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 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

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 - 16 May 2019

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

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

Trung Nguyen

Agung Podomoro Land's (APL)? FY 2018 results were abysmal. The company has been burning cash at a rapid rate, while loading up on debt. Cash flows were extremely weak, with large negative OCF. Liquidity is weakening, with Cash/Short-term Debt at only 27%. Thus, APL is highly reliant on one-off block sales. The proceeds of the Sofitel Bali Hotel sale are barely enough to cover short-term debt, with little left to fund the ongoing cash-burning operations. We believe the company has reached a critical point where it may be problematic to raise additional debt, while there is inadequate cash generation to satisfy the very large short-term obligations. We remain highly concerned over the Pluit City permit issue and possible headline risk. We revise our LARA to "Very High Risk" from "High Risk" due to the fast cash burn rate, large maturing debt and elevated leverage.

   Agung Podomoro Land's (APL)? FY 2018 results were abysmal. The company has been burning cash at a rapid rate, while loading up on debt. Cash flows were extremely weak, with large negative OCF. Liquidity is weakening, with Cash/Short-term Debt at only 27%. Thus, APL is highly reliant on one-off block sales. The proceeds of the Sofitel Bali Hotel sale are barely enough to cover short-term debt, with little left to fund the ongoing cash-burning operations.    We believe the company has reached a critical point where it may be problematic to raise additional debt, while there is inadequate cash generation to satisfy the very large short-term obligations. We remain highly concerned over the Pluit City permit issue and possible headline risk.    We revise our LARA to "Very High Risk" from "High Risk" due to the fast cash burn rate, large maturing debt and elevated leverage. 

Agung Podomoro Land - Earnings Flash - FY 2018 Results - Lucror Analytics

Indonesia

PT Agung Podomoro Land Tbk is a property development company.

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Agung Podomoro Land (APLN IJ)

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

Lucror Analytics - Morning Views Asia - 16 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 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

Asia HY Trade Recommendations - April 2019 - Lucror Analytics

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

Lucror Analytics

Agung Podomoro Land - Earnings Flash - FY 2018 Results - Lucror Analytics

Agung Podomoro Land's (APL)? FY 2018 results were abysmal. The company has been burning cash at a rapid rate, while loading up on debt. Cash...

Lucror Analytics

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