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

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

Delhi International Airport Limited / 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-28322" target="_blank" rel="noopener">GMR Hyderabad International Airport</a></li><li><a href="#lucror-entity-18561" target="_blank" rel="noopener">JSW Steel Ltd</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.GMR Hyderabad International AirportJSW Steel Ltd

Morning Views Asia: GMR Hyderabad International Airport, JSW Steel Ltd

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery. 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.

  From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery.   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 - Takeaways From China's Two Sessions (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

Trung Nguyen

In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of the impact due to COVID-19 becoming apparent in late March. The full-year results were very poor, with H1 impacted by the Indian economy's sharp slowdown and COVID-19 in Q4 negating the slight recovery that materialised in Q3. The financial risk profile has increased significantly due to the debt the group has taken on to fund capex. This is unlikely to generate EBITDA in the short term. We are highly concerned by JSW's aggressive financial policy. Management is maintaining its high guidance for FY 2020-21 debt-funded capex. The company is continuing to fund existing expansion plans despite a highly challenging operating environment in which most other companies are scaling down capex. Liquidity is weak and cannot cover both short-term debt and capex. We expect the financial risk profile will continue to deteriorate.

  In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of the impact due to COVID-19 becoming apparent in late March. The full-year results were very poor, with H1 impacted by the Indian economy's sharp slowdown and COVID-19 in Q4 negating the slight recovery that materialised in Q3. The financial risk profile has increased significantly due to the debt the group has taken on to fund capex. This is unlikely to generate EBITDA in the short term.   We are highly concerned by JSW's aggressive financial policy. Management is maintaining its high guidance for FY 2020-21 debt-funded capex. The company is continuing to fund existing expansion plans despite a highly challenging operating environment in which most other companies are scaling down capex. Liquidity is weak and cannot cover both short-term debt and capex. We expect the financial risk profile will continue to deteriorate. 

JSW Steel - Earnings Flash - FY 2019-20 Results - Lucror Analytics

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Morning Views Asia: GMR Hyderabad International Airport, JSW Steel Ltd

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 - Takeaways From China's Two Sessions (2020) - Lucror Analytics

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting...

Lucror Analytics

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

JSW Steel - Earnings Flash - FY 2019-20 Results - Lucror Analytics

In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of...

Lucror Analytics

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