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” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations. 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” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations.    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 - 2018 Results Overview (Ex-India) - Lucror Analytics

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.

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. 

Lucror Analytics - Morning Views Asia - 01 May 2019

Lucror Analytics - Morning Views Asia - 24 Apr 2019

The Asia HY Trade Recommendations report for April 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 April 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 - April 2019 - Lucror Analytics

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Thematic (Sector/Industry)

The focus of this Insight is the Food Retail business in India, that is witnessing intense competition. The food retail or the grocery retail business is attractive because of the high repeat frequency compared to other forms of retail where market share is supposedly shifting from Kirana stores to brick and motor and online retailers and recently, also attracting food delivery apps, that are trying to optimise their delivery fleet via offering grocery deliveries. 
We visit EasyPay, a 5-year-old company started by Nilay Patel.  EasyPay offers solutions to help unorganised small mom and pop stores called "Kirana Stores" in India. Our visit is aimed at understanding the emerging O2O (Online to Offline) theme that is shaping up Indian Retail and Payments Industry,  and has now also reached the Kirana stores. The current industry dynamics indicate a share of market for all players i.e. Offline Retailers, Online Stores and even Kirana Stores that adapt to newer forms of retail using technology and Data often referred to as "Smart Retail". It would, be too early to write off the ability of Kirana stores to fight back modern retail.

The focus of this Insight is the Food Retail business in India, that is witnessing intense competition. The food retail or the grocery retail business is attractive because of the high repeat frequency compared to other forms of retail where market share is supposedly shifting from Kirana stores to brick and motor and online retailers and recently, also attracting food delivery apps, that are trying to optimise their delivery fleet via offering grocery deliveries. 
We visit EasyPay, a 5-year-old company started by Nilay Patel.  EasyPay offers solutions to help unorganised small mom and pop stores called "Kirana Stores" in India. Our visit is aimed at understanding the emerging O2O (Online to Offline) theme that is shaping up Indian Retail and Payments Industry,  and has now also reached the Kirana stores. The current industry dynamics indicate a share of market for all players i.e. Offline Retailers, Online Stores and even Kirana Stores that adapt to newer forms of retail using technology and Data often referred to as "Smart Retail". It would, be too early to write off the ability of Kirana stores to fight back modern retail. 

Visit Note | The Case For "Kirana" Stores & Their Fight with Modern Retail

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)

Asia HY Monthly - 2018 Results Overview (Ex-India) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 May 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 24 Apr 2019

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

Lucror Analytics

Asia HY Trade Recommendations - April 2019 - Lucror Analytics

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

Lucror Analytics

Visit Note | The Case For "Kirana" Stores & Their Fight with Modern Retail

The focus of this Insight is the Food Retail business in India, that is witnessing intense competition. The food retail or the grocery retail...

Pranav Bhavsar

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)