Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao</li>
<li>US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that "what we're going to be doing is a 25% tariff for all cars that are not made in the United States".</li>
<li>European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao
US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that "what we're going to be doing is a 25% tariff for all cars that are not made in the United States".
European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.


External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>We believe PWON’s malls assets are poised to reap benefits from the current sectoral trend and will cushion its weak condo marketing sales.</li><li>We expect a stable recurring revenue growth at an avg. of +10% p.a. in FY24F-FY29F with pre-sales of +7%, reflecting the weak condo market.</li><li>We resume coverage with a Buy rating and a higher TP of Rp640, as we include new projects but with a slightly higher disc. of 58% to RNAV.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe PWON’s malls assets are poised to reap benefits from the current sectoral trend and will cushion its weak condo marketing sales.We expect a stable recurring revenue growth at an avg. of +10% p.a. in FY24F-FY29F with pre-sales of +7%, reflecting the weak condo market.We resume coverage with a Buy rating and a higher TP of Rp640, as we include new projects but with a slightly higher disc. of 58% to RNAV.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakuwon Jati - Investment Property Remains an Underappreciated Growth Driver

Leonard Law, CFA

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-17651'>Indofood CBP Sukses</a></li><li><a href='#lucror-entity-8550'>Pakuwon Jati</a></li><li><a href='#lucror-entity-31'>Rakuten</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.Indofood CBP SuksesPakuwon JatiRakuten

Morning Views Asia: Indofood CBP Sukses, Pakuwon Jati, Rakuten

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 Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

<ul>
<li>Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. </li>
<li>Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.</li>
<li>Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. </li>
</ul>


Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. 
Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 


Indonesia Strategy - Caught in a Perfect Updraft?

Indonesia

PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels.

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Pakuwon Jati (PWON IJ)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao

Lucror Analytics

Pakuwon Jati - Investment Property Remains an Underappreciated Growth Driver

We resume coverage with a Buy rating and a higher TP of Rp640, as we include new projects but with a slightly higher disc. of 58% to RNAV.

BRI Danareksa Research

Morning Views Asia: Indofood CBP Sukses, Pakuwon Jati, Rakuten

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

Lucror Analytics

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

Indonesia Strategy - Caught in a Perfect Updraft?

Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top...

Angus Mackintosh

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