed their bets on US interest-rate cuts this year given factory activity data, while keeping the inflation expectation further out.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy</li>
<li>In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.</li>
<li>Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)


<ul>
<li>Indika Energy's FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.</li>
<li>The balance sheet worsened significantly during the year.</li>
<li>That said, liquidity remained sound.</li>
</ul>


Indika Energy's FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.
The balance sheet worsened significantly during the year.
That said, liquidity remained sound.


Indika Energy - Earnings Flash - FY 2024 Results

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy</li>
<li>In the US, advance retail sales came in below estimates at 0.2% m-o-m (0.6% e / -1.2% revised p) in February. Moreover, the January figure was revised downwards to negative 1.2% (from -0.9%), the lowest since July 2021. Seven of the retail report's 13 categories posted declines, notably motor vehicles, gasoline sales, as well as spending at restaurants and bars.</li>
<li>Retail sales (excluding auto and gas) rose 0.5% m-o-m (0.4% e / -0.8% p), while the retail sales control group (which feeds into the government’s calculation of goods spending for GDP) was up 1.0% m-o-m (0.4% e / -1.0% revised p), supported by a rebound in e-commerce activity.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy
In the US, advance retail sales came in below estimates at 0.2% m-o-m (0.6% e / -1.2% revised p) in February. Moreover, the January figure was revised downwards to negative 1.2% (from -0.9%), the lowest since July 2021. Seven of the retail report's 13 categories posted declines, notably motor vehicles, gasoline sales, as well as spending at restaurants and bars.
Retail sales (excluding auto and gas) rose 0.5% m-o-m (0.4% e / -0.8% p), while the retail sales control group (which feeds into the government’s calculation of goods spending for GDP) was up 1.0% m-o-m (0.4% e / -1.0% revised p), supported by a rebound in e-commerce activity.


Indonesia

Indika Energy is an integrated Indonesian energy company providing solutions across energy resources, services, and infrastructure. Its energy resources business focuses on coal exploration, production, and processing, while its energy services segment offers engineering, procurement, construction, operations, and maintenance for various energy sectors. The company also handles mining transportation, logistics, and electricity generation through its energy infrastructure business. Indika Energy is headquartered in Jakarta, Indonesia, and was founded in 2000.

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Indika Energy (INDY IJ)

Lucror Analytics - Morning Views Asia

The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over...

Lucror Analytics

Lucror Analytics - Morning Views Asia

US markets were in risk-on mode overnight, amid strong earnings from tech companies. The S&P 500 was up 0.6% for the eighth consecutive day, while...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy

Lucror Analytics

Indika Energy - Earnings Flash - FY 2024 Results

Indika Energy's FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

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