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 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='/entities/times-china-holdings-ltd' target='_blank' rel='noopener'>Times China</a></li><li><a href='/entities/powerlong-real-estate-holdings-limited' target='_blank' rel='noopener'>Powerlong Real Estate Holdings</a></li><li><a href='/entities/kwg-group-holdings-ltd' target='_blank' rel='noopener'>Kwg Property Holding</a></li><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/china-south-city-holdings' target='_blank' rel='noopener'>China South City</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:Times ChinaPowerlong Real Estate HoldingsKwg Property HoldingCountry Garden Holdings CoChina South Cityand more...

Trung Nguyen

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Anton Oilfield's ESG as "Adequate", in line with its Environmental and Governance scores. The company has a "Weak" score for the Social pillar. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Anton Oilfield's ESG as "Adequate", in line with its Environmental and Governance scores. The company has a "Weak" score for the Social pillar. Controversies are "Immaterial" and Disclosure is "Adequate". 

Anton Oilfield - ESG Report - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - June 2022 - Lucror Analytics

We view Anton Oilfield as "High Risk" on the LARA scale, due to refinancing risk for the USD 2022 notes (maturing in December) amid a challenging capital market. That said, we believe the refinancing risk is manageable. We also consider the company's: [1] small scale; [2] customer concentration; and [3] expertise in horizontal drilling, which is expensive and likely to be cut during downturns. Anton may face heightened geopolitical risks due to its increased exposure to Iraq, with c. 50% of the order book derived from the Middle East and Central Africa. Positively, the shale gas business in China could be more stable than other parts of the upstream oil industry, due to the government's policy of improving oil & gas self-sufficiency. Anton's near-term outlook is supported by its large backlog (more than two years of revenues). Our Credit Bias remains “Stable”, given the reasonable operational performance on the back of supportive oil prices and an improving operating environment. Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral".

  We view Anton Oilfield as "High Risk" on the LARA scale, due to refinancing risk for the USD 2022 notes (maturing in December) amid a challenging capital market. That said, we believe the refinancing risk is manageable. We also consider the company's: [1] small scale; [2] customer concentration; and [3] expertise in horizontal drilling, which is expensive and likely to be cut during downturns. Anton may face heightened geopolitical risks due to its increased exposure to Iraq, with c. 50% of the order book derived from the Middle East and Central Africa. Positively, the shale gas business in China could be more stable than other parts of the upstream oil industry, due to the government's policy of improving oil & gas self-sufficiency. Anton's near-term outlook is supported by its large backlog (more than two years of revenues).   Our Credit Bias remains “Stable”, given the reasonable operational performance on the back of supportive oil prices and an improving operating environment.   Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral". 

Anton Oilfield - Tear Sheet - 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='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/shimao-property-holdings-limited' target='_blank' rel='noopener'>Shimao Property Holdings</a></li><li><a href='/entities/powerlong-real-estate-holdings-limited' target='_blank' rel='noopener'>Powerlong Real Estate Holdings</a></li><li><a href='/entities/jsw-steel-ltd' target='_blank' rel='noopener'>JSW Steel Ltd</a></li><li><a href='/entities/tata-steel-ltd' target='_blank' rel='noopener'>Tata Steel Ltd</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:Sunac China HoldingsShimao Property HoldingsPowerlong Real Estate HoldingsJSW Steel LtdTata Steel Ltdand more...

China

Anton Oilfield Services Group provides onshore oilfield services and products. The Company provides oilfield services and products in the areas of well, drilling, production, and field services.

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Anton Oilfield (3337 HK)

Weekly Wrap - 08 Jul 2022

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

Anton Oilfield - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Anton Oilfield's ESG as...

Lucror Analytics

Asia HY Monthly - June 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Anton Oilfield - Tear Sheet - Lucror Analytics

We view Anton Oilfield as "High Risk" on the LARA scale, due to refinancing risk for the USD 2022 notes (maturing in December) amid a challenging...

Lucror Analytics

Weekly Wrap - 01 Jul 2022

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

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