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 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='#lucror-entity-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li><li><a href='#lucror-entity-7817'>Zoomlion Heavy Industry H</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.Agung Podomoro LandIndika EnergyLippo KarawaciSoftbank GroupTata Motors LtdZoomlion Heavy Industry H

Morning Views Asia: Agung Podomoro Land, Indika Energy, Lippo Karawaci, Softbank Group

Trung Nguyen

In our view, Indika Energy's FY 2019 results were weak on account of the very low coal prices. The company's financial risk profile has deteriorated significantly. That said, while some of its credit metrics appear weak, we note that it is in the middle of a downcycle, with coal prices at what is historically an extremely low level. With many smaller coal producers being loss-making, it is unlikely that the coal price will fall much further. At least, Indika's negative FCF was negligible in FY 2019.

 In our view, Indika Energy's FY 2019 results were weak on account of the very low coal prices. The company's financial risk profile has deteriorated significantly. That said, while some of its credit metrics appear weak, we note that it is in the middle of a downcycle, with coal prices at what is historically an extremely low level. With many smaller coal producers being loss-making, it is unlikely that the coal price will fall much further. At least, Indika's negative FCF was negligible in FY 2019.

Indika Energy - Earnings Flash - FY 2019 Results - Lucror Analytics

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='#lucror-entity-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li><li><a href='#lucror-entity-3474'>Yuzhou Properties Co</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.361 Degrees InternationalAlam Sutera RealtyGajah TunggalIndika EnergyWynn Macau LtdYuzhou Properties Co

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Gajah Tunggal, Indika Energy

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and 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 March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indika Energy (INDY IJ)

Morning Views Asia: Agung Podomoro Land, Indika Energy, Lippo Karawaci, Softbank Group

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

Lucror Analytics

Indika Energy - Earnings Flash - FY 2019 Results - Lucror Analytics

In our view, Indika Energy's FY 2019 results were weak on account of the very low coal prices. The company's financial risk profile has...

Lucror Analytics

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Gajah Tunggal, Indika Energy

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

Lucror Analytics

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)