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

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeCentral China Real Estateand more...

The Asia HY Trade Book for September 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.

  The Asia HY Trade Book for September 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits. 

Asia HY Trade Book - September 2022 - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/fosun-international-ltd' target='_blank' rel='noopener'>Fosun International</a></li><li><a href='/entities/china-sce-group-holdings-ltd' target='_blank' rel='noopener'>China SCE</a></li><li><a href='/entities/cifi-holdings-group-co-ltd' target='_blank' rel='noopener'>CIFI Holdings</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Fosun InternationalChina SCECIFI HoldingsVedanta ResourcesChina Jinmao Holdingsand more...

Trung Nguyen

We view First Pacific (FIRPAC) as "Low Risk" on the LARA scale. This is primarily due to the group's strong assets and tight control over key investee companies, which ensure reliable dividend streams to service debt. The investment holding company has a reasonable track record. Its key assets include Philippine Long Distance Telephone Company, Indofood and Metro Pacific Investments Corp. The group's asset concentration is offset by the strength of these companies, which are: [1] leaders in their market segments; and [2] stable non-cyclical businesses. Leverage is moderate (measured as Net Debt at Holdco/Market Value of Assets). The investment portfolio has high transparency, with almost all assets (based on NAV) being listed. Our fundamental Credit Bias is "Stable"​, due to the subsidiaries' robust performance. Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral". As an investment holding company, FIRPAC does not face substantial regulatory, geopolitical or ESG risks.

  We view First Pacific (FIRPAC) as "Low Risk" on the LARA scale. This is primarily due to the group's strong assets and tight control over key investee companies, which ensure reliable dividend streams to service debt. The investment holding company has a reasonable track record. Its key assets include Philippine Long Distance Telephone Company, Indofood and Metro Pacific Investments Corp. The group's asset concentration is offset by the strength of these companies, which are: [1] leaders in their market segments; and [2] stable non-cyclical businesses. Leverage is moderate (measured as Net Debt at Holdco/Market Value of Assets). The investment portfolio has high transparency, with almost all assets (based on NAV) being listed.   Our fundamental Credit Bias is "Stable"​, due to the subsidiaries' robust performance.   Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral". As an investment holding company, FIRPAC does not face substantial regulatory, geopolitical or ESG risks. 

First Pacific - Tear Sheet - Lucror Analytics

Hong Kong

First Pacific Company Limited is an investment holding company with operations located in Asia-Pacific. The Company principally invests in consumer food products, infrastructure, natural resources, and telecommunications.

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First Pacific Co (142 HK)

Weekly Wrap - 30 Sep 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Weekly Wrap - 23 Sep 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Trade Book - September 2022 - Lucror Analytics

The Asia HY Trade Book for September 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Weekly Wrap - 16 Sep 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

First Pacific - Tear Sheet - Lucror Analytics

We view First Pacific (FIRPAC) as "Low Risk" on the LARA scale. This is primarily due to the group's strong assets and tight control over key...

Lucror Analytics

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