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

The Asia HY Trade Book for the month of November 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 November 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 - November 2021 - Lucror Analytics

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (1939092D IJ)</a>/Cimory is a dairy products and consumer foods company in Indonesia. It is the market leader in the yoghurt industry in Indonesia. </li>
<li>Cimory is seeking to raise up to IDR3,761 billion ($265 million) by selling 15% of its issued capital at an IPO price range of IDR2,780-3,160 per share. </li>
<li>The fundamentals are attractive as Cimory is delivering strong growth in both its operating segments, rising margins and cash generation. Overall, we believe that Cimory is worth a look.</li>
</ul>



Cisarua Mountain Dairy (1939092D IJ)/Cimory is a dairy products and consumer foods company in Indonesia. It is the market leader in the yoghurt industry in Indonesia. 
Cimory is seeking to raise up to IDR3,761 billion ($265 million) by selling 15% of its issued capital at an IPO price range of IDR2,780-3,160 per share. 
The fundamentals are attractive as Cimory is delivering strong growth in both its operating segments, rising margins and cash generation. Overall, we believe that Cimory is worth a look.


Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by a series of events, beginning with the introduction of the Three Red Lines policy in 2020. We also provide an overview of recent bond defaults. 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 discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by a series of events, beginning with the introduction of the Three Red Lines policy in 2020. We also provide an overview of recent bond defaults.   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 - Chinese Property - Crisis Of Confidence - Lucror Analytics

Trung Nguyen

In our view, Japfa's revenue growth and profitability in 9M/21 were much better than expected. However, cash flows were very weak due to a surge in working capital, partly on account of the increase in revenue. The company's liquidity profile worsened due to the surge in short-term debt, which will likely be reversed at year-end. Leverage deteriorated slightly, while coverage ratios improved.

  In our view, Japfa's revenue growth and profitability in 9M/21 were much better than expected. However, cash flows were very weak due to a surge in working capital, partly on account of the increase in revenue. The company's liquidity profile worsened due to the surge in short-term debt, which will likely be reversed at year-end. Leverage deteriorated slightly, while coverage ratios improved. 

Japfa Comfeed - Earnings Flash - 9M FY 2021 Results - Lucror Analytics

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Japfa Comfeed Indonesia / Equity Bottom-Up

3Q21 earnings review: Weak earnings as broiler segment drags<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

3Q21 earnings review: Weak earnings as broiler segment dragsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japfa Comfeed Indonesia (JPFA IJ) - 3Q21 earnings review: Weak earnings as broiler segment drags

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Asia HY Trade Book - November 2021 - Lucror Analytics

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

Lucror Analytics

Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

Cimory is seeking to raise up to $265 m. The initial offer period will run from 10 to 17 November. Cimory is delivering strong growth, rising...

Arun George

Asia HY Monthly - Chinese Property - Crisis Of Confidence - Lucror Analytics

In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by...

Lucror Analytics

Japfa Comfeed - Earnings Flash - 9M FY 2021 Results - Lucror Analytics

In our view, Japfa's revenue growth and profitability in 9M/21 were much better than expected. However, cash flows were very weak due to a surge...

Lucror Analytics

Japfa Comfeed Indonesia (JPFA IJ) - 3Q21 earnings review: Weak earnings as broiler segment drags

3Q21 earnings review: Weak earnings as broiler segment dragsContent is external broker report sourced from online content aggregator through...

Mirae Asset Securities

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