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 Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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 provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments.    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 Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for August 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 August 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 - August 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 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

Tunas Baru's H1/19 results were soft, as higher sugar sales were offset by a weaker showing from the palm oil segment. Gross margins contracted slightly for both businesses, with the result that gross profit was flat. Total debt was largely unchanged relative to FYE 2018, with Debt/EBITDA maintained at 3.2x for LTM June 2019. That said, debt was elevated compared to FYE 2017, as the company generated poor cash flows in FY 2018 amid high working capital requirements. While OCF improved in H1/19, the cash was used for capex and to acquire new plantations.  .

   Tunas Baru's H1/19 results were soft, as higher sugar sales were offset by a weaker showing from the palm oil segment. Gross margins contracted slightly for both businesses, with the result that gross profit was flat.    Total debt was largely unchanged relative to FYE 2018, with Debt/EBITDA maintained at 3.2x for LTM June 2019. That said, debt was elevated compared to FYE 2017, as the company generated poor cash flows in FY 2018 amid high working capital requirements. While OCF improved in H1/19, the cash was used for capex and to acquire new plantations.  . 

Tunas Baru - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

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

Indonesia

PT Tunas Baru Lampung Tbk manufactures palm cooking oil, coconut cooking oil, crude coconut oil, crude palm oil, and soap.  Through its subsidiaries, the Company also operates palm, hybrid coconut, and pineapple plantations as well as real estates.

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Tunas Baru Lampung (TBLA IJ)

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

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

Lucror Analytics

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

Tunas Baru - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Tunas Baru's H1/19 results were soft, as higher sugar sales were offset by a weaker showing from the palm oil segment. Gross margins contracted...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

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