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 January 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 January 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 - January 2019 - 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.

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 - 16 Jan 2019

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

EM Relative Strength Is Bottoming: Overweight

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Asiainfo Technologies / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27475" target="_blank" data-smartkarma-citation="entities:27475:1">Asiainfo Technologies (1119892D CH)</a> is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. It announced its IPO price range of HK$10.50-13.50 per share. At the mid-point of the IPO price range, AsiaInfo will raise proceeds of $132 million, resulting in a fully diluted market cap of $1.1 billion. Cornerstone investors which include <a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu Inc (ADR) (BIDU US)</a> and <a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a> have together agreed to purchase $60 million worth of shares in the offering.<div class="content-highlight">We had previously expressed our concerns about AsiaInfo's fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would not participate in the deal.</div>

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. It announced its IPO price range of HK$10.50-13.50 per share. At the mid-point of the IPO price range, AsiaInfo will raise proceeds of $132 million, resulting in a fully diluted market cap of $1.1 billion. Cornerstone investors which include Baidu Inc (ADR) (BIDU US) and Lenovo (992 HK) have together agreed to purchase $60 million worth of shares in the offering.We had previously expressed our concerns about AsiaInfo's fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would not participate in the deal.

AsiaInfo IPO Valuation: Not Enough of a Discount

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

<a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a> is nudging up against dual top resistance that will act as the primary top and short zone.Our last insight on Lenovo outlined reversing our short at 3.68/3.62 and met our ideal downside and turn target. If you are long then this is the zone to unwind and reverse.Overhead barrier from congestion lows from 2015 will provide the secondary resistance cap.We define clear short stop levels and downside reward targets. Risk to reward is less favorable near 6.0.

Lenovo (992 HK) is nudging up against dual top resistance that will act as the primary top and short zone.Our last insight on Lenovo outlined reversing our short at 3.68/3.62 and met our ideal downside and turn target. If you are long then this is the zone to unwind and reverse.Overhead barrier from congestion lows from 2015 will provide the secondary resistance cap.We define clear short stop levels and downside reward targets. Risk to reward is less favorable near 6.0.

Lenovo Top Zone to Reverse from Long to Short

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo (992 HK)

Asia HY Trade Recommendations - January 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 16 Jan 2019

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

Lucror Analytics

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

AsiaInfo IPO Valuation: Not Enough of a Discount

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in...

Arun George

Lenovo Top Zone to Reverse from Long to Short

Lenovo (992 HK) is nudging up against dual top resistance that will act as the primary top and short zone.Our last insight on Lenovo outlined...

Thomas Schroeder

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