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 Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
<ul>
<li><a href="#lucror-entity-19717" target="_blank" rel="noopener">Gcl New Energy Holdings</a></li>
<li><a href="#lucror-entity-8717" target="_blank" rel="noopener">Geo Energy Resources</a></li>
<li><a href="https://foundry.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" rel="noopener">Sri Rejeki Isman (SRIL IJ)</a></li>
</ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Gcl New Energy Holdings
Geo Energy Resources
Sri Rejeki Isman (SRIL IJ)


Morning Views Asia: Gcl New Energy Holdings, Geo Energy Resources, Sritex

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

As the Indonesian anti-dumping committee found that dumping practice has been carried out by producers from China, the committee recommended to the Minister of Finance Madam Sri Mulyani that the producers will pay import duty that varies from 5.4% to15% depending on the product. <a href="https://www.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" data-smartkarma-citation="entities:20178:1" rel="noopener">Sri Rejeki Isman (SRIL IJ)</a> is a major domestic player in the textile industry and is the only one among its peers that is included in LQ 45.
The share price is expected to gain as much as 20% in the coming year due to the new government ruling and possibly helped by better investor sentiment as it is in the top 3 cheapest PER in LQ 45. It is currently trading at 4.6x PER. SRIL is a must-have stock in you are looking to add in your small-cap portfolio.

As the Indonesian anti-dumping committee found that dumping practice has been carried out by producers from China, the committee recommended to the Minister of Finance Madam Sri Mulyani that the producers will pay import duty that varies from 5.4% to15% depending on the product. Sri Rejeki Isman (SRIL IJ) is a major domestic player in the textile industry and is the only one among its peers that is included in LQ 45.
The share price is expected to gain as much as 20% in the coming year due to the new government ruling and possibly helped by better investor sentiment as it is in the top 3 cheapest PER in LQ 45. It is currently trading at 4.6x PER. SRIL is a must-have stock in you are looking to add in your small-cap portfolio. 

Sritex (SRIL): Protectionist Rule Beneficiary

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system. 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 provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system.   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 - Corporate Governance And Corruption In Indonesia - Lucror Analytics

The Asia HY Trade Recommendations report for October includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for October includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - October 2019 - Lucror Analytics

Indonesia

PT Sri Rejeki Isman Tbk, also known as Sritex, is an Indonesia-based company primarily engaged in the integrated textile and garment industry. It manufactures yarn, greige, fabrics, and apparel through its spinning, weaving, dyeing/printing, and garment manufacturing processes. The company was founded in 1966 as a traditional trading company and established its first printing factory in 1968. Its headquarters are located in Sukoharjo, Central Java, Indonesia.

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Sri Rejeki Isman (SRIL IJ)

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Morning Views Asia: Gcl New Energy Holdings, Geo Energy Resources, Sritex

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Sritex (SRIL): Protectionist Rule Beneficiary

As the Indonesian anti-dumping committee found that dumping practice has been carried out by producers from China, the committee recommended to the...

Henry Soediarko

Asia HY Monthly - Corporate Governance And Corruption In Indonesia - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor...

Lucror Analytics

Asia HY Trade Recommendations - October 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for October includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

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