Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

The Financial Times reports that one of Softbank Vision Fund's top managing partners in the US has resigned citing concerns about internal issues including a failure to raise funds from outside investors for Vision Fund 2.  Whilst the public portfolio has rebounded this year as tech and China rally, it is clear that WeWork remains a long-term project, Sprint's merger plans are increasingly viewed as failing whilst concerns are rising about other parts of the Vision Fund portfolio. Softbank shares now trade at a 52% discount to fair value and a 50-60% range is likely the new normal until these issues are resolved.

The Financial Times reports that one of Softbank Vision Fund's top managing partners in the US has resigned citing concerns about internal issues including a failure to raise funds from outside investors for Vision Fund 2.  Whilst the public portfolio has rebounded this year as tech and China rally, it is clear that WeWork remains a long-term project, Sprint's merger plans are increasingly viewed as failing whilst concerns are rising about other parts of the Vision Fund portfolio. Softbank shares now trade at a 52% discount to fair value and a 50-60% range is likely the new normal until these issues are resolved. 

Softbank Group: Tech Upside Trumped by Sprint, WeWork and Vision Fund 2 Worries

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

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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.

  In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 - Chinese Offshore Bond Defaults - Lucror Analytics

As in 2018, Brexit and US-China trade relations took centre stage in 2019. With a phase-one trade deal between the US and China reached and an uncontrolled Brexit averted for the time being, almost all asset classes recorded strong performance during the year, including European HY. Going forward, Brexit and US-China trade relations may well remain major market drivers. Other potential drivers include the coronavirus outbreak in China, tensions in the Middle East and the development of US-EU trade relations. Our HY investment outlook opens with a discussion on the key macro developments that defined 2019, and the outlook for 2020. We then provide an overview of the HY market performance, and offer our top trade ideas for the year. Finally, we zoom in on the developments for key sectors and companies in our coverage universe, including outlooks and trade recommendations.

   As in 2018, Brexit and US-China trade relations took centre stage in 2019. With a phase-one trade deal between the US and China reached and an uncontrolled Brexit averted for the time being, almost all asset classes recorded strong performance during the year, including European HY. Going forward, Brexit and US-China trade relations may well remain major market drivers. Other potential drivers include the coronavirus outbreak in China, tensions in the Middle East and the development of US-EU trade relations.    Our HY investment outlook opens with a discussion on the key macro developments that defined 2019, and the outlook for 2020. We then provide an overview of the HY market performance, and offer our top trade ideas for the year. Finally, we zoom in on the developments for key sectors and companies in our coverage universe, including outlooks and trade recommendations. 

European High Yield Outlook 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.  

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

Thematic (Sector/Industry)

As part of its recently held <a href="http://docomo-openhouse.jp/2020/en/index.html" target="_blank" rel="noopener">open house on network R&amp;D</a>, <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> has released a white paper on 5G evolution and 6G.  The key takeaways from DoCoMo’s report are teething issues with 5G as network launches start plus a rough sketch of what mobile networks will look like beyond 2030.  That NTT DoCoMo issued this report is interesting because it highlights its position as the mobile operator with by far the most robust R&amp;D capability globally and a key partner for equipment vendors in determining mobile technology evolution. Unfortunately, the benefits of leadership are hard to quantify. On one hand, DoCoMo will be the first to 5G in Japan but even new entrant Rakuten with no existing network today will have 5G capability in the next few years.

As part of its recently held open house on network R&amp;D, NTT Docomo Inc (9437 JP) has released a white paper on 5G evolution and 6G.  The key takeaways from DoCoMo’s report are teething issues with 5G as network launches start plus a rough sketch of what mobile networks will look like beyond 2030.  That NTT DoCoMo issued this report is interesting because it highlights its position as the mobile operator with by far the most robust R&amp;D capability globally and a key partner for equipment vendors in determining mobile technology evolution. Unfortunately, the benefits of leadership are hard to quantify. On one hand, DoCoMo will be the first to 5G in Japan but even new entrant Rakuten with no existing network today will have 5G capability in the next few years. 

NTT DoCoMo Flags up Its 6G Vision. Yes, that Is a Six!

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 (9984 JP)

Softbank Group: Tech Upside Trumped by Sprint, WeWork and Vision Fund 2 Worries

The Financial Times reports that one of Softbank Vision Fund's top managing partners in the US has resigned citing concerns about internal issues...

Kirk Boodry

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

European High Yield Outlook 2020 - Lucror Analytics

As in 2018, Brexit and US-China trade relations took centre stage in 2019. With a phase-one trade deal between the US and China reached and an...

Lucror Analytics

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

NTT DoCoMo Flags up Its 6G Vision. Yes, that Is a Six!

As part of its recently held open house on network R&D, NTT Docomo Inc (9437 JP) has released a white paper on 5G evolution and 6G. The key...

Kirk Boodry

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