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: Sands China, SK Hynix</li>
<li>The rebound in US equity continued overnight, amid bets the Fed could cut rates sooner than anticipated to prevent a recession. The S&amp;P 500 rallied by 2%, while US treasuries rallied 7-9 bps across the curve.</li>
<li>Some 5 bps of additional Fed cuts were priced in for 2025 after comments by Fed officials. Gold climbed 1.7%, continuing its strong rally YTD.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix
The rebound in US equity continued overnight, amid bets the Fed could cut rates sooner than anticipated to prevent a recession. The S&amp;P 500 rallied by 2%, while US treasuries rallied 7-9 bps across the curve.
Some 5 bps of additional Fed cuts were priced in for 2025 after comments by Fed officials. Gold climbed 1.7%, continuing its strong rally YTD.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Melco Resorts, Sands China, Tata Motors</li>
<li>
In the US, February nonfarm payrolls increased to 151 k (160 k e / 125 k revised p), albeit the figure came in slightly below estimates. Moreover, the January number was revised downwards to 125 k (143 k p), with the two-month revision at negative 2 k (+100 k p). The unemployment rate edged up to 4.1% (4.0% e / 4.0% p). The average hourly earnings rose 0.3% m-o-m (0.3% e / 0.4% revised p) and 4.0% y-o-y (4.1% e / 3.9% revised p).
</li>
<li>
Fed Chairman Jerome Powell has reiterated that the US central bank is in no rush to reduce rates. He said: “Despite elevated levels of uncertainty, the US economy continues to be in a good place”, adding that “sentiment readings have not been a good predictor of consumption growth in recent years”.
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Melco Resorts, Sands China, Tata Motors

In the US, February nonfarm payrolls increased to 151 k (160 k e / 125 k revised p), albeit the figure came in slightly below estimates. Moreover, the January number was revised downwards to 125 k (143 k p), with the two-month revision at negative 2 k (+100 k p). The unemployment rate edged up to 4.1% (4.0% e / 4.0% p). The average hourly earnings rose 0.3% m-o-m (0.3% e / 0.4% revised p) and 4.0% y-o-y (4.1% e / 3.9% revised p).


Fed Chairman Jerome Powell has reiterated that the US central bank is in no rush to reduce rates. He said: “Despite elevated levels of uncertainty, the US economy continues to be in a good place”, adding that “sentiment readings have not been a good predictor of consumption growth in recent years”.



<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics</li>
<li>In the US, the Conference Board consumer confidence index slipped to 98.3 (102.5 e / 105.3 p) in February, the largest monthly decline since August 2021. The expectations index fell below 80 for the first time since June 2024, with the threshold usually indicating a recession ahead.</li>
<li>Treasuries climbed for a fifth straight day, with yields declining 8-11 bps across the curve given the weak consumer confidence data and amid a strong auction of 5Y notes.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics
In the US, the Conference Board consumer confidence index slipped to 98.3 (102.5 e / 105.3 p) in February, the largest monthly decline since August 2021. The expectations index fell below 80 for the first time since June 2024, with the threshold usually indicating a recession ahead.
Treasuries climbed for a fifth straight day, with yields declining 8-11 bps across the curve given the weak consumer confidence data and amid a strong auction of 5Y notes.


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Sands China, Vedanta Resources</li>
<li>
In the US, the ISM manufacturing index climbed to expansion territory at 50.9 in January (50.0 e / 49.2 revised p), after being in contraction mode for 26 consecutive months.
</li>
<li>
Separately, the January (final) S&amp;P US manufacturing PMI rose to 51.2 (49.4 p), above the preliminary reading of 50.1. US President Donald Trump has agreed to a 30-day pause on his tariff threats against Mexico and Canada, after the two neighbouring countries pledged to bolster border-enforcement efforts in response to Mr Trump’s demands to crack down on illegal immigration and drug smuggling. 
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Sands China, Vedanta Resources

In the US, the ISM manufacturing index climbed to expansion territory at 50.9 in January (50.0 e / 49.2 revised p), after being in contraction mode for 26 consecutive months.


Separately, the January (final) S&amp;P US manufacturing PMI rose to 51.2 (49.4 p), above the preliminary reading of 50.1. US President Donald Trump has agreed to a 30-day pause on his tariff threats against Mexico and Canada, after the two neighbouring countries pledged to bolster border-enforcement efforts in response to Mr Trump’s demands to crack down on illegal immigration and drug smuggling. 



United States

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

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Sands China (SCHYY US)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix The rebound in US...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Melco Resorts, Sands China,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics

Lucror Analytics

Global Market Update: February 24, 2025

Krungthai XSpring

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Sands China, Vedanta Resources

Lucror Analytics

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