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

This month, we undertake a study of movements in the Lucror Analytics Risk Assessment (LARA) for issuers in the Lucror Asia HY index over the last five years. 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.

  This month, we undertake a study of movements in the Lucror Analytics Risk Assessment (LARA) for issuers in the Lucror Asia HY index over the last five years.   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 - LARA Transition Study - Lucror Analytics

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on Sea Ltd after its exit from India, the GoTo IPO as it approaches listing, and Cisaru Modern Dairy following strong results.</li>
<li>There were also timely notes from <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> on <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> and <a href="https://www.smartkarma.com/entities/platinum-group-pcl" target="_blank" data-smartkarma-citation="entities:27170:1" rel="noopener">Platinum Group PCL (PLAT TB)</a> both of which are COVID-recovery plays.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Sea Ltd after its exit from India, the GoTo IPO as it approaches listing, and Cisaru Modern Dairy following strong results.
There were also timely notes from Henry Soediarko on Comfortdelgro Corp (CD SP) and Platinum Group PCL (PLAT TB) both of which are COVID-recovery plays.


The Week That Was in ASEAN@Smartkarma - Sea Ltd's Indian Odyssey, GoTo IPO, and Cisaru Modern Dairy

Trung Nguyen

Lippo Karawaci's FY 2021 results were strong and exceeded expectations, with robust revenue and soaring EBITDA. Moreover, operating cash flows turned positive ahead of management's guidance (FY 2022 onwards). The financial risk profile has improved significantly, and liquidity is sound. We expect upward rating pressure to start building in FY 2022, as the company's business and financial risk profile has improved significantly. Meanwhile, the agencies' forecasts appear too conservative. We revise our recommendation to "Buy" from "Hold" on the LPKRIJ 6.75 26. The notes dropped following Russia's invasion of Ukraine, and are now trading at 96 and yielding 7.9%. The yields are attractive, given the fast-improving fundamentals and our expectation of robust FY 2022 results.

  Lippo Karawaci's FY 2021 results were strong and exceeded expectations, with robust revenue and soaring EBITDA. Moreover, operating cash flows turned positive ahead of management's guidance (FY 2022 onwards). The financial risk profile has improved significantly, and liquidity is sound.   We expect upward rating pressure to start building in FY 2022, as the company's business and financial risk profile has improved significantly. Meanwhile, the agencies' forecasts appear too conservative.   We revise our recommendation to "Buy" from "Hold" on the LPKRIJ 6.75 26. The notes dropped following Russia's invasion of Ukraine, and are now trading at 96 and yielding 7.9%. The yields are attractive, given the fast-improving fundamentals and our expectation of robust FY 2022 results. 

Lippo Karawaci - Earnings Flash - FY 2021 Results - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li><li><a href='/entities/yanzhou-coal-mining-company-limited-h' target='_blank' rel='noopener'>Yanzhou Coal Mining Company Limited H</a></li><li><a href='/entities/indika-energy-tbk-pt' target='_blank' rel='noopener'>Indika Energy</a></li><li><a href='/entities/lippo-karawaci-tbk-pt' target='_blank' rel='noopener'>Lippo Karawaci</a></li><li><a href='/entities/agile-property-holdings-ltd' target='_blank' rel='noopener'>Agile Property Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:First Pacific CoYanzhou Coal Mining Company Limited HIndika EnergyLippo KarawaciAgile Property Holdingsand more...

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-26076'>China Vanke</a></li><li><a href='#lucror-entity-173'>First Pacific Co</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</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 VankeFirst Pacific CoIndika EnergyLippo Karawaci

Morning Views Asia: China Vanke, First Pacific Co, Indika Energy, Lippo Karawaci

Indonesia

PT Lippo Karawaci Tbk is a diversified and integrated property group and is involved in townships, residential homes, hospitals, hotels, retail malls and industrial estate development and management.  PT Lippo Karawaci through its subsidiaries is also engaged in property and REIT management.

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Lippo Karawaci (LPKR IJ)

Asia HY Monthly - LARA Transition Study - Lucror Analytics

This month, we undertake a study of movements in the Lucror Analytics Risk Assessment (LARA) for issuers in the Lucror Asia HY index over the...

Lucror Analytics

The Week That Was in ASEAN@Smartkarma - Sea Ltd's Indian Odyssey, GoTo IPO, and Cisaru Modern Dairy

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Lippo Karawaci - Earnings Flash - FY 2021 Results - Lucror Analytics

Lippo Karawaci's FY 2021 results were strong and exceeded expectations, with robust revenue and soaring EBITDA. Moreover, operating cash flows...

Lucror Analytics

Weekly Wrap - 01 Apr 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Morning Views Asia: China Vanke, First Pacific Co, Indika Energy, Lippo Karawaci

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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