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.

PT Indika Energy Tbk is an energy company. The Company provides energy services, energy resources and infrastructure, primarily in the areas of coal production, engineering, procurement and construction services and power generation services.

<ul>
<li>In the US, the October nonfarm payrolls came in significantly below expectations at 12 k (100 k e / 223 k revised p). In addition, payrolls for the preceding two months were revised downwards by 112 k (+72 k p).</li>
<li>Payrolls in October were impacted by Hurricanes Milton and Helene, as well as a major strike at Boeing.</li>
<li>The unemployment rate was unchanged at 4.1% (4.1% e), while the average hourly earnings stood at 0.4% m-o-m (0.3% e / 0.3% revised p) and 4.0% y-o-y (4.0% e / 3.9% revised p). </li>
</ul>


In the US, the October nonfarm payrolls came in significantly below expectations at 12 k (100 k e / 223 k revised p). In addition, payrolls for the preceding two months were revised downwards by 112 k (+72 k p).
Payrolls in October were impacted by Hurricanes Milton and Helene, as well as a major strike at Boeing.
The unemployment rate was unchanged at 4.1% (4.1% e), while the average hourly earnings stood at 0.4% m-o-m (0.3% e / 0.3% revised p) and 4.0% y-o-y (4.0% e / 3.9% revised p). 


Tanvi Arora

Fressnapf Tiernahrungs GmbH provides wholesale distribution of pet food and accessories. The Company offers different products for cats, dogs, small animals, birds, terra, aqua, and pond decoration. Fressnapf Tiernahrungs serves its customers worldwide.

<ul>
<li>Fressnapf is a leading pet retailer in Europe with an omni-channel offering.</li>
<li>It offers a diverse range of pet food, accessories, as well as health products and pet services mostly catering to the premium end of the market.</li>
<li>The company has a presence in 13 countries across Europe. It offers exclusive brands (private label) as well as branded products. </li>
</ul>


Fressnapf is a leading pet retailer in Europe with an omni-channel offering.
It offers a diverse range of pet food, accessories, as well as health products and pet services mostly catering to the premium end of the market.
The company has a presence in 13 countries across Europe. It offers exclusive brands (private label) as well as branded products. 


Fressnapf - ESG Report - Lucror Analytics

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

<ul>
<li>The revision of disclosure company lists to “TSE's request” seems aimed at helping companies promote their initiatives without losing heart, rather than presenting updates in clearer terms to institutional investors.</li>
<li>For institutional investors seeking to maximize investment performance among a number of investment targets, companies need estimates of the time taken to realize and the magnitude of the expected returns.</li>
<li>For slow-moving Japanese companies, private equity investment managers, who have longer investment horizons and easier access to a variety of exit strategies, would have a better picture of investment returns.</li>
</ul>


The revision of disclosure company lists to “TSE's request” seems aimed at helping companies promote their initiatives without losing heart, rather than presenting updates in clearer terms to institutional investors.
For institutional investors seeking to maximize investment performance among a number of investment targets, companies need estimates of the time taken to realize and the magnitude of the expected returns.
For slow-moving Japanese companies, private equity investment managers, who have longer investment horizons and easier access to a variety of exit strategies, would have a better picture of investment returns.


Private Equity Investment Managers Are Benefiting the Most from “Revised Disclosure Company List”

<ul>
<li>The fact that institutional investors hold large numbers of shares is a key factor in early disclosure of the convocation notice and the dispatch of the convocation notice in English.</li>
<li>There was no notable progress from last year in the early disclosure of convocation notices, the sending of convocation notices in English, and participation in the electronic voting platform.</li>
<li>Early submission of annual securities reports prior to the date of the AGM, which was expected by the FSA and others, increased only slightly.</li>
</ul>


The fact that institutional investors hold large numbers of shares is a key factor in early disclosure of the convocation notice and the dispatch of the convocation notice in English.
There was no notable progress from last year in the early disclosure of convocation notices, the sending of convocation notices in English, and participation in the electronic voting platform.
Early submission of annual securities reports prior to the date of the AGM, which was expected by the FSA and others, increased only slightly.


The Hurdles to Achieving Early Submission of Annual Securities Reports Before AGM Dates Are High

<ul>
<li>In response to TSE's request, more than 80% of the prime market listed companies disclosed their targets, but 3/4 of the companies have yet to disclose specific measures.</li>
<li>While a few companies (with high foreign ownership) have started to create value autonomously, 3/4 of prime market companies do not fit the concept of a prime market listed company.</li>
<li>The fact that managers who cannot think for themselves are gradually beginning to opt for MBOs indicates the potential for investors to be relieved of further patience.</li>
</ul>


In response to TSE's request, more than 80% of the prime market listed companies disclosed their targets, but 3/4 of the companies have yet to disclose specific measures.
While a few companies (with high foreign ownership) have started to create value autonomously, 3/4 of prime market companies do not fit the concept of a prime market listed company.
The fact that managers who cannot think for themselves are gradually beginning to opt for MBOs indicates the potential for investors to be relieved of further patience.


3/4 of Prime Market Companies Have yet to Disclose Specific Measures to Respond to “TSE's Request"

ESG
Alpha-centric sustainability research

Lucror Analytics - Morning Views Asia

The unemployment rate was unchanged at 4.1% (4.1% e), while the average hourly earnings stood at 0.4% m-o-m (0.3% e / 0.3% revised p) and 4.0% y-o...

Lucror Analytics

Fressnapf - ESG Report - Lucror Analytics

Fressnapf is a leading pet retailer in Europe with an omni-channel offering. It offers a diverse range of pet food, accessories, as well as health...

Lucror Analytics

Private Equity Investment Managers Are Benefiting the Most from “Revised Disclosure Company List”

I would like to discuss the document disclosed by the TSE on September 27, “Measures to Achieve Management Conscious of Cost of Capital and Stock...

Metrical Inc

The Hurdles to Achieving Early Submission of Annual Securities Reports Before AGM Dates Are High

I would like to disclose the material disclosed by the TSE on September 20 regarding “Status of Annual General Meetings of Companies with Fiscal...

Metrical Inc

3/4 of Prime Market Companies Have yet to Disclose Specific Measures to Respond to “TSE's Request"

I have considered the issues on the September 18 Nikkei article, “Companies' P/B Improvement: Less than 30% Disclose Specific Measures, According...

Metrical Inc