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

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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 update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 - Asian HY Ratings Transition Study - Lucror Analytics

The Asia HY Trade Book for the month of February 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 in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of February 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 in the Lucror Asia HY index. 

Asia HY Trade Book - February 2021 - Lucror Analytics

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Thematic (Sector/Industry)

In this Smartkarma Original Series report, we look at how the pet care industry in Asia, specifically China, grew 10x fold in the past 10 years and what sets it apart. Compared to the west, the pet care industry is a relatively recent development in emerging Asia. It is still early days of growth and evolution for the various segments of the industry and local players are still trying to establish a meaningful presence in most categories. However, the unique social/demographic factors that have spurred the pet boom in China has also opened up new product needs that are being addressed by local players - smart petting gadgets being one of them. Investors have been active in segments where local players have established a strong presence, like medical facilities; an IPO is reportedly on the anvil in 2021. This could attract more market attention to this high-growth sector especially if investors get an option to ride the sector growth. 
What is original about this report? In this report, we analyse the data available on Pet ownership in Asia, predominantly China, and compare it with the US to understand and assess the scope of growth for Asia's pet care sector. We study the underlying factors driving the pet boom and spending spree in China and discuss the various segments of the pet care industry and highlight emerging trends and pockets of opportunity. Lastly, we scan the Asia-based branded pet industry space in each segment, to select and study players that have built a meaningful presence in the market place. We see attractive growth potential for many of the early entrants - listed and unlisted- in the sector. We believe there is room for more branded players to enter the industry and tap into the existing and emerging product white spaces.

In this Smartkarma Original Series report, we look at how the pet care industry in Asia, specifically China, grew 10x fold in the past 10 years and what sets it apart. Compared to the west, the pet care industry is a relatively recent development in emerging Asia. It is still early days of growth and evolution for the various segments of the industry and local players are still trying to establish a meaningful presence in most categories. However, the unique social/demographic factors that have spurred the pet boom in China has also opened up new product needs that are being addressed by local players - smart petting gadgets being one of them. Investors have been active in segments where local players have established a strong presence, like medical facilities; an IPO is reportedly on the anvil in 2021. This could attract more market attention to this high-growth sector especially if investors get an option to ride the sector growth. 
What is original about this report? In this report, we analyse the data available on Pet ownership in Asia, predominantly China, and compare it with the US to understand and assess the scope of growth for Asia's pet care sector. We study the underlying factors driving the pet boom and spending spree in China and discuss the various segments of the pet care industry and highlight emerging trends and pockets of opportunity. Lastly, we scan the Asia-based branded pet industry space in each segment, to select and study players that have built a meaningful presence in the market place. We see attractive growth potential for many of the early entrants - listed and unlisted- in the sector. We believe there is room for more branded players to enter the industry and tap into the existing and emerging product white spaces.

Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore.

In this month's “In-Focus”, we look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year, with a substantial share of them being SOEs. We review broader trends as well as select cases, and discuss our takeaways on how best to asses the credit profiles of Chinese issuers. 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 look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year, with a substantial share of them being SOEs. We review broader trends as well as select cases, and discuss our takeaways on how best to asses the credit profiles of Chinese issuers.   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 - USD Bond Defaults In China - Lucror Analytics

The Asia HY Trade Book for the month of January 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 in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of January 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 in the Lucror Asia HY index. 

Asia HY Trade Book - January 2021 - Lucror Analytics

China

Health and Happiness H&H International Holdings Ltd provides health care supplements. The Company offers pediatric nutritional and baby care products. Health and Happiness H&H International Holdings serves nutrition and wellness industries worldwide.

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Health And Happiness (H&H) (1112 HK)

Asia HY Monthly - Asian HY Ratings Transition Study - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror...

Lucror Analytics

Asia HY Trade Book - February 2021 - Lucror Analytics

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

Lucror Analytics

Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore.

Asia pet care industry is in the early stages of growth. Attractive product white spaces for new entrants. Notable Asia based players profiled....

Devi Subhakesan

Asia HY Monthly - USD Bond Defaults In China - Lucror Analytics

In this month's “In-Focus”, we look at the Chinese offshore bond defaults in 2020. A record 12 issuers defaulted on USD Notes during the year,...

Lucror Analytics

Asia HY Trade Book - January 2021 - Lucror Analytics

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

Lucror Analytics

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