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

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 - 19 Nov 2018

Lucror Analytics - Morning Views Asia - 15 Nov 2018

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance. 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 Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance.    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 - Corporate Governance In Chinese Companies - Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Nov 2018

Trung Nguyen

Tata Motors' Q2/18-19 performance was weak as expected. The situation in China, a key market, may turn out to be structural (oversupplied, leading to intense competition and low margins). The operating environment in the rest of the world also remains challenging, with uncertainty in the UK and Europe over diesel vehicles and Brexit, as well as a cyclically weaker market in the US. In addition, the group's investment needs are high, albeit this has been cut by GBP 0.5 bn to GBP 4bn in JLR going forward. The earnings call confirmed our understanding that JLR’s sales drop in China was due to a sales/pricing strategy which favours profitability over volume. We are sceptical on the feasibility of the turnaround plan.  We maintain our "Hold" recommendation on the TTMTIN Notes.

   Tata Motors' Q2/18-19 performance was weak as expected. The situation in China, a key market, may turn out to be structural (oversupplied, leading to intense competition and low margins). The operating environment in the rest of the world also remains challenging, with uncertainty in the UK and Europe over diesel vehicles and Brexit, as well as a cyclically weaker market in the US. In addition, the group's investment needs are high, albeit this has been cut by GBP 0.5 bn to GBP 4bn in JLR going forward.    The earnings call confirmed our understanding that JLR’s sales drop in China was due to a sales/pricing strategy which favours profitability over volume. We are sceptical on the feasibility of the turnaround plan.     We maintain our "Hold" recommendation on the TTMTIN Notes. 

Tata Motors - Earnings Flash - H1 FY 2018-19 Results - Lucror Analytics

India

Tata Motors Limited manufactures cars and commercial automotive vehicles. The Company designs, manufactures, and sells heavy, medium, 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 Ltd (TTMT IN)

Lucror Analytics - Morning Views Asia - 19 Nov 2018

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 - 15 Nov 2018

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

Lucror Analytics

Asia HY Monthly - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Nov 2018

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

Lucror Analytics

Tata Motors - Earnings Flash - H1 FY 2018-19 Results - Lucror Analytics

Tata Motors' Q2/18-19 performance was weak as expected. The situation in China, a key market, may turn out to be structural (oversupplied,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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