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/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</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:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeCentral China Real Estateand more...

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
 Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the trading day in Japan.</li>
<li>
US stock rally fizzles as Red Wave  downgraded to a mere ripple. Bitcoin meltdown takes center stage as market suddenly cares. Disney hit hard but META +5% on job cuts </li>
<li>NKY futs  indicate-70bp vs cash.  8th COVID Wave - but no restrictions. S&amp;I sells Seibu &amp; Sogo; PE bid for Uzabase; Speculation of Softbank going private; Big NEXON buyback</li>
</ul>



 Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the trading day in Japan.

US stock rally fizzles as Red Wave  downgraded to a mere ripple. Bitcoin meltdown takes center stage as market suddenly cares. Disney hit hard but META +5% on job cuts 
NKY futs  indicate-70bp vs cash.  8th COVID Wave - but no restrictions. S&amp;I sells Seibu &amp; Sogo; PE bid for Uzabase; Speculation of Softbank going private; Big NEXON buyback


Good Morning Japan | Crypto Thursday - Crash Continues

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.

Event-Driven

<ul>
<li>In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.</li>
<li>The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.
The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. 
In this note, we will talk about the upcoming lockup expiry.


PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> massively ramped up share buybacks in October driving a 31% increase in the share price</li>
<li>Average Daily Volume (ADV) was 28% higher in October and 46% higher for the last half of the month. October buyback volumes were the second highest for a month ever</li>
<li>Whether Softbank announces additional buyback plans likely depends on the timing of the ARM IPO and that partly depends on Q2 performance</li>
</ul>



Softbank Group (9984 JP) massively ramped up share buybacks in October driving a 31% increase in the share price
Average Daily Volume (ADV) was 28% higher in October and 46% higher for the last half of the month. October buyback volumes were the second highest for a month ever
Whether Softbank announces additional buyback plans likely depends on the timing of the ARM IPO and that partly depends on Q2 performance


Softbank Group - Accelerated Buyback in October Drove Share Price Surge

FSN E-Commerce Ventures (Nykaa) / Event-Driven

<ul>
<li>In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares.</li>
<li>Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares.
Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.
In this note, we will talk about the upcoming lockup expiry.


FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

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)

Weekly Wrap - 11 Nov 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

Good Morning Japan | Crypto Thursday - Crash Continues

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the...

Mark Chadwick

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO...

Sumeet Singh

FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares. Stock worth US$2.5bn will soon come free from the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Wrap - 11 Nov 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

Good Morning Japan | Crypto Thursday - Crash Continues

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the...

Mark Chadwick

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO...

Sumeet Singh

Softbank Group - Accelerated Buyback in October Drove Share Price Surge

Softbank bought back ¥330bn in shares in October driving ADV up 28%, driving a 31% share price increase and a dramatic narrowing of the discount

Kirk Boodry

FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares. Stock worth US$2.5bn will soon come free from the...

Sumeet Singh