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

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 Offshore Bond Defaults - Lucror Analytics

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

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

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. 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.

  This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   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 - 2019 In Review And 2020 Outlook - Lucror Analytics

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

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

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

We view Studio City as “Medium Risk” on the LARA scale. The company enjoys implied credit support from its 54% owner, Melco Resorts & Entertainment (MLCO). Studio City’s operating performance has improved in recent years after a slow ramp-up. Our view takes into account the continued growth in mass market GGR across Macau and MLCO’s good operating track record, which offsets the single-asset risk. We revise our fundamental Credit Bias on Studio City to “Negative” from “Stable”. We expect its financial profile to weaken due to the expansionary capex required to fund the asset’s Phase 2 development. Positively, OCF and EBITDA should continue growing marginally, albeit at a reduced pace. This is supported by increased gaming volumes from the more resilient mass-market segment. We view Studio City as “Moderate” on the LAGA scale, similar to MLCO. Despite Studio City’s 36% ownership by private equity investors, we view MLCO owner Lawrence Ho as the key decision maker. Disclosures are adequate, as quarterly financials are provided on the NYSE.

  We view Studio City as “Medium Risk” on the LARA scale. The company enjoys implied credit support from its 54% owner, Melco Resorts & Entertainment (MLCO). Studio City’s operating performance has improved in recent years after a slow ramp-up. Our view takes into account the continued growth in mass market GGR across Macau and MLCO’s good operating track record, which offsets the single-asset risk.   We revise our fundamental Credit Bias on Studio City to “Negative” from “Stable”. We expect its financial profile to weaken due to the expansionary capex required to fund the asset’s Phase 2 development. Positively, OCF and EBITDA should continue growing marginally, albeit at a reduced pace. This is supported by increased gaming volumes from the more resilient mass-market segment.   We view Studio City as “Moderate” on the LAGA scale, similar to MLCO. Despite Studio City’s 36% ownership by private equity investors, we view MLCO owner Lawrence Ho as the key decision maker. Disclosures are adequate, as quarterly financials are provided on the NYSE. 

Studio City - Tear Sheet - Lucror Analytics

Macau

Studio City Co Ltd operates as a hotel. The Company offers lodging, dining, entertainment, casino, meetings, events, and other services. Studio City serves customers in Macau.

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Studio City Co Ltd (0812321D MA)

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Studio City - Tear Sheet - Lucror Analytics

We view Studio City as “Medium Risk” on the LARA scale. The company enjoys implied credit support from its 54% owner, Melco Resorts &...

Lucror Analytics

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