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-27942" target="_blank" rel="noopener">Agile</a></li>
<li><a href="#lucror-entity-27445" target="_blank" rel="noopener">Softbank Corp</a></li>
<li><a href="#lucror-entity-14152" target="_blank" rel="noopener">Yanlord Land</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.

Agile
Softbank Corp
Yanlord Land


Morning Views Asia: Agile, Softbank Corp, Yanlord Land

The Asia HY Trade Recommendations report for October 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 October 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 - October 2019 - Lucror Analytics

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

Softbank announced it would boost its stake in We Company to 80% through the purchase of new and existing shares plus the contribution of its stakes in the Asian joint ventures. One may argue about the valuation or price point, but the more relevant concerns may be how Vision Fund itself can be valued when Softbank's pricing view is so fluid, whether Vision Fund 2 is viable in this environment (Softbank has lost $7bn on its public investments) and how to measure exposure to an entity that is losing money at a $2bn run-rate but won't be consolidated because of "control" issues.  The holding company discount remains in the high 40s and consolidation of We Company and stagnation in the public portfolio (Uber is up off recent lows but Slack has joined the ranks of loss-making investments) will surely keep it from narrowing.

Softbank announced it would boost its stake in We Company to 80% through the purchase of new and existing shares plus the contribution of its stakes in the Asian joint ventures. One may argue about the valuation or price point, but the more relevant concerns may be how Vision Fund itself can be valued when Softbank's pricing view is so fluid, whether Vision Fund 2 is viable in this environment (Softbank has lost $7bn on its public investments) and how to measure exposure to an entity that is losing money at a $2bn run-rate but won't be consolidated because of "control" issues.  The holding company discount remains in the high 40s and consolidation of We Company and stagnation in the public portfolio (Uber is up off recent lows but Slack has joined the ranks of loss-making investments) will surely keep it from narrowing.

Softbank G: We Company Deal Is Wrong on so Many Levels

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

After a back and forth between alternative rescue packages put forth by both JP Morgan and Softbank, WeWork has apparently settled for the option which confers a higher valuation upon it (USD8bn vs. USD5bn). A hair short of the previous USD47bn valuation or the USD100bn+ that some rigorously conservative bankers were pushing a few short months ago but who’s counting?While the deal has not been formally announced yet, leaked details raise a few questions regarding Softbank’s exposure which we examine below.Also spare a thought for former Zozo CEO Yusaku Maezawa who got a far less generous farewell for establishing a business that actually makes money. Profitability, it seems, just doesn’t pay where Softbank is involved.As we write this the official announcement has just been released <a href="https://group.softbank/en/corp/set/data/news/press/sb/2019/20191023_01/pdf/20191023_01.pdf" target="_blank" rel="noopener">here</a>.

After a back and forth between alternative rescue packages put forth by both JP Morgan and Softbank, WeWork has apparently settled for the option which confers a higher valuation upon it (USD8bn vs. USD5bn). A hair short of the previous USD47bn valuation or the USD100bn+ that some rigorously conservative bankers were pushing a few short months ago but who’s counting?While the deal has not been formally announced yet, leaked details raise a few questions regarding Softbank’s exposure which we examine below.Also spare a thought for former Zozo CEO Yusaku Maezawa who got a far less generous farewell for establishing a business that actually makes money. Profitability, it seems, just doesn’t pay where Softbank is involved.As we write this the official announcement has just been released here.

Softbank: WeWork Rescue Looks Like Desperation to Save Vision Fund 2

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 - 22 Oct 2019

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Morning Views Asia: Agile, Softbank Corp, Yanlord Land

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 - October 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for October includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Softbank G: We Company Deal Is Wrong on so Many Levels

Softbank announced it would boost its stake in We Company to 80% through the purchase of new and existing shares plus the contribution of its...

Kirk Boodry

Softbank: WeWork Rescue Looks Like Desperation to Save Vision Fund 2

After a back and forth between alternative rescue packages put forth by both JP Morgan and Softbank, WeWork has apparently settled for the option...

Mio Kato

Lucror Analytics - Morning Views Asia - 22 Oct 2019

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

Lucror Analytics

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