Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

In our view, Azure Power’s Q1/19-20 results were acceptable. Positively, revenue and operating capacity rose more quickly than expected. That said, earnings growth failed to match the revenue increase, due to one-time costs related to the management changes. Debt grew faster than earnings, leading to slight deterioration in leverage. That said, we maintain our forecasts for FY 2019-20 and foresee that leverage will be stable. On the call, the new management team said it plans to reduce leverage and improve disclosures, which bodes well for creditors.

   In our view, Azure Power’s Q1/19-20 results were acceptable. Positively, revenue and operating capacity rose more quickly than expected. That said, earnings growth failed to match the revenue increase, due to one-time costs related to the management changes. Debt grew faster than earnings, leading to slight deterioration in leverage. That said, we maintain our forecasts for FY 2019-20 and foresee that leverage will be stable. On the call, the new management team said it plans to reduce leverage and improve disclosures, which bodes well for creditors. 

Azure Power - Earnings Flash - Q1 FY 2019-20 Results - Lucror Analytics

Leonard Law, CFA

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 - 13 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

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

Lucror Analytics - Morning Views Asia - 22 Jul 2019

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)

Azure Power - Earnings Flash - Q1 FY 2019-20 Results - Lucror Analytics

In our view, Azure Power’s Q1/19-20 results were acceptable. Positively, revenue and operating capacity rose more quickly than expected. That...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 13 Aug 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 - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 22 Jul 2019

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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