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.<ul><li><a href='#lucror-entity-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li><li><a href='#lucror-entity-384'>Yanzhou Coal Mining Co H</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.361 Degrees InternationalAlam Sutera RealtyYanlord LandYanzhou Coal Mining Co H

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Yanlord Land

Trung Nguyen

Alam Sutera's announcement yesterday of a tender offer for its USD Notes came as a slight disappointment to us, as we had believed the company would be able to repay the 2021s and refinance the 2022s. On the plus side, however, the exchange offer does not entail a haircut on the principal. On the operational front, we note positively that the 8M/20 marketing sales were much better than expected.​ With its small cash burn, low near-term maturities and lower leverage, the company's post-transaction credit profile would compare very favourably to that of Modernland Realty and Agung Podomoro Land, both of which face near-term refinancing risk. It would also be on a par with that of KIJAIJ (which has substantial recurring income that could offset its higher leverage), whose Notes trade much tighter (with the 2023s at 14%). Compared to Lippo Karawaci, Alam Sutera is burning cash at a much slower rate and has lower leverage. Its Notes also have higher yields. We see the offer as fair and recommend investors tender the Notes.

  Alam Sutera's announcement yesterday of a tender offer for its USD Notes came as a slight disappointment to us, as we had believed the company would be able to repay the 2021s and refinance the 2022s. On the plus side, however, the exchange offer does not entail a haircut on the principal. On the operational front, we note positively that the 8M/20 marketing sales were much better than expected.​   With its small cash burn, low near-term maturities and lower leverage, the company's post-transaction credit profile would compare very favourably to that of Modernland Realty and Agung Podomoro Land, both of which face near-term refinancing risk. It would also be on a par with that of KIJAIJ (which has substantial recurring income that could offset its higher leverage), whose Notes trade much tighter (with the 2023s at 14%). Compared to Lippo Karawaci, Alam Sutera is burning cash at a much slower rate and has lower leverage. Its Notes also have higher yields.   We see the offer as fair and recommend investors tender the Notes. 

Alam Sutera - Event Flash - Tender Offer For 2021 And 2022 Notes - Lucror Analytics

The Asia HY Trade Book for the month of September 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 in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of September 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 in the Lucror Asia HY index. 

Asia HY Trade Book - September 2020 - 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.<ul><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-713'>Evergrande Auto</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</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.Alam Sutera RealtyEvergrande AutoJingrui Holdings

Morning Views Asia: Alam Sutera Realty, Evergrande Auto, Jingrui Holdings

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players under our coverage. 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 provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players under our coverage.   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 - Indonesian Property Update (2020) - Lucror Analytics

Indonesia

PT Alam Sutera Realty Tbk is a full service real estate company. The Company develops and manages, residential, commercial, leisure, and recreational projects.

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Alam Sutera Realty (ASRI IJ)

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Yanlord Land

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

Lucror Analytics

Alam Sutera - Event Flash - Tender Offer For 2021 And 2022 Notes - Lucror Analytics

Alam Sutera's announcement yesterday of a tender offer for its USD Notes came as a slight disappointment to us, as we had believed the company...

Lucror Analytics

Asia HY Trade Book - September 2020 - Lucror Analytics

The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report...

Lucror Analytics

Morning Views Asia: Alam Sutera Realty, Evergrande Auto, Jingrui Holdings

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

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2020) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19...

Lucror Analytics

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