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

Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month deals with our framework for discerning fraud in Asian companies. We also give an overview of common techniques used to manipulate financial information in Asian markets, and present case studies of alleged or confirmed fraud drawn from our coverage universe. 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.

  Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month deals with our framework for discerning fraud in Asian companies. We also give an overview of common techniques used to manipulate financial information in Asian markets, and present case studies of alleged or confirmed fraud drawn from our coverage universe.   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 - Framework For Discerning Fraud In Asian Companies - Lucror Analytics

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery. 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.

  From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery.   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 - Takeaways From China's Two Sessions (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty. 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.

  The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty.   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 - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

Indonesia

PT Atlas Resources Tbk explores for and produces coal.  The Company operates in East Kalimantan and South Sumatra in Indonesia, and Papua New Guinea.

PT Garda Tujuh Buana Tbk operates in the exploration and exploitation of coal deposits, including coal mining.

PT Toba Bara Sejahtra Tbk is an exploration company. The Company explores for and produces thermal coal, which is used for power generation, cement manufacturing and other general industrial applications.

PT Golden Eagle Energy Tbk is a coal mining company based in Indonesia.

PT Perdana Karya Perkasa Tbk. is involved in coal mining and supply activities as well as providing heavy equipment rental services and civil engineering and construction services.

PT Resource Alam Indonesia Tbk is a coal mining company. The Company focuses on the exploration, production, transportation and supplies of Indonesian thermal coal.

PT Alfa Energi Investama, Tbk offers mining services. The Company provides exploration, extraction, production, and trading of coal, as well as develops coal fired power plant for electricity. Alfa Energi Investama serves customers in Indonesia.

PT Exploitasi Energi Indonesia Tbk mines, processes and trades coal. The Company also develops coal-fired electricity generating plants.

Mitrabara Adiperdana Tbk PT is a coal mining company based in Indonesia.

PT Samindo Resources Tbk is a coal mining company based in Indonesia.

Mi Chang Oil Industrial Co., Ltd. refines, produces, and distributes lubricants used in industrial machinery, ships, and automobiles.  The Company also produces rubber processing oil for rubber products manufacturing and insulating oil for electrical properties.

Asian Insulators Public Company Limited manufactures electrical porcelain insulators for use in low, medium and high voltage applications such as underground power lines, overhead power lines, and power distribution systems and sub-stations.

Strong Petrochemical Holdings, Ltd. offers trades of crude oil, petroleum products, and petrochemical products.

Kinetiko Energy Ltd. was formed to pursue advanced coal bed methane opportunities in developing gas markets. The Company is currently developing an energy portfolio in southern Africa with current projects in The Amersfoort area of the Eastern Transvaal Coal Field between Johannesburg and Durban.

Pancontinental Oil & Gas NL  a petroleum (oil and gas / hydrocarbon)  exploration company with key assets in Australia, Kenya and Namibia. The Company has high-percentage interests in a range of oil and gas targets in Australia and Africa.

JC Chemical Co., Ltd, manufactures biofuels including biodisel and other byproducts derived from bioenergy source.

SUSCO Pcl distributes petroleum products including unleaded and regular gasoline and diesel oil through its gasoline filling stations and directly to large end-users.  Through its subsidiaries, the Company acts as an oil agent and offers marine freight transportation services.

Adams Resources & Energy, Inc. purchases, distributes, and markets crude oil and natural gas.  The Company also explores and develops oil and gas properties, and transports liquid chemicals in tank trucks.

E.A. Technique (M) Bhd owns and operates marine vessels focusing on marine transportation and offshore storage of oil and gas, and provision of port marine services. The Company also owns a shipyard involved in shipbuilding, ship repair and minor fabrication of steel structures.

Aura Energy Ltd. explores for uranium in Australia.

PT Soechi Lines Tbk operates as an integrated liquid and gas transportation services company for cargoes such as crude oil, fuel oil, liquefied chemicals, and liquefied petroleum gas. The Company owns and operates tankers, floating storage and offloading units. Soechi Lines also operates a shipyard constructing new-builds and performing maintenance and repairs.

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Soechi Lines (SOCI IJ)

Asia HY Monthly - Framework For Discerning Fraud In Asian Companies - Lucror Analytics

Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month...

Lucror Analytics

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Asia HY Monthly - Takeaways From China's Two Sessions (2020) - Lucror Analytics

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting...

Lucror Analytics

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Asia HY Monthly - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and...

Lucror Analytics

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