Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

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

The Asia Trade Book for September 2024 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 across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

 The Asia Trade Book for September 2024 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 across Asia HY and crossover credits.  Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

Asia Trade Book - September 2024 - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/vedanta-resources-ltd" target="_blank" rel="noopener">Vedanta Resources</a></li>
<li><a href="https://www.smartkarma.com/entities/meituan" target="_blank" rel="noopener">Meituan</a></li>
<li><a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" rel="noopener">Yankuang Energy Group</a></li>
<li><a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" rel="noopener">Genting Bhd</a></li>
<li><a href="https://www.smartkarma.com/entities/delhi-international-airport" target="_blank" rel="noopener">Delhi International Airport Limited</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

Vedanta Resources
Meituan
Yankuang Energy Group
Genting Bhd
Delhi International Airport Limited

and more...

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.

  In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.   In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market. 

Asia Monthly - August 2024 In Review - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Samvardhana Motherson Automotive Systems Group BV / Credit

Samvardhana Motherson Automotive Systems Group BV (1012725D NA)

Samvardhana Motherson Automotive Systems Group BV

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.<ul><li><a href='#lucror-entity-10662'>Samvardhana Motherson International Ltd</a></li><li><a href='#lucror-entity-9423'>West China Cement</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property </a></li></ul>

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.Samvardhana Motherson International LtdWest China CementYuexiu Property 

Morning Views Asia: Samvardhana Motherson International Ltd, West China Cement, Yuexiu Property  

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 5th June, Chinese cement play <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a> announced a rubbish HK$3.22/share Offer from its parent <a href="https://www.smartkarma.com/entities/asia-cement-corp" target="_blank" data-smartkarma-citation="entities:15350:1" rel="noopener">Asia Cement (1102 TT)</a>.</li>
<li>This best &amp; final cash Offer was a ~ 45% premium to undisturbed, and a 37% discount to FY23's net cash. It's a 39% discount to 1H24's net cash.</li>
<li>The<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0802/2024080201151.pdf" target="_blank" rel="noopener"> Scheme Doc</a> is now out, with a 26th August independent shareholder vote. And payment (if it were to occur) on 20th September. The IFA (unsurprisingly) says fair and reasonable. </li>
</ul>


Back on the 5th June, Chinese cement play Asia Cement China (743 HK) announced a rubbish HK$3.22/share Offer from its parent Asia Cement (1102 TT).
This best &amp; final cash Offer was a ~ 45% premium to undisturbed, and a 37% discount to FY23's net cash. It's a 39% discount to 1H24's net cash.
The Scheme Doc is now out, with a 26th August independent shareholder vote. And payment (if it were to occur) on 20th September. The IFA (unsurprisingly) says fair and reasonable. 


Asia Cement (743 HK): 26th August Vote. Shareholders Should Reject Terms

China

West China Cement is a leading manufacturer and supplier of cement and cement products, including ordinary Portland, oil well, and specialized cements, as well as aggregates and commercial concrete. Its products are primarily used in infrastructure projects and housing construction across China, Africa, and Central Asia. The company was incorporated in 2006 and is headquartered in Xi'an, Shaanxi province, China.

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West China Cement (2233 HK)

Asia Trade Book - September 2024 - Lucror Analytics

The Asia Trade Book for September 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

Weekly Wrap - 20 Sep 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia Monthly - August 2024 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also...

Lucror Analytics

Morning Views Asia: Samvardhana Motherson International Ltd, West China Cement, Yuexiu Property

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

Lucror Analytics

Asia Cement (743 HK): 26th August Vote. Shareholders Should Reject Terms

The Scheme failed. No surprises there. The Offer price was rubbish. 30.58% of total disinterested shares votes against the transaction, well in...

David Blennerhassett

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