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, the government is taking control of Garuda,آ as several announcements have beenآ made by the SOE Minister instead of the company. We deem it unlikely that the Indonesian government willآ allow the nation's flag carrier to fail. Hence, We believe any restructuring package, which could include a maturity extension, would not be too adverse for existing Noteholders.آ We therefore maintain our "Hold" recommendation on the GARUDA 5.95 20 Notes. That said, in light of these developments we move our assessment on the LARA scale to "Medium Risk" from "Low Risk".

  In our view, the government is taking control of Garuda,آ as several announcements have beenآ made by the SOE Minister instead of the company. We deem it unlikely that the Indonesian government willآ allow the nation's flag carrier to fail. Hence, We believe any restructuring package, which could include a maturity extension, would not be too adverse for existing Noteholders.آ We therefore maintain our "Hold" recommendation on the GARUDA 5.95 20 Notes.   That said, in light of these developments we move our assessment on the LARA scale to "Medium Risk" from "Low Risk". 

Garuda - Event Flash - Potential Debt Restructuring - Lucror Analytics

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

In my inaugural insight on Thai stocks, <a href="https://www.smartkarma.com/insights/airports-of-thailand-aot-yet-to-fall" target="_blank" data-smartkarma-citation="insights:36434" rel="noopener">Airports of Thailand (AOT): Yet to Fall</a> , the company is just experiencing a drop in the number of tourists from China. This insight will discuss the management's willingness to help its tenants' survival during the COVID-19 period actually hurts more than it predicted. 
The management's willingness to provide cushion for its tenants means that it has to lose a defensive part of the business (concession). BUY on weakness? Not yet, unfortunately...

In my inaugural insight on Thai stocks, Airports of Thailand (AOT): Yet to Fall , the company is just experiencing a drop in the number of tourists from China. This insight will discuss the management's willingness to help its tenants' survival during the COVID-19 period actually hurts more than it predicted. 
The management's willingness to provide cushion for its tenants means that it has to lose a defensive part of the business (concession). BUY on weakness? Not yet, unfortunately...

Airports of Thailand (AOT): Fallen Enough?

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.
<ul>
<li>
<a href="https://www.smartkarma.com/entities/garuda-indonesia-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12151" rel="noopener">Garuda Indonesia (Persero) (GIAA IJ)</a> </li>
<li><a href="#lucror-entity-18561" target="_blank" rel="noopener">JSW Steel Ltd</a></li>
<li><a href="#lucror-entity-472" target="_blank" rel="noopener">MGM China Holdings</a></li>
<li><a href="#lucror-entity-240" target="_blank" rel="noopener">Sunac China Holdings</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.


Garuda Indonesia (Persero) (GIAA IJ) 
JSW Steel Ltd
MGM China Holdings
Sunac China Holdings


Morning Views Asia: Garuda Indonesia, JSW Steel Ltd, MGM China Holdings

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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.

  In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 - Chinese Offshore Bond Defaults - 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 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

Indonesia

PT Garuda Indonesia Persero Tbk provides airline services. The Company offers domestic and international flights, online check in, and associated services for passengers, baggage, and cargo.

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Garuda Indonesia (Persero) (GIAA IJ)

Garuda - Event Flash - Potential Debt Restructuring - Lucror Analytics

In our view, the government is taking control of Garuda,آ as several announcements have beenآ made by the SOE Minister instead of the company. We...

Lucror Analytics

Airports of Thailand (AOT): Fallen Enough?

In my inaugural insight on Thai stocks, Airports of Thailand (AOT): Yet to Fall , the company is just experiencing a drop in the number of tourists...

Henry Soediarko

Morning Views Asia: Garuda Indonesia, JSW Steel Ltd, MGM China Holdings

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 - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

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

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