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 Europe HY Trade Book for April 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for April 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - April 2021 - Lucror Analytics

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

The leading Chinese travel platform <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a>  has set the terms for its IPO where it plans to issue 31.6m shares at a maximum indicative price of HK$333.00 per share. At the above price, Trip.com will raise net proceeds of HK$10.4bn (approx. US$1.4bn).Each ADS represents one ordinary share of the company, and the maximum HK offer price implies approx. US$42.8 per ADS, about 10.3% premium to Trip.com’s last close price of US$38.81 per ADS prior to setting the terms. The Hong Kong offering of 31.6m shares will constitute approx. 5.0% of the extended share capital of the company.Trip.com plans to use about 45% of the net proceeds on funding the expansion of the company’s one-stop travel offerings and improve user experiences while it plans to use another 45% of the net proceeds on investing in technology to bolster the company’s leading market position in products and services while also improving operating efficiency.In this insight, we examine the company’s current valuation and our view on HKEX/ADR discount/premium.

The leading Chinese travel platform Trip.com (TCOM US)  has set the terms for its IPO where it plans to issue 31.6m shares at a maximum indicative price of HK$333.00 per share. At the above price, Trip.com will raise net proceeds of HK$10.4bn (approx. US$1.4bn).Each ADS represents one ordinary share of the company, and the maximum HK offer price implies approx. US$42.8 per ADS, about 10.3% premium to Trip.com’s last close price of US$38.81 per ADS prior to setting the terms. The Hong Kong offering of 31.6m shares will constitute approx. 5.0% of the extended share capital of the company.Trip.com plans to use about 45% of the net proceeds on funding the expansion of the company’s one-stop travel offerings and improve user experiences while it plans to use another 45% of the net proceeds on investing in technology to bolster the company’s leading market position in products and services while also improving operating efficiency.In this insight, we examine the company’s current valuation and our view on HKEX/ADR discount/premium.

Trip.com Secondary: Further Upside to SOTP Possible with Recovery in Travel and Hospitality Sector

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.

<a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> is a leading one-stop travel platform that currently operates through four leading travel brands which are Ctrip, Qunar, Trip.com and Skyscanner. Trip.com passed its Hong Kong listing committee hearing and could raise up to $1-2 billion through a secondary listing, according to press reports. Trip.com is braving choppy markets and waning investor enthusiasm on secondary listings/IPOs. The recent Hong Kong secondary listings of <a href="https://www.smartkarma.com/entities/autohome-inc-adr" target="_blank" data-smartkarma-citation="entities:20234:1" rel="noopener">Autohome Inc (Adr) (ATHM US)</a> and <a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a> are trading 3% and 8% above their H-share listing price, respectively. <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> is trading -13% below its H-share listing price largely due to the fallout from the fire sale at Archegos Capital.   <div class="content-highlight">Trip.com is a play on the expected reopening and recovery of travel in 2021 due to the global rollout of vaccines. In the post-pandemic world, Trip.com aims to cement its market share gains through strengthening its supply chain (such as short-distance travel), higher conversion via content investment (such as live streaming) and rising penetration in lower-tier cities (&gt;40% of new mobile app users in 2020 were from lower-tier cities). We think that Trip.com is an attractive play on travel recovery at the last close price. </div>

Trip.com (TCOM US) is a leading one-stop travel platform that currently operates through four leading travel brands which are Ctrip, Qunar, Trip.com and Skyscanner. Trip.com passed its Hong Kong listing committee hearing and could raise up to $1-2 billion through a secondary listing, according to press reports. Trip.com is braving choppy markets and waning investor enthusiasm on secondary listings/IPOs. The recent Hong Kong secondary listings of Autohome Inc (Adr) (ATHM US) and Bilibili Inc (BILI US) are trading 3% and 8% above their H-share listing price, respectively. Baidu (BIDU US) is trading -13% below its H-share listing price largely due to the fallout from the fire sale at Archegos Capital.   Trip.com is a play on the expected reopening and recovery of travel in 2021 due to the global rollout of vaccines. In the post-pandemic world, Trip.com aims to cement its market share gains through strengthening its supply chain (such as short-distance travel), higher conversion via content investment (such as live streaming) and rising penetration in lower-tier cities (&gt;40% of new mobile app users in 2020 were from lower-tier cities). We think that Trip.com is an attractive play on travel recovery at the last close price. 

Trip.com Secondary Listing: No Heads in the Clouds

The Europe HY Trade Book for March 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for March 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - March 2021 - Lucror Analytics

The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players) remaining greatly affected. Going forward, the ability to contain the virus, the potential long-term impact on selected industries, and the speed at which economies are re-opened will continue to be major market drivers. On the policy front, the focus should shift to the Biden administration's plans and especially US-China relations, while central banks are expected to remain supportive for now. We cover these topics in our HY Investment Outlook: (1) our high-conviction trade recommendations; (2) ESG developments, with this area rapidly evolving and increasingly being integrated in the investment process; (3) the COVID-19 crisis, along with other key macroeconomic, geopolitical and monetary developments in 2020; (4) developments in European HY markets; as well as (5) how credit stats and liquidity have evolved for the companies and industries under our coverage.

  The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players) remaining greatly affected. Going forward, the ability to contain the virus, the potential long-term impact on selected industries, and the speed at which economies are re-opened will continue to be major market drivers. On the policy front, the focus should shift to the Biden administration's plans and especially US-China relations, while central banks are expected to remain supportive for now.   We cover these topics in our HY Investment Outlook: (1) our high-conviction trade recommendations; (2) ESG developments, with this area rapidly evolving and increasingly being integrated in the investment process; (3) the COVID-19 crisis, along with other key macroeconomic, geopolitical and monetary developments in 2020; (4) developments in European HY markets; as well as (5) how credit stats and liquidity have evolved for the companies and industries under our coverage. 

European High Yield Outlook 2021 & Trade Book For February - Lucror Analytics

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

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Expedia Group, Inc. (EXPE US)

Europe HY Trade Book - April 2021 - Lucror Analytics

The Europe HY Trade Book for April 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Trip.com Secondary: Further Upside to SOTP Possible with Recovery in Travel and Hospitality Sector

We believe there will be further upside to our SOTP once the global travel market starts recovering from the pandemic and HKEX listing will be...

Shifara Samsudeen, ACMA, CGMA

Trip.com Secondary Listing: No Heads in the Clouds

Trip.com passed its HKEx listing hearing to raise up to $1-2bn through a secondary listing. We think that Trip.com is an attractive play on travel...

Arun George

Europe HY Trade Book - March 2021 - Lucror Analytics

The Europe HY Trade Book for March 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

European High Yield Outlook 2021 & Trade Book For February - Lucror Analytics

The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players)...

Lucror Analytics

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