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 Book for the month of January includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of January includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - January 2021 - 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

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> CEO John Riady hosted a call to update investors and analysts on the company's business and prospects, revealing some key milestones and an exciting outlook. 
The company has delivered on all fronts despite COVID-19, with strong execution and increasing traction for its core business, and will scale up in 2021 to continue this momentum. 
<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ</a>) has now completed its refinancing and now has a stronger governance framework and senior management team. 
It just completed the long-awaited divestment of Lippo Mall Puri to <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> for IDR3.5tn, which is significantly cash and value-accretive for <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ).</a>
<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> recently announced its FY2020 Marketing Sales with an increase of +45% YoY to Rp2.67tn, which was +8% above its FY20 target. The company targets  FY2021 marketing Sales of IDR3.5tn to be supported by multiple affordable landed housing launches.

Lippo Karawaci (LPKR IJ) CEO John Riady hosted a call to update investors and analysts on the company's business and prospects, revealing some key milestones and an exciting outlook. 
The company has delivered on all fronts despite COVID-19, with strong execution and increasing traction for its core business, and will scale up in 2021 to continue this momentum. 
Lippo Karawaci (LPKR IJ) has now completed its refinancing and now has a stronger governance framework and senior management team. 
It just completed the long-awaited divestment of Lippo Mall Puri to Lippo Malls Indonesia Retail Trust (LMRT SP) for IDR3.5tn, which is significantly cash and value-accretive for Lippo Karawaci (LPKR IJ).
Lippo Karawaci (LPKR IJ) recently announced its FY2020 Marketing Sales with an increase of +45% YoY to Rp2.67tn, which was +8% above its FY20 target. The company targets  FY2021 marketing Sales of IDR3.5tn to be supported by multiple affordable landed housing launches.

Lippo Karawaci (LPKR IJ) - An Audience with the Future

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-18054'>China Fortune Land</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</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 Fortune LandLippo KarawaciSirtex Medical

Morning Views Asia: China Fortune Land, Lippo Karawaci, Sirtex Medical

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last week, after gaining approval at its EGM, Singaporean healthcare REIT, <a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848:1" rel="noopener">First REIT (FIRT SP)</a>, launched a renouncable <a href="https://firstreit.listedcompany.com/newsroom/20210119_173452_AW9U_O5KKB80T35AKNDMP.1.pdf" target="_blank" rel="noopener">Rights Issue</a> to raise gross proceeds of approximately S$158.2 million.First REIT was facing a significant refinancing hurdle, with approximately 80.2% (or approximately S$395.7 million) of its debt coming due within the next 17 months. To meet their debt obligations, the company negotiated with lenders to refinance their existing S$400 million secured loan facilities with a new S$260 million loan facility. Although their lenders agreed to this, it was conditional on First REIT being able to raise the remaining S$140 million though a rights issue. The sponsor group of First REIT, <a href="https://www.smartkarma.com/entities/oue-ltd" target="_blank" data-smartkarma-citation="entities:9984:1" rel="noopener">OUE Ltd (OUE SP)</a>, has provided an irrevocable undertaking to backstop the entire Proposed Rights Issue.Separately, First REIT will also be restructuring their Master Lease Agreements ("MLA") with <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> and PT Metropolis Propertindo Utama (MPU) to restructure the MLAs relating to the 11 hospitals and 3 hospitals, respectively, which they were leasing from <a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848:1" rel="noopener">First REIT (FIRT SP)</a>.Below is a look at the details of the rights issue and the impact of the MLA restructuring on <a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848:1" rel="noopener">First REIT (FIRT SP)</a>.

Last week, after gaining approval at its EGM, Singaporean healthcare REIT, First REIT (FIRT SP), launched a renouncable Rights Issue to raise gross proceeds of approximately S$158.2 million.First REIT was facing a significant refinancing hurdle, with approximately 80.2% (or approximately S$395.7 million) of its debt coming due within the next 17 months. To meet their debt obligations, the company negotiated with lenders to refinance their existing S$400 million secured loan facilities with a new S$260 million loan facility. Although their lenders agreed to this, it was conditional on First REIT being able to raise the remaining S$140 million though a rights issue. The sponsor group of First REIT, OUE Ltd (OUE SP), has provided an irrevocable undertaking to backstop the entire Proposed Rights Issue.Separately, First REIT will also be restructuring their Master Lease Agreements ("MLA") with Lippo Karawaci (LPKR IJ) and PT Metropolis Propertindo Utama (MPU) to restructure the MLAs relating to the 11 hospitals and 3 hospitals, respectively, which they were leasing from First REIT (FIRT SP).Below is a look at the details of the rights issue and the impact of the MLA restructuring on First REIT (FIRT SP). 

FIRST REIT Rights Set FIRST REIT Right. Right On.

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-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-7845'>Road King Infrastructure</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.Guangzhou R&F PropertiesLippo KarawaciRoad King InfrastructureVedanta Resources

Morning Views Asia: Guangzhou R&F Properties, Lippo Karawaci, Road King Infrastructure

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 Trade Book - January 2021 - Lucror Analytics

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

Lucror Analytics