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 COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players) remaining greatly affected. Going forward, the ability to contain the virus, the potential long-term impact on selected industries, and the speed at which economies are re-opened will continue to be major market drivers. On the policy front, the focus should shift to the Biden administration's plans and especially US-China relations, while central banks are expected to remain supportive for now. We cover these topics in our HY Investment Outlook: (1) our high-conviction trade recommendations; (2) ESG developments, with this area rapidly evolving and increasingly being integrated in the investment process; (3) the COVID-19 crisis, along with other key macroeconomic, geopolitical and monetary developments in 2020; (4) developments in European HY markets; as well as (5) how credit stats and liquidity have evolved for the companies and industries under our coverage.

  The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players) remaining greatly affected. Going forward, the ability to contain the virus, the potential long-term impact on selected industries, and the speed at which economies are re-opened will continue to be major market drivers. On the policy front, the focus should shift to the Biden administration's plans and especially US-China relations, while central banks are expected to remain supportive for now.   We cover these topics in our HY Investment Outlook: (1) our high-conviction trade recommendations; (2) ESG developments, with this area rapidly evolving and increasingly being integrated in the investment process; (3) the COVID-19 crisis, along with other key macroeconomic, geopolitical and monetary developments in 2020; (4) developments in European HY markets; as well as (5) how credit stats and liquidity have evolved for the companies and industries under our coverage. 

European High Yield Outlook 2021 & Trade Book For February - Lucror Analytics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<blockquote>Bulls make money, bears make money, pigs get slaughtered. (Jim Cramer)</blockquote>This is a follow-up report to our insight <a href="https://www.smartkarma.com/insights/gamestop-robinhood-debacle-what-does-it-mean-for-asia" target="_blank" data-smartkarma-citation="insights:47604" rel="noopener">GameStop &amp; Robinhood Debacle - What Does It Mean for Asia?</a> 2020 was a great year for the major global stock markets such as the NASDAQ, KOSPI, and Nikkei. Thus so far in 2021, perhaps the biggest story in the global financial markets has been <a href="https://www.smartkarma.com/entities/gamestop-corp-class-a" target="_blank" data-smartkarma-citation="entities:13790:1" rel="noopener">GameStop Corp Class A (GME US)</a> whose stock price has risen 1,094% YTD, even after a 50%+ decline in share price from its all time highs on 28 January 2021. Despite the phenomenon that has occurred on GameStop, it is worthwhile to understand the bigger picture. In other words, is GameStop really a one-off stock specific event or are there SIGNS in the market that suggest further volatility and concerns? <div class="content-highlight">In addition to the 50 restricted stocks by Robinhood, there is a whole category of the China ADRs which have certainly shown evidence of frothiness this year as nearly 20 stocks among the top 100 market cap China ADRs are up on average 86% YTD. Did the fundamentals of these China ADRs really improve that much in the past month to warrant such a huge run-up in price? We do not think so. </div>

Bulls make money, bears make money, pigs get slaughtered. (Jim Cramer)This is a follow-up report to our insight GameStop &amp; Robinhood Debacle - What Does It Mean for Asia? 2020 was a great year for the major global stock markets such as the NASDAQ, KOSPI, and Nikkei. Thus so far in 2021, perhaps the biggest story in the global financial markets has been GameStop Corp Class A (GME US) whose stock price has risen 1,094% YTD, even after a 50%+ decline in share price from its all time highs on 28 January 2021. Despite the phenomenon that has occurred on GameStop, it is worthwhile to understand the bigger picture. In other words, is GameStop really a one-off stock specific event or are there SIGNS in the market that suggest further volatility and concerns? In addition to the 50 restricted stocks by Robinhood, there is a whole category of the China ADRs which have certainly shown evidence of frothiness this year as nearly 20 stocks among the top 100 market cap China ADRs are up on average 86% YTD. Did the fundamentals of these China ADRs really improve that much in the past month to warrant such a huge run-up in price? We do not think so. 

Surging China ADRs - The Next Battleground for the Reddit Army or Signs of a Market Top?

The Europe HY Trade Book for December 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for December 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - December 2020 - Lucror Analytics

The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - November 2020 - Lucror Analytics

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.  We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover.

  With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.    We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover. 

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

Finland

Nokia Oyj is a global communications company that operates a network of production facilities for location intelligence and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

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Nokia OYJ (NOKIA FH)

European High Yield Outlook 2021 & Trade Book For February - Lucror Analytics

The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players)...

Lucror Analytics

Surging China ADRs - The Next Battleground for the Reddit Army or Signs of a Market Top?

In addition to the 50 restricted stocks by Robinhood, there is a whole category of the China ADRs which have certainly shown evidence of frothiness...

Douglas Kim

Europe HY Trade Book - December 2020 - Lucror Analytics

The Europe HY Trade Book for December 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - November 2020 - Lucror Analytics

The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is...

Lucror Analytics

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