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 provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Equity Bottom-Up

In June, China Customs cleared 6,039 imported Tesla, of which 1,361 cars arrived last month and 4,678 cars arrived in April, but clearance was delayed due to a need for additional paperwork.   According to data released by China Customs, 1,807 battery electric passenger vehicles were imported in June.  Tesla counts for 75% of total volume, while <a href="https://www.smartkarma.com/entities/bayerische-motoren-werke-ag" target="_blank" data-smartkarma-citation="entities:21591:1" rel="noopener">Bayerische Motoren Werke Ag (BMW GR)</a> , <a href="https://www.smartkarma.com/entities/volkswagen-ag" target="_blank" data-smartkarma-citation="entities:21738:1" rel="noopener">Volkswagen (VOW GR)</a> , <a href="https://www.smartkarma.com/entities/tata-motors-ltd-spon-adr" target="_blank" data-smartkarma-citation="entities:12763:1" rel="noopener">Tata Motors Ltd Spon Adr (TTM US)</a> JLR and other foreign OEMs shipped less than 446 units to China.

In June, China Customs cleared 6,039 imported Tesla, of which 1,361 cars arrived last month and 4,678 cars arrived in April, but clearance was delayed due to a need for additional paperwork.   According to data released by China Customs, 1,807 battery electric passenger vehicles were imported in June.  Tesla counts for 75% of total volume, while Bayerische Motoren Werke Ag (BMW GR) , Volkswagen (VOW GR) , Tata Motors Ltd Spon Adr (TTM US) JLR and other foreign OEMs shipped less than 446 units to China. 

TSLA China Update: June Import and Registration Data

Trung Nguyen

Tata Motors’ Q1/19-20 results were weaker than expected. While this was not entirely surprising as management has guided for a turnaround/improvement only after FY 2019-20, both Lucror and market participants had projected somewhat better results. The poor performance was mainly driven by the stress in the Indian auto sector. Share and bond prices have reacted negatively to the results, and rightly so. The financial risk profile continued to deteriorate sharply, albeit liquidity remains adequate. The agencies have taken negative actions on Tata Motors recently. We believe that the rating pressure may persist until the company achieves a turnaround. We see high single B as a fair rating for now, rather than the Ba3/BB- by Moody's/Fitch.   .

   Tata Motors’ Q1/19-20 results were weaker than expected. While this was not entirely surprising as management has guided for a turnaround/improvement only after FY 2019-20, both Lucror and market participants had projected somewhat better results. The poor performance was mainly driven by the stress in the Indian auto sector. Share and bond prices have reacted negatively to the results, and rightly so. The financial risk profile continued to deteriorate sharply, albeit liquidity remains adequate.    The agencies have taken negative actions on Tata Motors recently. We believe that the rating pressure may persist until the company achieves a turnaround. We see high single B as a fair rating for now, rather than the Ba3/BB- by Moody's/Fitch.      . 

Tata Motors - Earnings Flash - Q1 FY 2019-20 Results - 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 - 26 Jul 2019

Lucror Analytics - Morning Views Asia - 25 Jul 2019

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors DVR (TTMT/A IN)

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

TSLA China Update: June Import and Registration Data

In June, China Customs cleared 6,039 imported Tesla, of which 1,361 cars arrived last month and 4,678 cars arrived in April, but clearance was...

JL Warren Capital

Tata Motors - Earnings Flash - Q1 FY 2019-20 Results - Lucror Analytics

Tata Motors’ Q1/19-20 results were weaker than expected. While this was not entirely surprising as management has guided for a...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 26 Jul 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 - 25 Jul 2019

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

Lucror Analytics

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