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

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.

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. 

Lucror Analytics - Morning Views Asia - 12 Sep 2019

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

As the drama between <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and its increasingly less favoured child, <a href="https://www.smartkarma.com/entities/the-we-company-wework" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">The We Company (WeWork) (WE US)</a>, rolls on with requests for private capital infusions bump against requests for a delay to the IPO, we find ourselves asking, "Who is more desperate here, WeWork or Softbank?"

As the drama between Softbank Group (9984 JP) and its increasingly less favoured child, The We Company (WeWork) (WE US), rolls on with requests for private capital infusions bump against requests for a delay to the IPO, we find ourselves asking, "Who is more desperate here, WeWork or Softbank?"

We Work! We Play! We Destroy Shareholder Value, EVERY SINGLE DAY!

Lucror Analytics - Morning Views Asia - 09 Sep 2019

Telco/Internet specialist

Kirk Boodry

Redex Research

<a href="https://www.smartkarma.com/entities/the-we-company-wework" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">The We Company (WeWork) (WE US)</a> management has pulled back dramatically on the valuation they expect to get in their IPO, reportedly looking at $20-25bn but we think that is still too high and the chances the listing gets pulled are increasing.  In this report we discuss how we see serious flaws in how they present the addressable opportunity, describe how the tech angle is overstated, and re-iterate some of the corporate governance concerns. For We Company, we think the main disruptor is a more efficient use of space and the main differentiator is Softbank Vision Fund cash but neither of these justify the valuation levels that have been discussed. Before the prospectus was published, we thought the business was worth closer to $12bn and nothing in their presentation has changed our view.

The We Company (WeWork) (WE US) management has pulled back dramatically on the valuation they expect to get in their IPO, reportedly looking at $20-25bn but we think that is still too high and the chances the listing gets pulled are increasing.  In this report we discuss how we see serious flaws in how they present the addressable opportunity, describe how the tech angle is overstated, and re-iterate some of the corporate governance concerns. For We Company, we think the main disruptor is a more efficient use of space and the main differentiator is Softbank Vision Fund cash but neither of these justify the valuation levels that have been discussed. Before the prospectus was published, we thought the business was worth closer to $12bn and nothing in their presentation has changed our view. 

We Company: When You Get past the Hype, the Company Is Not Tech-Driven or Disruptive

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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 the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments.    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 - Chinese Property Update - Lucror Analytics

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Lucror Analytics - Morning Views Asia - 12 Sep 2019

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

Lucror Analytics

We Work! We Play! We Destroy Shareholder Value, EVERY SINGLE DAY!

As the drama between Softbank Group (9984 JP) and its increasingly less favoured child, The We Company (WeWork) (WE US), rolls on with requests for...

Mio Kato

Lucror Analytics - Morning Views Asia - 09 Sep 2019

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

Lucror Analytics

We Company: When You Get past the Hype, the Company Is Not Tech-Driven or Disruptive

The We Company (WeWork) (WE US) management has pulled back dramatically on the valuation they expect to get in their IPO, reportedly looking at...

Kirk Boodry

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)