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

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-1909'>China Hongqiao</a></li><li><a href='#lucror-entity-30639'>Nickel Industries </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 HongqiaoNickel Industries 

Morning Views Asia: China Hongqiao, Nickel Industries 

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-30639'>Nickel Industries </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.Nickel Industries 

Trung Nguyen

Nickel Industries Limited has released sound FY 2023 numbers, driven by a series of capital-raising initiatives that have strengthened the company’s balance sheet. The operating results were satisfactory, with capacity growth and competitive first-quartile cash costs more than offsetting lower nickel prices (down c. 50% in the past year). NIC is also making good progress in the transition away from nickel pig iron (NPI) production to Class 1 nickel production. Group EBITDA increased 19% y-o-y to USD 403 mn, due to robust production volume growth. Net debt fell to USD 66 mn from USD 415 mn, thanks to material cash proceeds from the capital-raising initiatives. Gross Debt/EBITDA and Net Debt/EBITDA were 2.2x and 0.2x, respectively, at FYE 2023. EBITDA/Interest stood at 5.7x. Liquidity is adequate, with USD 779 mn cash and c. USD 200 mn available credit lines (vs. USD 845 mn total debt). We continue to expect robust double-digit EBITDA growth of c. 20% in FY 2024 and c. 2x Gross Debt/EBITDA. This will likely be supported by capacity expansion.

  Nickel Industries Limited has released sound FY 2023 numbers, driven by a series of capital-raising initiatives that have strengthened the company’s balance sheet. The operating results were satisfactory, with capacity growth and competitive first-quartile cash costs more than offsetting lower nickel prices (down c. 50% in the past year). NIC is also making good progress in the transition away from nickel pig iron (NPI) production to Class 1 nickel production.   Group EBITDA increased 19% y-o-y to USD 403 mn, due to robust production volume growth. Net debt fell to USD 66 mn from USD 415 mn, thanks to material cash proceeds from the capital-raising initiatives. Gross Debt/EBITDA and Net Debt/EBITDA were 2.2x and 0.2x, respectively, at FYE 2023. EBITDA/Interest stood at 5.7x. Liquidity is adequate, with USD 779 mn cash and c. USD 200 mn available credit lines (vs. USD 845 mn total debt).   We continue to expect robust double-digit EBITDA growth of c. 20% in FY 2024 and c. 2x Gross Debt/EBITDA. This will likely be supported by capacity expansion. 

Nickel Industries - Earnings Flash - FY 2023 Results - 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.<ul><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-8258'>Japfa Comfeed Indonesia</a></li><li><a href='#lucror-entity-30639'>Nickel Industries </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.Gajah TunggalJapfa Comfeed IndonesiaNickel Industries 

Morning Views Asia: Gajah Tunggal, Japfa Comfeed Indonesia, Nickel Industries 

Indonesia

Nickel Industries Limited provides mining services. The Company acquires, explores, and develops nickel projects. Nickel Industries operates in Australia.

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Nickel Industries (NIC AU)

Morning Views Asia: China Hongqiao, Nickel Industries

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

Lucror Analytics

Morning Views Asia: Nickel Industries

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

Lucror Analytics

Nickel Industries - Earnings Flash - FY 2023 Results - Lucror Analytics

Nickel Industries Limited has released sound FY 2023 numbers, driven by a series of capital-raising initiatives that have strengthened the...

Lucror Analytics

Morning Views Asia: Nickel Industries

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

Lucror Analytics

Morning Views Asia: Gajah Tunggal, Japfa Comfeed Indonesia, Nickel Industries

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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