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

<ul>
<li>Indika Energy's FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.</li>
<li>The balance sheet worsened significantly during the year.</li>
<li>That said, liquidity remained sound.</li>
</ul>


Indika Energy's FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.
The balance sheet worsened significantly during the year.
That said, liquidity remained sound.


Indika Energy - Earnings Flash - FY 2024 Results

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy</li>
<li>In the US, advance retail sales came in below estimates at 0.2% m-o-m (0.6% e / -1.2% revised p) in February. Moreover, the January figure was revised downwards to negative 1.2% (from -0.9%), the lowest since July 2021. Seven of the retail report's 13 categories posted declines, notably motor vehicles, gasoline sales, as well as spending at restaurants and bars.</li>
<li>Retail sales (excluding auto and gas) rose 0.5% m-o-m (0.4% e / -0.8% p), while the retail sales control group (which feeds into the government’s calculation of goods spending for GDP) was up 1.0% m-o-m (0.4% e / -1.0% revised p), supported by a rebound in e-commerce activity.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy
In the US, advance retail sales came in below estimates at 0.2% m-o-m (0.6% e / -1.2% revised p) in February. Moreover, the January figure was revised downwards to negative 1.2% (from -0.9%), the lowest since July 2021. Seven of the retail report's 13 categories posted declines, notably motor vehicles, gasoline sales, as well as spending at restaurants and bars.
Retail sales (excluding auto and gas) rose 0.5% m-o-m (0.4% e / -0.8% p), while the retail sales control group (which feeds into the government’s calculation of goods spending for GDP) was up 1.0% m-o-m (0.4% e / -1.0% revised p), supported by a rebound in e-commerce activity.


Leonard Law, CFA

<ul>
<li>In the US, the October nonfarm payrolls came in significantly below expectations at 12 k (100 k e / 223 k revised p). In addition, payrolls for the preceding two months were revised downwards by 112 k (+72 k p).</li>
<li>Payrolls in October were impacted by Hurricanes Milton and Helene, as well as a major strike at Boeing.</li>
<li>The unemployment rate was unchanged at 4.1% (4.1% e), while the average hourly earnings stood at 0.4% m-o-m (0.3% e / 0.3% revised p) and 4.0% y-o-y (4.0% e / 3.9% revised p). </li>
</ul>


In the US, the October nonfarm payrolls came in significantly below expectations at 12 k (100 k e / 223 k revised p). In addition, payrolls for the preceding two months were revised downwards by 112 k (+72 k p).
Payrolls in October were impacted by Hurricanes Milton and Helene, as well as a major strike at Boeing.
The unemployment rate was unchanged at 4.1% (4.1% e), while the average hourly earnings stood at 0.4% m-o-m (0.3% e / 0.3% revised p) and 4.0% y-o-y (4.0% e / 3.9% revised p). 


<p>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.</p><ul><li><a href='#lucror-entity-1776'>Indika Energy</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.Indika Energy

<p>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.</p><ul><li><a href='#lucror-entity-1457'>China Oil And Gas</a></li><li><a href='#lucror-entity-40020'>Continuum Green Energy</a></li><li><a href='#lucror-entity-1776'>Indika Energy</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.China Oil And GasContinuum Green EnergyIndika Energy

Morning Views Asia: China Oil And Gas, Continuum Green Energy, Indika Energy

Indonesia

PT Indika Energy Tbk is an energy company. The Company provides energy services, energy resources and infrastructure, primarily in the areas of coal production, engineering, procurement and construction services and power generation services.

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Indika Energy (INDY IJ)

Indika Energy - Earnings Flash - FY 2024 Results

Indika Energy's FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

The unemployment rate was unchanged at 4.1% (4.1% e), while the average hourly earnings stood at 0.4% m-o-m (0.3% e / 0.3% revised p) and 4.0% y-o...

Lucror Analytics

Morning Views Asia: Indika Energy

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Morning Views Asia: China Oil And Gas, Continuum Green Energy, Indika Energy

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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