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.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Ardagh's ESG as "Adequate", in line with its Social and Governance scores, while the Environmental score is "Strong". Controversies are "Immaterial" and Disclosure is "Strong". The container packaging industry is diverse, with companies such as Ardagh operating across broad substrates and with differing sustainability trajectories. For instance, metal and glass are considered more environmentally friendly than plastic, although the former materials are more energy intensive.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Ardagh's ESG as "Adequate", in line with its Social and Governance scores, while the Environmental score is "Strong". Controversies are "Immaterial" and Disclosure is "Strong".  The container packaging industry is diverse, with companies such as Ardagh operating across broad substrates and with differing sustainability trajectories. For instance, metal and glass are considered more environmentally friendly than plastic, although the former materials are more energy intensive.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Ardagh Metal Beverage Packaging's ESG as "Adequate", in line with its Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Ardagh Metal Beverage Packaging's ESG as "Adequate", in line with its Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Strong". 

Ardagh Metal Beverage Packaging - ESG Report - Lucror Analytics

<ul>
<li>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).</li>
<li>We assess Ardagh Metal Beverage Packaging's ESG as "Adequate", in line with its Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Adequate".</li>
<li>Ardagh Metal Beverage Packaging (AMBP) is a carve-out from Ardagh Group. The business operates in the high-growth metal beverage can packaging segment, with a presence in North America, Europe and Brazil. Ardagh Group owns a 80% stake in the business, with the rest being mostly public float.</li>
</ul>


Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Ardagh Metal Beverage Packaging's ESG as "Adequate", in line with its Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Adequate".
Ardagh Metal Beverage Packaging (AMBP) is a carve-out from Ardagh Group. The business operates in the high-growth metal beverage can packaging segment, with a presence in North America, Europe and Brazil. Ardagh Group owns a 80% stake in the business, with the rest being mostly public float.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

Novelis Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/novelis-corporation" target="_blank" data-smartkarma-citation="entities:39969:1" rel="noopener">Novelis Corporation (0620365D US)</a> Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.</li>
<li>Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.
Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.
In this note, we look at the firm’s past performance.


Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Independent Research, Food Delivery Space, Newmoon Capital

Newmoon Capital

Independent Research, Food Delivery Space

We look for owner-operators in what we believe are either highly defensible assets or soon to be highly defensible assets, trading at a fraction of their future potential.

Equity Bottom-Up

Typically, I invest in businesses with a 5 years horizon, but sometimes I’d like to allocate a small part of my portfolio for what I call “special situations”. These are ideas that I think have potential for high returns short- term. To be very frank, this is a way to simply scratch my itch by researching something completely new to expand my circle of competence, and at the same time have the potential to be rewarded quickly, yet keeping the rest of my portfolio intact. Anyway, I think GRSV seems like a great potential target. (h/t @contralculator for bringing my attention to this). As with my other ideas, all feedback is appreciated, especially if you have some opinions and ideas on areas do let me know where I might have overlooked!

Typically, I invest in businesses with a 5 years horizon, but sometimes I’d like to allocate a small part of my portfolio for what I call “special situations”. These are ideas that I think have potential for high returns short- term. To be very frank, this is a way to simply scratch my itch by researching something completely new to expand my circle of competence, and at the same time have the potential to be rewarded quickly, yet keeping the rest of my portfolio intact. Anyway, I think GRSV seems like a great potential target. (h/t @contralculator for bringing my attention to this). As with my other ideas, all feedback is appreciated, especially if you have some opinions and ideas on areas do let me know where I might have overlooked!

[Special situation] Gores Holdings V warrants

Luxembourg

APERAM manufactures specialty steel. The Company produces stainless and grain-oriented and non grain-oriented electrical steel and nickel alloys. APERAM markets its products in Brazil, France, and Belgium.

ArcelorMittal produces steel. The Company manufactures cold rolled, electrogalvanized and coated steels, slabs, bars, and wire rods. ArcelorMittal serves customers worldwide.

O-I Glass, Inc. manufactures packaging products. The Company produces various types of glass bottles for food, beverage, cosmetics, and other related industries. O-I Glass serves customers worldwide.

Orora Limited provides packaging products and services. The Company offers fiber, glass, and beverage can packaging materials in Australia and Asia and packaging distribution services in North America and Australia.

Rengo Co., Ltd. is the first corrugated manufacturer, as well as the No.1 vertically integrated manufacturer from papermaking to converting in Japan. The company manufactures paperboard, corrugated packages, and other various packages as the "General Packaging Industry (GPI)" focusing on six core business fields; Paperboard, Corrugated Packaging, Folding Cartons, Flexible Packaging, Heavy Duty Packaging, and Overseas. It provides comprehensive solutions to fulfill all the packaging requirements of a wide array of industries.
While corrugated packaging has unrivaled recyclability, Rengo also has been developing other cellulose-related products from before the world’s attention was drawn to oceanplastics. In recent years, the company is evolving its technologies and increase production capacity of biodegradable materials.

BillerudKorsnas AB offers primary fibre-based renewable packaging materials and packaging solutions used for consumer packaging and industrial purposes.

Mayr-Melnhof Karton AG manufactures cardboard, folding cartons, and packaging materials primarily from recycled wastepaper.  The Company operates production facilities in Austria and throughout Europe.

Winpak Ltd. manufactures and distributes packaging materials and machines for the protection of perishable foods, beverages, and dairy products.  The Company also has clients in the non-food markets such as pharmaceutical and complex industrial applications.

UFP Technologies, Inc. designs and manufactures a broad range of high-performance cushion packaging and specialty foam and plastic products for the industrial and consumer markets. The Company also custom designs and manufactures precision molded fiber packaging products made primarily from recycled paper.

FP CORPORATION manufactures polystyrene and other synthetic resin food containers.  The Company produces a variety of products, including trays, lunch boxes, and other food containers.  FP also wholesales packing materials and machinery.  The Company focuses on recycle and environment friendly products.

Toyo Seikan Group Holdings Ltd primarily manufactures, markets, and sells metal, plastic, and glass packaging products and containers.  The Company specializes in food cans, 18-liter cans, and other beverage cans.  Toyo Seikan also produces steel products such as steel sheets.

ORG Technology Co., Ltd. develops, designs, manufactures and sells food and beverages metal packaging products. The Company's main products include food and beverage cans.

Ardagh Metal Packaging SA is a global supplier of recyclable beverage cans. The Company supplies beverage cans to CSD, beer, sparkling water, energy and other brands in Europe, the United States and Brazil.

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Ardagh Metal Packaging (AMBP US)

Ardagh - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Ardagh's ESG as...

Lucror Analytics

Ardagh Metal Beverage Packaging - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Ardagh Metal Beverage...

Lucror Analytics

Ardagh Metal Beverage Packaging - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Ardagh Metal Beverage...

Lucror Analytics

Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The...

Clarence Chu

[Special situation] Gores Holdings V warrants

Typically, I invest in businesses with a 5 years horizon, but sometimes I’d like to allocate a small part of my portfolio for what I call “special...

Newmoon Capital

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