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” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations. 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 discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations.    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 - 2018 Results Overview (Ex-India) - 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 May 2019

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

Tunas Baru Lampung’s FY 2018 results were soft. Gross profit from the sugar segment declined 11% y-o-y, owing to lower volumes and slightly weaker prices. This was partly offset by a steady performance from the palm oil segment, which reported revenue growth of 4% and stable margins. Negatively, OCF generation was minimal on account of high working capital outflows. As a result, debt remained higher than expected. The financial profile weakened, with Debt/EBITDA at 3.3x (FY 2017: 2.6x). Management expects expansionary capex to be curtailed, which should support the deteriorating financial profile. That said, we will monitor the company's volatile working capital movements.  .

   Tunas Baru Lampung’s FY 2018 results were soft. Gross profit from the sugar segment declined 11% y-o-y, owing to lower volumes and slightly weaker prices. This was partly offset by a steady performance from the palm oil segment, which reported revenue growth of 4% and stable margins.    Negatively, OCF generation was minimal on account of high working capital outflows. As a result, debt remained higher than expected. The financial profile weakened, with Debt/EBITDA at 3.3x (FY 2017: 2.6x). Management expects expansionary capex to be curtailed, which should support the deteriorating financial profile. That said, we will monitor the company's volatile working capital movements.  . 

Tunas Baru - Earnings Flash - FY 2018 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 03 Apr 2019

Indonesia

PT Tunas Baru Lampung Tbk manufactures palm cooking oil, coconut cooking oil, crude coconut oil, crude palm oil, and soap.  Through its subsidiaries, the Company also operates palm, hybrid coconut, and pineapple plantations as well as real estates.

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Tunas Baru Lampung (TBLA IJ)

Asia HY Monthly - 2018 Results Overview (Ex-India) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 May 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 - April 2019 - Lucror Analytics

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

Lucror Analytics

Tunas Baru - Earnings Flash - FY 2018 Results - Lucror Analytics

Tunas Baru Lampung’s FY 2018 results were soft. Gross profit from the sugar segment declined 11% y-o-y, owing to lower volumes and slightly...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 03 Apr 2019

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

Lucror Analytics

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