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 provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage. 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 provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage.    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 - Macau Gaming Update - Lucror Analytics

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 - 01 Oct 2019

The Asia HY Trade Recommendations report for September 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 September 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 - September 2019 - Lucror Analytics

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Cross Asset Strategy

This morning our Honorable Finance Minister Ms Nirmala Sitharaman acted as a Santa to all the industry players by slashing the corporate tax rate from 30% to 22% plus surcharge and cess (without exemption). This reduced the effective tax rate from 34.99% to 25.17%. While the market took the news in an extreme positive manner as <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> surged by 5.32% with a view that EPS for the Nifty index will increase by ~10%, in reality its more or less an illusion.

This morning our Honorable Finance Minister Ms Nirmala Sitharaman acted as a Santa to all the industry players by slashing the corporate tax rate from 30% to 22% plus surcharge and cess (without exemption). This reduced the effective tax rate from 34.99% to 25.17%. While the market took the news in an extreme positive manner as NIFTY Index (NIFTY INDEX) surged by 5.32% with a view that EPS for the Nifty index will increase by ~10%, in reality its more or less an illusion.

India Corporate Tax Rate Cut: The Dip Is Not as Deep

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: ZOZO, HKEx/LSE, Nexon, Pacific Energy, Melco, Philip Morris, Changyou

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Oct 2019

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

Lucror Analytics

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

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

Lucror Analytics

India Corporate Tax Rate Cut: The Dip Is Not as Deep

This morning our Honorable Finance Minister Ms Nirmala Sitharaman acted as a Santa to all the industry players by slashing the corporate tax rate...

Nitin Mangal

Last Week in Event SPACE: ZOZO, HKEx/LSE, Nexon, Pacific Energy, Melco, Philip Morris, Changyou

Last Week in Event SPACE ... In the end, what this Tender Offer for ZOZO Inc (3092 JP) from Yahoo Japan (4689 JP) is really about is the emergence...

David Blennerhassett

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