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 August 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 August 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 - August 2019 - Lucror Analytics

Indonesia Political Risk Analyst

Kevin O’Rourke

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

Cross Asset Strategy

Tax changes mark a fundamental overhaul of auto-sector regulation, designed to move from taxing based on model and engine size to rates based on emissions and fuel consumption.  Pollution in the capital is placing the governor under pressure, but the scrutiny will affect industries more broadly.  A Labor Ministry source downplayed prospects for a Labor Law revision prior to next year.  Widodo reiterated that numerous seats will go to parties -- even as two ministries headed by party representatives face KPK allegations of graft in import quotas, resulting in the arrest of a PDI-P parliamentarian.  Megawati received a fifth five-year term as PDI-P chair in a congress attended by Prabowo.  Haze is returning.  Plus, a close look at the factors causing the 6-30 blackout that covered Jakarta, Banten and West Java.

Tax changes mark a fundamental overhaul of auto-sector regulation, designed to move from taxing based on model and engine size to rates based on emissions and fuel consumption.  Pollution in the capital is placing the governor under pressure, but the scrutiny will affect industries more broadly.  A Labor Ministry source downplayed prospects for a Labor Law revision prior to next year.  Widodo reiterated that numerous seats will go to parties -- even as two ministries headed by party representatives face KPK allegations of graft in import quotas, resulting in the arrest of a PDI-P parliamentarian.  Megawati received a fifth five-year term as PDI-P chair in a congress attended by Prabowo.  Haze is returning.  Plus, a close look at the factors causing the 6-30 blackout that covered Jakarta, Banten and West Java. 

EV, Hybrid Incentives / Jkt's Air / Seats Promised for Parties / Islamists Slammed / Haze Redux

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In July, uncertainty for emerging markets was compounded by increasing uncertainty associated with: [1] the trade Sino-US trade war; [2] extension of China deleveraging with slowing growth; [3] confusion at the Fed – see below – regarding the health of the economy and the direction of rates; and, to a lesser degree, [4] the increasing likelihood of a hard Brexit.During its July meeting, the FOMC voted to lower the target range for the Fed funds rate to 2-2.25% "in light of the implications of global developments for the economic outlook as well as muted inflation pressures". Members Esther George and Eric Rosengren voted against the cut, in a rare show of dissent on the committee. Markets were somewhat confused by Fed Chairman Jerome Powell's remarks at the press conference, where he seemingly pivoted from the move being a one-off mid-cycle policy adjustment to admitting that more rate cuts could be expected.

In July, uncertainty for emerging markets was compounded by increasing uncertainty associated with: [1] the trade Sino-US trade war; [2] extension of China deleveraging with slowing growth; [3] confusion at the Fed – see below – regarding the health of the economy and the direction of rates; and, to a lesser degree, [4] the increasing likelihood of a hard Brexit.During its July meeting, the FOMC voted to lower the target range for the Fed funds rate to 2-2.25% "in light of the implications of global developments for the economic outlook as well as muted inflation pressures". Members Esther George and Eric Rosengren voted against the cut, in a rare show of dissent on the committee. Markets were somewhat confused by Fed Chairman Jerome Powell's remarks at the press conference, where he seemingly pivoted from the move being a one-off mid-cycle policy adjustment to admitting that more rate cuts could be expected. 

Asia HY Monthly – Indonesian Property Update (July 2019)

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.

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. 

Lucror Analytics - Morning Views Asia - 01 Aug 2019

Indonesia

PT Kawasan Industri Jababeka Tbk develops and sells industrial estates and its related facilities and services as well as develops and installs water treatment plants, waste water treatment, utilities, and other facilities.  The Company also provides recreational facilities, and imports and exports goods for businesses relating to development and management of the industrial estate.

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Kawasan Industri Jababeka (KIJA IJ)

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

EV, Hybrid Incentives / Jkt's Air / Seats Promised for Parties / Islamists Slammed / Haze Redux

Tax changes mark a fundamental overhaul of auto-sector regulation, designed to move from taxing based on model and engine size to rates based on...

Kevin O’Rourke

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Monthly – Indonesian Property Update (July 2019)

In July, uncertainty for emerging markets was compounded by increasing uncertainty associated with: [1] the trade Sino-US trade war; [2] extension...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Aug 2019

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)