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: Medco Energi</li>
<li>UST yields ended mostly stable yesterday, with an earlier bull steepening move fading due to creeping doubts over the US-Iran truce. Yields on the 2Y and 10Y UST were flat at 3.79% and 4.29%, respectively. Equities closed higher, albeit retreating from intraday highs at the end of the day. The S&amp;P 500 and Nasdaq were up 2.5% and 2.8% at 6,783 and 22,635, respectively.</li>
<li>Iran’s parliamentary speaker Mohammad Bagher Ghalibaf has accused the US of violating three parts of Tehran's 10-point ceasefire proposal, specifically Israel’s continued attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Iran's right to enrich uranium.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi
UST yields ended mostly stable yesterday, with an earlier bull steepening move fading due to creeping doubts over the US-Iran truce. Yields on the 2Y and 10Y UST were flat at 3.79% and 4.29%, respectively. Equities closed higher, albeit retreating from intraday highs at the end of the day. The S&amp;P 500 and Nasdaq were up 2.5% and 2.8% at 6,783 and 22,635, respectively.
Iran’s parliamentary speaker Mohammad Bagher Ghalibaf has accused the US of violating three parts of Tehran's 10-point ceasefire proposal, specifically Israel’s continued attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Iran's right to enrich uranium.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati, UPL Limited</li>
<li>UST yields climbed 1-3 bps across the curve yesterday. This was amid a soft auction for 5Y notes, which tailed by 0.7 bps (the weakest auction result for this tenor since November 2025). The yield on the 2Y UST rose 1 bp to 3.47%, while the yield on the 10Y UST was up 2 bps at 4.05%. Equities rose for a second day, as Nvidia Corp reported strong results that soothed market concerns over AI hyperscaler spending. The S&amp;P 500 and Nasdaq climbed 0.8% and 1.3% to 6,946 and 23,152, respectively.</li>
<li>US Trade Representative Jamieson Greer said President Donald Trump will sign a directive in the coming days to raise global tariffs to 15% “where appropriate”. Mr Greer added that it could take a few months for the administration to re-establish Mr Trump’s tariff regime in ways that uphold existing agreements in the wake of a recent Supreme Court ruling.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati, UPL Limited
UST yields climbed 1-3 bps across the curve yesterday. This was amid a soft auction for 5Y notes, which tailed by 0.7 bps (the weakest auction result for this tenor since November 2025). The yield on the 2Y UST rose 1 bp to 3.47%, while the yield on the 10Y UST was up 2 bps at 4.05%. Equities rose for a second day, as Nvidia Corp reported strong results that soothed market concerns over AI hyperscaler spending. The S&amp;P 500 and Nasdaq climbed 0.8% and 1.3% to 6,946 and 23,152, respectively.
US Trade Representative Jamieson Greer said President Donald Trump will sign a directive in the coming days to raise global tariffs to 15% “where appropriate”. Mr Greer added that it could take a few months for the administration to re-establish Mr Trump’s tariff regime in ways that uphold existing agreements in the wake of a recent Supreme Court ruling.


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

<ul><li>We expect AMMN to drive 4Q25F and FY26 earnings rebound despite oil price pressure, supported by copper export approval.</li><li>We expect the Corridor PSC ownership increase to drive FY26F production uplift, contributing ~30% of estimated total production vol.</li><li>We upgraded FY26F-27F earnings and raise our TP to Rp2,000, reflecting higher output assumptions and rerating supported by AMMN recovery.</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.

We expect AMMN to drive 4Q25F and FY26 earnings rebound despite oil price pressure, supported by copper export approval.We expect the Corridor PSC ownership increase to drive FY26F production uplift, contributing ~30% of estimated total production vol.We upgraded FY26F-27F earnings and raise our TP to Rp2,000, reflecting higher output assumptions and rerating supported by AMMN recovery.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.

Medco Energi International (MEDC.IJ) Higher Corridor Ownership and AMMN Normalization...

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi</li>
<li>UST yields climbed 3-4 bps across the curve yesterday, amid heightened corporate supply after Alphabet Inc issued USD 25 bn of USD- and EUR-denominated bonds. The yield on the 2Y and 10Y UST rose 3 bps each to 3.61% and 4.11%, respectively.</li>
<li>Equities climbed, supported by tech stocks after Amazon’s Cloud unit inked a USD 38 bn deal with OpenAI. The S&amp;P 500 edged up 0.2% to 6,852, while the Nasdaq grew 0.5% to 23,835.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi
UST yields climbed 3-4 bps across the curve yesterday, amid heightened corporate supply after Alphabet Inc issued USD 25 bn of USD- and EUR-denominated bonds. The yield on the 2Y and 10Y UST rose 3 bps each to 3.61% and 4.11%, respectively.
Equities climbed, supported by tech stocks after Amazon’s Cloud unit inked a USD 38 bn deal with OpenAI. The S&amp;P 500 edged up 0.2% to 6,852, while the Nasdaq grew 0.5% to 23,835.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.</li>
<li>Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.</li>
<li>Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.</li>
</ul>


So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.
Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.
Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.


OIL: When a Short-Term Spike Becomes Long-Term Reality

Indonesia

MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

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MedcoEnergi (MEDC IJ)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi UST yields ended mostly stable...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati,...

Lucror Analytics

Medco Energi International (MEDC.IJ) Higher Corridor Ownership and AMMN Normalization...

We expect the Corridor PSC ownership increase to drive FY26F production uplift, contributing ~30% of estimated total production vol.

BRI Danareksa Research

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi UST yields climbed 3-4 bps...

Lucror Analytics

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

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