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

Sritex’s Q2/20 results were weak but within expectations. Earnings declined due to lower exports, partially offset by higher domestic sales. The gross margin contracted to 18%, a level we believe is still manageable for the company. Net Debt/EBITDA weakened to 3.9x (FYE 2019: 3.2x). For FY 2020, we forecast EBITDA to decline 20-25% y-o-y. FCF generation is likely to remain poor, owing to high working capital outflows. Positively, we foresee a slight recovery in export sales, as the Indonesian government has lifted its prohibition on exports of personal protection equipment.

  Sritex’s Q2/20 results were weak but within expectations. Earnings declined due to lower exports, partially offset by higher domestic sales. The gross margin contracted to 18%, a level we believe is still manageable for the company. Net Debt/EBITDA weakened to 3.9x (FYE 2019: 3.2x). For FY 2020, we forecast EBITDA to decline 20-25% y-o-y. FCF generation is likely to remain poor, owing to high working capital outflows. Positively, we foresee a slight recovery in export sales, as the Indonesian government has lifted its prohibition on exports of personal protection equipment.  

Sritex - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month deals with our framework for discerning fraud in Asian companies. We also give an overview of common techniques used to manipulate financial information in Asian markets, and present case studies of alleged or confirmed fraud drawn from our coverage universe. 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.

  Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month deals with our framework for discerning fraud in Asian companies. We also give an overview of common techniques used to manipulate financial information in Asian markets, and present case studies of alleged or confirmed fraud drawn from our coverage universe.   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 - Framework For Discerning Fraud In Asian Companies - Lucror Analytics

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery. 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.

  From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery.   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 - Takeaways From China's Two Sessions (2020) - Lucror Analytics

Indonesia

PT Sri Rejeki Isman Tbk was founded in 1978. The company's line of business includes manufacturing textile products.

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Sri Rejeki Isman (SRIL IJ)

Sritex - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Sritex’s Q2/20 results were weak but within expectations. Earnings declined due to lower exports, partially offset by higher domestic sales. The...

Lucror Analytics

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

Asia HY Monthly - Framework For Discerning Fraud In Asian Companies - Lucror Analytics

Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month...

Lucror Analytics

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Asia HY Monthly - Takeaways From China's Two Sessions (2020) - Lucror Analytics

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting...

Lucror Analytics

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