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.

Credit

<ul>
<li>The Fed has voted unanimously to cut rates by 25 bps to 4.50-4.75%, as expected.</li>
<li>The FOMC believes that the risks to achieving its employment and inflation goals are roughly in balance, with an uncertain economic outlook, and the committee is "attentive to the risks to both sides of its dual mandate".</li>
<li>Policymakers no longer included a line on achieving "greater confidence" that inflation is moving sustainably toward 2%, though they noted inflation has "made progress" toward the central bank's goal. </li>
</ul>


The Fed has voted unanimously to cut rates by 25 bps to 4.50-4.75%, as expected.
The FOMC believes that the risks to achieving its employment and inflation goals are roughly in balance, with an uncertain economic outlook, and the committee is "attentive to the risks to both sides of its dual mandate".
Policymakers no longer included a line on achieving "greater confidence" that inflation is moving sustainably toward 2%, though they noted inflation has "made progress" toward the central bank's goal. 


Lucror Analytics - Morning Views Asia - November 8, 2024

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Japfa Comfeed Indonesia / Equity Bottom-Up

<ul><li>Despite delivering lower 3Q24 net profit of Rp617bn (-24% qoq, -28% yoy), JPFA’s 9M24 came in above our/cons. est. (94%/ 95% of FY24F).</li><li>Margin declined as expected, but 3Q24’s gross OPM of 6.2% came in ahead of our 5.6% bullish estimates.</li><li>We raised our FY24-25F net profit est. by 31-26%, rolled forward our valuation to FY25F, and lifted our TP to Rp2,900; maintain BUY rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite delivering lower 3Q24 net profit of Rp617bn (-24% qoq, -28% yoy), JPFA’s 9M24 came in above our/cons. est. (94%/ 95% of FY24F).Margin declined as expected, but 3Q24’s gross OPM of 6.2% came in ahead of our 5.6% bullish estimates.We raised our FY24-25F net profit est. by 31-26%, rolled forward our valuation to FY25F, and lifted our TP to Rp2,900; maintain BUY rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/longfor-properties' target='_blank' rel='noopener'>Longfor Properties</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/adani-green-energy-ltd' target='_blank' rel='noopener'>Adani Green Energy</a></li><li><a href='/entities/reliance-industries-ltd' target='_blank' rel='noopener'>Reliance Industries</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Vedanta ResourcesLongfor PropertiesAnton OilfieldAdani Green EnergyReliance Industriesand more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-oil-and-gas-group-ltd' target='_blank' rel='noopener'>China Oil And Gas</a></li><li><a href='/entities/intl-container-term-svcs-inc' target='_blank' rel='noopener'>ICTSI</a></li><li><a href='/entities/pt-cikarang-listrindo-tbk' target='_blank' rel='noopener'>Pt Cikarang Listrindo Tbk</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li><li><a href='/entities/adani-green-energy-ltd' target='_blank' rel='noopener'>Adani Green Energy</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Oil And GasICTSIPt Cikarang Listrindo TbkTata Motors LtdAdani Green Energyand more...

Indonesia

Japfa Comfeed Indonesia is one of Indonesia's largest and most integrated agri-food companies. Its core business activities include animal feed manufacturing, poultry breeding and commercial farming, aquaculture, beef cattle farming, and processing of various value-added food products such as poultry, fish, shrimp, and beef. The company was founded in 1971 and is headquartered in Jakarta, Indonesia.

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Japfa Comfeed Indonesia (JPFA IJ)

Lucror Analytics - Morning Views Asia - November 8, 2024

The FOMC believes that the risks to achieving its employment and inflation goals are roughly in balance, with an uncertain economic outlook

Lucror Analytics

Japfa Comfeed Indonesia - 3Q24 Results

Despite delivering lower 3Q24 net profit of Rp617bn (-24% qoq, -28% yoy), JPFA’s 9M24 came in above our/cons. est. (94%/ 95% of FY24F).

BRI Danareksa Research

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Weekly Wrap - 18 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Weekly Wrap - 11 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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