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 January 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 January 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 - January 2020 - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. 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.

  This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   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 - 2019 In Review And 2020 Outlook - Lucror Analytics

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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<a href="https://www.smartkarma.com/entities/united-envirotech-ltd" target="_blank" data-smartkarma-citation="entities:36:1" rel="noopener">Citic Envirotech (CEL SP)</a> is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment, water supply and recycling. On 6 November, CKM announced a pre-conditional privatisation offer at S$0.55 per share. The Circular was released on Monday and the EGM to approve the privatisation will be held on 31 December.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/citic-envirotech-privatisation-offer-s-targeted-appeal" target="_blank" rel="noopener">our previous note</a>, we stated that our valuation analysis suggests that CKM’s offer while not a knockout bid, is worth a look for investors not willing to wait around for recovery and seeking a reasonable exit. Our view is that the IFA report is far from convincing and investors willing to take a long-term view have reasonable grounds to reject the offer. </div>

Citic Envirotech (CEL SP) is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment, water supply and recycling. On 6 November, CKM announced a pre-conditional privatisation offer at S$0.55 per share. The Circular was released on Monday and the EGM to approve the privatisation will be held on 31 December.In our previous note, we stated that our valuation analysis suggests that CKM’s offer while not a knockout bid, is worth a look for investors not willing to wait around for recovery and seeking a reasonable exit. Our view is that the IFA report is far from convincing and investors willing to take a long-term view have reasonable grounds to reject the offer. 

CITIC Envirotech: Thoughts on the IFA Report

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction revenue. The requirement for expenditure on the water sector in China remains intact and the current rating of the shares appears undemanding.

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction revenue. The requirement for expenditure on the water sector in China remains intact and the current rating of the shares appears undemanding.

China Water Affairs Group - Valuation ignoring growth potential

Hong Kong

Kunming Dianchi Water Treatment Co. Ltd. offers water treatment services. The Company provides sewage treatment, recycled water utilization, sewage sludge recycling, and other services. Kunming Dianchi Water Treatment also provides tap water production, atmospheric management, soil remediation, and other services.hina.

Kunming Dianchi Water Treatment (3768 HK)

China Water Industry Group Limited is a water investment and operation and management industry company.

Luzhou Xinglu Water (Group) Co., Ltd. offers water supply services. The Company provides water transmission, system management, network maintenance, and sewage treatment services.

Beijing Enterprises Water Group Limited, through its subsidiaries, develops water treatment systems.  The Group specializes in water services and environmental protection businesses, with waste water treatment as its core business segment.

Guangdong Investment Limited, through its subsidiaries, operates water supply, power and electricity, and infrastructure businesses.  The Company also invests in and develops real estate properties, operates department stores, and provides financial services.

CGN New Energy Holdings Co Ltd is a diversified independent power producer in Asia. The Company has a portfolio of gas-fired, coal-fired, oil-fired, hydro, cogen and fuel cell power generation projects in the People's Republic of China and Korea.

Towngas China Company Ltd. distributes and markets gas.  The Company sells LPG (liquefied petroleum gas) in  bulk and in cylinder, provides piped LPG and natural gas, constructs gas pipelines, operates city gas-pipeline networks and gas stations, and sells LPG  and natural gas household appliances.

Zhongyu Gas Holdings Limited operates in exploration, exploitation, development and production of coal bed methane and the sale of coalbed methane in the PRC. It also develops, constructs and operates natural gas projects in PRC, which include design and construction of natural gas pipeline network and ancillary facilities, and sale and maintenance of natural gas and its appliances.

Binhai Investment Company Ltd, through its subsidiaries, operates gas businesses.  The Company constructs gas pipeline networks, provides piped gas to customers in mainland China, wholesales and retails liquefied petroleum gas (LPG) by way of refueling gas cylinders or tanks for domestic, industrial and commercial customers, and sell LPG equipment and domestic gas appliances.

China Oil and Gas Group Ltd. is engaged in the investments in, and the operation and management of the natural gas and energy related business. Gas operations include city piped gas business, natural gas vehicle refilling stations, pipeline construction and operation, as well as transportation, delivery and distribution of compressed natural gas (CNG) and liquefied natural gas (LNG).

Guangdong Golden Dragon Development Inc. is an investment holding company. Through its subsidiaries, the Company produces and distributes tap water, as well as develop real estate projects.

Guangdong Golden Dragon Development (000712 CH)

VA Tech Wabag Ltd. designs and builds water and sewage treatment plants. The Company constructs sewage treatment, processed and drinking water treatment, effluents treatment, sludge treatment, desalination and reuse plants.  VA Tech Wabag serves municipalities and customers in the power, steel, and oil and gas industries.

Middlesex Water Company treats, stores, and distributes water for residential, commercial, industrial, and fire prevention purposes. The Company operates in New Jersey and Delaware. Middlesex also provides contract water and wastewater management services to municipalities in New Jersey.

TTW PCL (Formerly known as "Thai Tap Water") is a water utility company that supplies water in the provinces of Nakhon Pathom and Samut Sakhon, and Pathumthani-Rangsit area.

Manila Water Co Inc is a full service water utility company serving the Philippine market.

Jiangsu Jiangnan Water Company Limited supplies and sells water, provides water drainage and related water treatment services.  The Company's scope of business includes the design and technical consulting of water supply engineering, water quality testing, water meter design and testing, investment in public infrastructure industries.

Athens Water Supply & Sewage Co. SA collects, treats and distributes drinkable water in the Attica region. Athens Water Supply recycles water and drains it to the sea.

Athens Water Supply & Sewage C (EYDAP GA)

Qianjiang Water Resources Development Co., Ltd. generates hydroelectric power. The Company also supplies tap water and develops hydro-power resources.

Harbin Hatou Investment Co., Ltd. generates electric power and heat power  that are supplied to Harbin local area.  The Company also manufactures cement and fertilizers.

Harbin Hatou Investment Co, Ltd. (600864 CH)

The York Water Company impounds, purifies, and distributes water throughout York County, Pennsylvania.

China Water Affairs Group Limited, through its subsidiaries, supplies city water and sewage treatment.  The Company supplies raw water and tap water, treats sewage, constructs water supply pipe networks, and installs water meters.

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China Water Affairs (855 HK)

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

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

Lucror Analytics

CITIC Envirotech: Thoughts on the IFA Report

Citic Envirotech (CEL SP) is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment,...

Arun George

China Water Affairs Group - Valuation ignoring growth potential

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction...

Edison Investment Research

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