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 the US, the JOLTS job openings decreased to 7.57 mn (7.66 mn e / 7.76 mn p) in February.</li>
<li>The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).</li>
<li>Separately, the March ISM manufacturing index declined to 49.0 (49.5 e / 50.3 p). This was driven by a drop in the new orders and employment components, while the prices paid component increased. </li>
</ul>


In the US, the JOLTS job openings decreased to 7.57 mn (7.66 mn e / 7.76 mn p) in February.
The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).
Separately, the March ISM manufacturing index declined to 49.0 (49.5 e / 50.3 p). This was driven by a drop in the new orders and employment components, while the prices paid component increased. 


<ul>
<li>In the US, New York Fed President John Williams said tariffs could produce “more prolonged effects” on inflation, as indirect effects from the new duties “might not be fully felt for a couple of years”.</li>
<li>Mr Williams added that “there’s a lot of uncertainty about how the economy will evolve and a lot of uncertainty about all the policy actions”, and hence expects the US central bank to keep interest rates unchanged for “some time”.</li>
<li>Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of reciprocal tariffs tomorrow.</li>
</ul>


In the US, New York Fed President John Williams said tariffs could produce “more prolonged effects” on inflation, as indirect effects from the new duties “might not be fully felt for a couple of years”.
Mr Williams added that “there’s a lot of uncertainty about how the economy will evolve and a lot of uncertainty about all the policy actions”, and hence expects the US central bank to keep interest rates unchanged for “some time”.
Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of reciprocal tariffs tomorrow.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Watch Softbank after bullish comments from ARM that it expects 50% DC GPU market share this year.</li>
<li>Hegseth's Japan trip concludes with no demand for higher defense spending.</li>
<li>Shiseido was sharply higher yesterday after activist announces larger stake in an easy squeeze.</li>
</ul>


Watch Softbank after bullish comments from ARM that it expects 50% DC GPU market share this year.
Hegseth's Japan trip concludes with no demand for higher defense spending.
Shiseido was sharply higher yesterday after activist announces larger stake in an easy squeeze.


Japan Morning Connection: US Markets Well off the Lows Pointing to Better Start for JP

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a>'s range looks a little pricey, while <a href="https://www.smartkarma.com/entities/eco-shop-marketing" target="_blank" data-smartkarma-citation="entities:44169:1" rel="noopener">Eco-Shop Marketing (ECO MY)</a> could trade ahead of its listed peers, in our view.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> matched <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> in size, but couldn't do so in returns.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, DN Solutions (298440 KS)'s range looks a little pricey, while Eco-Shop Marketing (ECO MY) could trade ahead of its listed peers, in our view.
On the placements front, Xiaomi Corp (1810 HK) matched BYD (1211 HK) in size, but couldn't do so in returns.


ECM Weekly (31st Mar 2025) - Xiaomi, NIO, FCT, Gigabyte, DN Sol, Nanshan Al, Zenergy, LXJ, Veeda

JX Advanced Metals / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> managed to hold on to its deal price, riding on the copper price resurgance.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> was the only largish deal over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.


ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

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.

Price Gauge
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Softbank Group (9984 JP)

Lucror Analytics - Morning Views Asia

The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of...

Lucror Analytics

Japan Morning Connection: US Markets Well off the Lows Pointing to Better Start for JP

Bullish comments from Arm should have positive for Softbank, Hegseth trip results in no demand for higher defense spending in Japan, Shiseido...

Andrew Jackson

ECM Weekly (31st Mar 2025) - Xiaomi, NIO, FCT, Gigabyte, DN Sol, Nanshan Al, Zenergy, LXJ, Veeda

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)