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

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations.

  Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations. 

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2023 - Lucror Analytics

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.</li>
<li>I expect four changes for F100 and seven changes for F250 based on the latest available data.</li>
<li>However, with five more trading days left for the base date and with many names lurking close to the border, the rankings can still change.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.
I expect four changes for F100 and seven changes for F250 based on the latest available data.
However, with five more trading days left for the base date and with many names lurking close to the border, the rankings can still change.


Quiddity Leaderboard F100/​​​250 Sep 23: Several Changes Including Potential Surprises

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - July 2023 - Lucror Analytics

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.</li>
<li>I currently see one change for the F100 index and two separate changes for the F250 index.</li>
<li>There are several names lurking just outside the borders and could be involved in index changes in September 2023 if there are sharp price changes.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.
I currently see one change for the F100 index and two separate changes for the F250 index.
There are several names lurking just outside the borders and could be involved in index changes in September 2023 if there are sharp price changes.


Quiddity Leaderboard for F100/​​250 Sep 2023: One F100 Change and Two F250 Changes Likely

United Kingdom

Rank Group Plc is an international leisure and entertainment company.  The Company operates bingo clubs and casinos in the UK with complementary on-line gaming and bookmaking services.

Marston's PLC is an independent brewing and pub retailing company. The Company operates breweries and owns an estate of managed and tenanted pubs across the United Kingdom.

Fuller Smith & Turner P.L.C. brews beer, operates pubs, wholesales wines, and owns and operates hotels. The Company brews beer and ale for sale in its own pubs, free houses and hotels, as well as for export to the USA and Scandinavia. They operate over 200 pubs, many of which serve various types of food. Fuller's hotel portfolio consist of some seven locations in the United Kingdom.

Young & Co.?s Brewery, P.L.C. operates and manages pubs and hotels in the United Kingdom. It operates through three segments: Young?s Managed Houses, Geronimo Managed Houses, and Ram Pub Company. The company sells food and drinks, as well as provides accommodation services; and leases and sub leases its owned or leased pubs to third parties. As of March 28, 2016, it had 171 managed pubs, which included 22 hotels; and 80 tenancies. Young & Co.?s Brewery, P.L.C. was founded in 1831 and is headquartered in London, the United Kingdom.

International Hotel Investments plc owns and operates hotels.  The Company operates the Corinthia San Gorg Hotel, a five-star hotel in Malta, and the Corinthia Grand Hotel Royal, a luxury hotel in Budapest, Hungary.

Restaurant Group plc is an independent multi-site operator of branded restaurants and pub restaurants in the United Kingdom.  The Company's concessions division operates primarily at airports in the United Kingdom.

DP Poland Plc, through its subsidiary, DP Polska SA, develops and operates Domino?s Pizza stores under master franchise agreement in Poland. It also sub-franchises the right to develop and operate Domino?s Pizza stores. The company operates eight corporately managed Domino?s stores and eight sub-franchised stores in Warsaw; and four corporately managed stores in Krakow, two in Wroclaw, one in Gdansk, and one in Szczecin. DP Poland Plc is headquartered in Warsaw, Poland.

Nexteq PLC designs and manufactures gaming hardware and software solutions for the pay-for-play gaming and slot machine industry. The Company provides specialized gaming platforms designed specifically for gaming and slot machine applications.

The Fulham Shore PLC owns, operates, and manages restaurants in the United Kingdom. The company operates approximately 24 restaurants, including 9 restaurants under The Real Greek name and 15 restaurants under Franco Manca name. The company was founded in 2012 and is based in London, the United Kingdom.

Dignity PLC provides a range of funeral services, including funerals, funeral planning, and cremations.  The Company also manufactures coffins.

Hotel Grand Central Limited owns, operates, and manages hotels. The Company also collects rent, develops properties, and provides marketing and support services.

Stamford Land Corporation Limited is an investment holding company.  The Company owns and manages hotels and travel agencies.  Stamford Land Corporation also develops and invests in properties.

China Quanjude Group Company Ltd. owns and operates Peking roast duck restaurant chains.

GENKI SUSHI CO., LTD. operates revolving sushi bar chain "Genki Sushi", "Sushi Ondo", and "Senryo" in the Kanto area.  The Company also operates in the Tohoku area.

The Marcus Corporation operates in the lodging and entertainment industries. The Company's movie theater division owns or manages screens at locations in several states, as well as a family entertainment center.  Marcus' lodging division owns or manages hotels and resorts in several states, as well as a vacation club.

Magnum Berhad is a holding company. The Company, through its subsidiary, focuses on the gaming or numbers forecasting lottery business.

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

Centurion Corporation Limited owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and purpose-built student accommodation assets in Singapore, Australia, the United Kingdom (“UK”), the United States (“US”) and South Korea.

Huatian Hotel Group Co., Ltd. operates a five-star hotel in Changsha, Hunan. The Company also provides related food, entertainment, and other services. Through its subsidiaries, Hunan Huatian develops computer software.

RINGER HUT CO., LTD. manages chain of noodle shops in Kyushu, Kansai, and Kanto area.  The restaurants mainly serves Nagasaki champon noodle.

888 Holdings PLC operates a gambling business.  The Company operates an Internet gaming website.

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888 holdings (888 LN)

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief...

Lucror Analytics

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Quiddity Leaderboard F100/250 Sep 23: Several Changes Including Potential Surprises

Newly listed Cab Payments Holdings (CABP LN) and newly eligible Breedon Aggregates (BREE LN) and Ceres Power Holdings (CWR LN) could be added to...

Janaghan Jeyakumar, CFA

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Quiddity Leaderboard for F100/250 Sep 2023: One F100 Change and Two F250 Changes Likely

Hikma Pharmaceuticals and Johnson Matthey could be F100 ADD and DEL respectively. Alfa Financial Software and 888 holdings could be F250 ADDs while...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief...

Lucror Analytics

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Quiddity Leaderboard F100/​​​250 Sep 23: Several Changes Including Potential Surprises

Newly listed Cab Payments Holdings (CABP LN) and newly eligible Breedon Aggregates (BREE LN) and Ceres Power Holdings (CWR LN) could be added to...

Janaghan Jeyakumar, CFA

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Quiddity Leaderboard for F100/​​250 Sep 2023: One F100 Change and Two F250 Changes Likely

Hikma Pharmaceuticals and Johnson Matthey could be F100 ADD and DEL respectively. Alfa Financial Software and 888 holdings could be F250 ADDs while...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Sep 23: Several Changes Including Potential Surprises

Quiddity Leaderboard for F100/250 Sep 2023: One F100 Change and Two F250 Changes Likely