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 March 2020 includes a summary of our recommendations and 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 March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2020 - 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.<ul><li><a href='#lucror-entity-28320'>Azure Power Global Ltd</a></li><li><a href='#lucror-entity-24126'>Bright Scholar Education</a></li><li><a href='#lucror-entity-8717'>Geo Energy Resources</a></li><li><a href='#lucror-entity-7540'>Panda Green</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li></ul>

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.Azure Power Global LtdBright Scholar EducationGeo Energy ResourcesPanda GreenSunac China HoldingsTata Motors Ltd

Morning Views Asia: Azure Power Global Ltd, Bright Scholar Education, Geo Energy Resources

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

Trung Nguyen

Azure Power's Q3/19-20 results were short of expectations (in terms of both revenues and earnings) for a second consecutive quarter. This was driven partly by power curtailment in Andhra Pradesh and regulatory issues facing the Rooftop business. That said, cash flows improved on the back of more favourable working capital development, especially for receivables. The financial risk profile continued to deteriorate relative to FYE 2018-19 as the green bond issuance drove debt up, and EBITDA growth lagged the increase in debt. That said, it improved relative to Q2/19-20. Liquidity is adequate, supported by the USD 350 mn green bond issuance in Q2 and the USD 75 mn equity injection from its largest shareholder in Q3. We expect little ratings pressure.

  Azure Power's Q3/19-20 results were short of expectations (in terms of both revenues and earnings) for a second consecutive quarter. This was driven partly by power curtailment in Andhra Pradesh and regulatory issues facing the Rooftop business. That said, cash flows improved on the back of more favourable working capital development, especially for receivables. The financial risk profile continued to deteriorate relative to FYE 2018-19 as the green bond issuance drove debt up, and EBITDA growth lagged the increase in debt. That said, it improved relative to Q2/19-20. Liquidity is adequate, supported by the USD 350 mn green bond issuance in Q2 and the USD 75 mn equity injection from its largest shareholder in Q3. We expect little ratings pressure. 

Azure Power - Earnings Flash - Q3 FY 2019-20 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.<ul><li><a href='#lucror-entity-28320'>Azure Power Global Ltd</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-27445'>Softbank Corp</a></li></ul>

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.Azure Power Global LtdPowerlong Commercial Management HoldingsSoftbank Corp

Morning Views Asia: Azure Power Global Ltd, Powerlong Commercial Management Holdings, Softbank Corp

India

Azure Power Global Limited operates as an independent solar power producer. The Company designs, constructs, maintains, and operates solar energy projects. Azure Power Global serves customers worldwide.

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Azure Power Global Ltd (AZRE US)

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

Morning Views Asia: Azure Power Global Ltd, Bright Scholar Education, Geo Energy Resources

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

Lucror Analytics

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Azure Power - Earnings Flash - Q3 FY 2019-20 Results - Lucror Analytics

Azure Power's Q3/19-20 results were short of expectations (in terms of both revenues and earnings) for a second consecutive quarter. This was...

Lucror Analytics

Morning Views Asia: Azure Power Global Ltd, Powerlong Commercial Management Holdings, Softbank Corp

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

Lucror Analytics

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