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: SJM Holdings, Yinson Production, Adani Green Energy</li>
<li>Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.</li>
<li>Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&amp;P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy
Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.
Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&amp;P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.


Trung Nguyen

Debt Capital Markets

<ul>
<li>US treasury yields fell 3-4 bps across the curve yesterday, partly easing their sharp advance last Friday.</li>
<li>Yields on the 2Y and 10Y USTs declined 3 bps each to 4.00% and 4.48%, respectively.</li>
<li>Equities eked out a small gain, on the back of continued US-China trade talks.</li>
</ul>


US treasury yields fell 3-4 bps across the curve yesterday, partly easing their sharp advance last Friday.
Yields on the 2Y and 10Y USTs declined 3 bps each to 4.00% and 4.48%, respectively.
Equities eked out a small gain, on the back of continued US-China trade talks.


<ul>
<li>SJM Holdings' FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.</li>
<li>In particular, GLP has managed to improve market share gradually over the course of the year.</li>
<li>Still, SJM's overall market share remained below the pre-pandemic FY 2019 level.</li>
</ul>


SJM Holdings' FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.
In particular, GLP has managed to improve market share gradually over the course of the year.
Still, SJM's overall market share remained below the pre-pandemic FY 2019 level.


SJM Holdings - Earnings Flash - FY 2024 Results - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>At an 8% discount to NAV, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a> is trading too tight for what is a simple holding company structure.</li>
<li>Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


At an 8% discount to NAV, Melco International Development (200 HK) is trading too tight for what is a simple holding company structure.
Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Although Hong Kong markets have slumped after Trump's election, mainland China's markets have gained.  Southbound net buying of HK stocks hit a 2024 high on the day Trump won.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> had a breakout from a double top as Macau recorded good Golden Week arrivals.  <a href="https://www.smartkarma.com/entities/blue-moon-group-holdings" target="_blank" data-smartkarma-citation="entities:29179:1" rel="noopener">Blue Moon Group Holdings (6993 HK)</a> had a breakout after 3 years.
</li>
<li>
<a href="https://www.smartkarma.com/entities/cansino-biologics-inc" target="_blank" data-smartkarma-citation="entities:27739:1" rel="noopener">CanSino Biologics (6185 HK)</a> formed a breakout after a new vaccine was approved and it reported better results.  <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> share price advanced as it expands stores.
</li>
</ul>


Although Hong Kong markets have slumped after Trump's election, mainland China's markets have gained.  Southbound net buying of HK stocks hit a 2024 high on the day Trump won.

Sands China (1928 HK) had a breakout from a double top as Macau recorded good Golden Week arrivals.  Blue Moon Group Holdings (6993 HK) had a breakout after 3 years.


CanSino Biologics (6185 HK) formed a breakout after a new vaccine was approved and it reported better results.  Haidilao International Holding (6862 HK) share price advanced as it expands stores.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

Hong Kong

SJM Holdings is a leading owner, operator, and developer of casinos and integrated entertainment resorts in Macau. The company's operations encompass casino gaming, hotels, dining, shopping, and wellness facilities. SJM Holdings was incorporated in Hong Kong in 2006 and is headquartered in Central, Hong Kong.

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SJM Holdings (880 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green...

Lucror Analytics

Lucror Analytics - Morning Views Asia

US treasury yields fell 3-4 bps across the curve yesterday, partly easing their sharp advance last Friday. Yields on the 2Y and 10Y USTs declined 3...

Lucror Analytics

SJM Holdings - Earnings Flash - FY 2024 Results - Lucror Analytics

SJM Holdings' FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.In particular, GLP has managed to...

Lucror Analytics

StubWorld: Melco Is Trading Too Tight

At an 8% discount to NAV, Melco International Development (200 HK) is trading too tight for what is a simple holding company structure.

David Blennerhassett

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

Mainland China's A-share market advanced after Trump's election as South Connect buying hit a 3 year high. Sands China had a breakout as Macau...

David Mudd

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