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 Europe HY Trade Book for December 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for December 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - December 2023 - Lucror Analytics

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>Naspers and Prosus reported H1 FY24 results last week Wednesday before the open.</li><li>No major surprises, all three discounts closed slightly lower. We see room for further narrowing as the consolidated ecommerce businesses approach profitability ahead of the initial target.</li><li>Prosus is still trading below the value of its Tencent stake.</li></ul>

Naspers and Prosus reported H1 FY24 results last week Wednesday before the open.No major surprises, all three discounts closed slightly lower. We see room for further narrowing as the consolidated ecommerce businesses approach profitability ahead of the initial target.Prosus is still trading below the value of its Tencent stake.

NPN X PRX Discount Update + Key Takeaways H1 FY24 Results

The Europe HY Trade Book for October 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for October 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - October 2023 - Lucror Analytics

Quantitative Analysis

<ul>
<li>Since the close on Monday, both discounts have widened by over 2 percentage points <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a><a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a>.</li>
<li>Naspers’ discount to Prosus’ MV is back at 11.8% after reaching 10.4% on Monday. Naspers’ discount is trading at 46% and Prosus’ discount is trading at 40%.</li>
<li>The annual WisdomTree rebalance took place in the closing auction on Wednesday. Turnover on the JSE for the day was R20bn ($1.05bn), 1.12 times the 5-day average.</li>
</ul>


Since the close on Monday, both discounts have widened by over 2 percentage points Naspers (NPN SJ)Prosus NV (PRX NA).
Naspers’ discount to Prosus’ MV is back at 11.8% after reaching 10.4% on Monday. Naspers’ discount is trading at 46% and Prosus’ discount is trading at 40%.
The annual WisdomTree rebalance took place in the closing auction on Wednesday. Turnover on the JSE for the day was R20bn ($1.05bn), 1.12 times the 5-day average.


Naspers & Prosus: Discounts Widen as Market Sells off + WisdomTree Oct Rebalance Price Moves (JSE)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> is the largest buy (XSOE) - estimated flow $44m. <a href="https://www.smartkarma.com/entities/grupo-financiero-banorte-sab-d" target="_blank" data-smartkarma-citation="entities:24780:1" rel="noopener">Grupo Financiero Banorte SAB d (GFNORTEO MF)</a> is the 2nd largest buy - estimated flow $40m.</li>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is the largest sell - estimated flow $68m. <a href="https://www.smartkarma.com/entities/posco-holdings-inc" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">POSCO Holdings (005490 KS)</a> is the 2nd largest sell - estimated flow $59m.</li>
<li>Our estimate for the total value of new constituent buys is $1.38bn. We expect deletions to the value of $1.41bn to be sold down across the 3 funds.</li>
</ul>



HDFC Bank (HDFCB IN) is the largest buy (XSOE) - estimated flow $44m. Grupo Financiero Banorte SAB d (GFNORTEO MF) is the 2nd largest buy - estimated flow $40m.

Wistron Corp (3231 TT) is the largest sell - estimated flow $68m. POSCO Holdings (005490 KS) is the 2nd largest sell - estimated flow $59m.
Our estimate for the total value of new constituent buys is $1.38bn. We expect deletions to the value of $1.41bn to be sold down across the 3 funds.


WisdomTree Oct '23 Rebalance: Estimated Flows for All Adds and Deletes in DEM, XSOE & DGS

South Africa

Sasol Limited produces oil and chemical products. The Company offers products such as automotive lubricants, greases, cleansers, fuels, polymers, and specialty gases. Sasol markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sasol (SOL SJ)

Europe HY Trade Book - December 2023 - Lucror Analytics

The Europe HY Trade Book for December 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

NPN X PRX Discount Update + Key Takeaways H1 FY24 Results

Naspers and Prosus reported H1 FY24 results last week Wednesday before the open. No major surprises, all three discounts closed slightly lower.

DMA

Europe HY Trade Book - October 2023 - Lucror Analytics

The Europe HY Trade Book for October 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Naspers & Prosus: Discounts Widen as Market Sells off + WisdomTree Oct Rebalance Price Moves (JSE)

Recap of how the discounts traded last week as well as price moves on the JSE at the WisdomTree rebalance (Wed, 18 Oct).

DMA

WisdomTree Oct '23 Rebalance: Estimated Flows for All Adds and Deletes in DEM, XSOE & DGS

WisdomTree Oct rebalance (excel sheet with aggregated flow estimates): this insight includes ALL fresh additions to and deletions from DEM, DGS and...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)