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

Adani Ports & Special Economic Zone / Credit

Adani Ports reported FY 2018-19 results that were in line with expectations and the 9M figures. Positively, the core ports segment continued to report robust earnings growth, driven by higher cargo volumes. This helped to offset a sharp revenue decline from the SEZ segment. That said, we note the SEZ revenue came in just marginally below guidance. The overall financial profile remains healthy, albeit slightly weaker y-o-y. Going forward, we expect FCF generation to be slightly negative, on account of the recently announced acquisitions and higher capex needs.

   Adani Ports reported FY 2018-19 results that were in line with expectations and the 9M figures. Positively, the core ports segment continued to report robust earnings growth, driven by higher cargo volumes. This helped to offset a sharp revenue decline from the SEZ segment. That said, we note the SEZ revenue came in just marginally below guidance. The overall financial profile remains healthy, albeit slightly weaker y-o-y. Going forward, we expect FCF generation to be slightly negative, on account of the recently announced acquisitions and higher capex needs. 

Adani Ports - Earnings Flash - FY 2018-19 Results - 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.

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 - 28 May 2019

Lucror Analytics - Morning Views Asia - 24 May 2019

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

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations. 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 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations.    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 - 2018 Results Overview (Ex-India) - Lucror Analytics

India

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

Adani Ports - Earnings Flash - FY 2018-19 Results - Lucror Analytics

Adani Ports reported FY 2018-19 results that were in line with expectations and the 9M figures. Positively, the core ports segment continued to...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 28 May 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 24 May 2019

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 - May 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - 2018 Results Overview (Ex-India) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)