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

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/yuzhou-group-holdings-company-limited' target='_blank' rel='noopener'>Yuzhou Group</a></li><li><a href='/entities/agile-property-holdings-ltd' target='_blank' rel='noopener'>Agile Property Holdings</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/times-china-holdings-ltd' target='_blank' rel='noopener'>Times China</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Yuzhou GroupAgile Property HoldingsCentral China Real EstateLogan Property HoldingsTimes Chinaand more...

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Our suggested TOPIX-Nikkei skew trade continues to grind out positive returns with relatively low volatility. </li>
<li>With Nikkei starting to noticeably underperform over the last few days we believe faster outperformance could be ahead. </li>
<li>In particular we believe two of the worst performing legs here could start to contribute.</li>
</ul>


Our suggested TOPIX-Nikkei skew trade continues to grind out positive returns with relatively low volatility. 
With Nikkei starting to noticeably underperform over the last few days we believe faster outperformance could be ahead. 
In particular we believe two of the worst performing legs here could start to contribute.


TOPIX-Nikkei Skew Trade Looking Increasingly Juicy

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>We estimate Vision Fund portfolio companies lost $2.1bn in value in Q3 as upside from new listings was not enough to offset valuation losses from the current portfolio.</li>
<li>A strong debut for SenseTime boosted Q3 gains by $2.3bn and +$1.7bn this week. That takes the sting out of weak Didi Q3 results but China remains a challenge. </li>
<li>Shares trade at a 49% discount to NAV because investment losses both lower NAV and boost balance sheet concerns. </li>
</ul>


We estimate Vision Fund portfolio companies lost $2.1bn in value in Q3 as upside from new listings was not enough to offset valuation losses from the current portfolio.
A strong debut for SenseTime boosted Q3 gains by $2.3bn and +$1.7bn this week. That takes the sting out of weak Didi Q3 results but China remains a challenge. 
Shares trade at a 49% discount to NAV because investment losses both lower NAV and boost balance sheet concerns. 


Softbank Group - SenseTime Rally Offsets Some of China Weakness but Q3 Vision Fund in the Red

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>NTT sees a US$1 billion selldown of shares on Wednesday 29 December. </li>
<li>This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.</li>
<li>NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.</li>
</ul>


NTT sees a US$1 billion selldown of shares on Wednesday 29 December. 
This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.
NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.


Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>We remain very optimistic about the outlook for Mercari's fundamentals, both gross transaction values and operating margins.</li>
<li>The sharing economy in Japan alone remains nascent and Mercari has only just started adding on adjunct value-add services, most of which are (and will) carry high margins.</li>
<li>Even in the core fashion category, which some analysts have assumed is already reaching saturation, CtoC platforms and used retailers have barely scratched the surface as new research shows.</li>
</ul>


We remain very optimistic about the outlook for Mercari's fundamentals, both gross transaction values and operating margins.
The sharing economy in Japan alone remains nascent and Mercari has only just started adding on adjunct value-add services, most of which are (and will) carry high margins.
Even in the core fashion category, which some analysts have assumed is already reaching saturation, CtoC platforms and used retailers have barely scratched the surface as new research shows.


2022 High Conviction – Plenty of Growth Avenues for Mercari, the Apple of CtoC Services

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Weekly Wrap - 07 Jan 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

TOPIX-Nikkei Skew Trade Looking Increasingly Juicy

Our TOPIX-Nikkei skew trade continues to grind out positive returns with relatively low volatility and with Nikkei starting to noticeably...

Mio Kato

Softbank Group - SenseTime Rally Offsets Some of China Weakness but Q3 Vision Fund in the Red

A strong public debut for SenseTime boosted Vision Fund performance after Didi released dismal results but the portfolio is likely in the red for...

Kirk Boodry

Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

NTT cancelled shares in November. That leads to a TOPIX event selldown at end-December. For NTT it is US$1bn. But NTT remains undeservedly cheap to...

Travis Lundy

2022 High Conviction – Plenty of Growth Avenues for Mercari, the Apple of CtoC Services

Mercari is much, much more than its CtoC platform and will emerge as a pivotal part of Japan's consumer goods/services/finance distribution system...

Michael Causton

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