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

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 Feb 2019

Lucror Analytics - Morning Views Asia - 30 Jan 2019

Lucror Analytics - Morning Views Asia - 28 Jan 2019

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 2019 - Lucror Analytics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Yancoal Australia / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/4145" target="_blank" data-smartkarma-citation="entities:4145:1">Yancoal Australia (YAL AU)</a> plans to raise around US$200m via a dual-listing in Hong Kong. The shares have been listed in Australia since June 2012.
As the shares are already listed, I'll not go into too much operational detail about the company. This insight is a quick note to look at the valuation differential between the two listings.
The IPO price range is at a 25-37% premium to where its Australian Shares are trading. The company recently acquired some of its major mines at an EV/EBITDA multiple which was 15% below where it's planning to list its shares. Whichever way one looks at it, the valuations appear stretched.

Yancoal Australia (YAL AU) plans to raise around US$200m via a dual-listing in Hong Kong. The shares have been listed in Australia since June 2012.
As the shares are already listed, I'll not go into too much operational detail about the company. This insight is a quick note to look at the valuation differential between the two listings.
The IPO price range is at a 25-37% premium to where its Australian Shares are trading. The company recently acquired some of its major mines at an EV/EBITDA multiple which was 15% below where it's planning to list its shares. Whichever way one looks at it, the valuations appear stretched.

Yancoal Australia's HK IPO - Quick Note - Neither the Listing Rationale nor the Pricing Make Sense

China

Yankuang Energy Group Company Limited operates coal businesses. The Company produces fine coal, blown coal, power coal, and coal chemical products. Yankuang Energy Group also conducts power generation, railway transport, machinery manufacturing, and heating businesses.

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Yankuang Energy Group (1171 HK)

Lucror Analytics - Morning Views Asia - 01 Feb 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 30 Jan 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 28 Jan 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 - January 2019 - 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

Yancoal Australia's HK IPO - Quick Note - Neither the Listing Rationale nor the Pricing Make Sense

Yancoal Australia (YAL AU) plans to raise around US$200m via a dual-listing in Hong Kong. The shares have been listed in Australia since June...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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