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

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Event-Driven

The agreed AUD 418 million acquisition of ASX-listed copper and gold producer, <a href="https://www.smartkarma.com/entities/1358" target="_blank" data-smartkarma-citation="entities:1358:1">Avanco Resources Ltd (AVB AU)</a>, is an interesting move for no-moat-rated <a href="https://www.smartkarma.com/entities/1138" target="_blank" data-smartkarma-citation="entities:1138:1">OZ Minerals Ltd (OZL AU)</a>. The acquisition brings one small operating copper and gold mine in Brazil, an undeveloped copper/gold resource, and an undeveloped gold resource. All assets are 100% owned. In addition, Avanco also has the option to acquire 100% of a further copper/gold resource from <a href="https://www.smartkarma.com/entities/24125" target="_blank" data-smartkarma-citation="entities:24125:1">Vale SA - Pref (VALE5 BZ)</a>. Collectively, the assets…

The agreed AUD 418 million acquisition of ASX-listed copper and gold producer, Avanco Resources Ltd (AVB AU), is an interesting move for no-moat-rated OZ Minerals Ltd (OZL AU). The acquisition brings one small operating copper and gold mine in Brazil, an undeveloped copper/gold resource, and an undeveloped gold resource. All assets are 100% owned. In addition, Avanco also has the option to acquire 100% of a further copper/gold resource from Vale SA - Pref (VALE5 BZ). Collectively, the assets…

Avanco Acquisition Adds Growth but Is Value Neutral for Oz Minerals. FVE Maintained

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs. MSCI EM), we see these trends continuing well into 2018.  Elsewhere, Russia is on the cusp of a breakout. The Philippines is breaking out. And Korea, a market that broke out earlier this year from a 6-year base, is a buy on weakness.  Today’s report includes a complete summary of our EM views as well as a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs. MSCI EM), we see these trends continuing well into 2018.  Elsewhere, Russia is on the cusp of a breakout. The Philippines is breaking out. And Korea, a market that broke out earlier this year from a 6-year base, is a buy on weakness.  Today’s report includes a complete summary of our EM views as well as a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM Outlook: Bullish, Led by BRIC and Asia

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Emerging Markets: Technical Strategy & Reccommendations

Materials, IPO & Equity Analyst

Venkat Ramana Nandyal

Equity Bottom-Up

Initiating coverage of <a href="https://www.smartkarma.com/entities/24163" target="_blank" data-smartkarma-citation="entities:24163:1">Ferrexpo Plc (FXPO LN)</a> with a target of £2.10/sh.<ol class=""><li>Markets are unduly concerned about the geopolitical risks and balance sheet risk. We do not anticipate any significant geopolitical or default risk to warrant the massive discount.</li><li>Balance sheet deleverage expected to continue in FY17, internal cash generation sufficient to repay debt, may require some refinancing at iron ore price &lt; US$50/t</li><li>New Projects and Brown field expansions expected to increase value by as much as 18% to base case </li><li>FXPO is valued at £2.73/share, an upside of ~60% to last close price.</li></ol>

Initiating coverage of Ferrexpo Plc (FXPO LN) with a target of £2.10/sh.Markets are unduly concerned about the geopolitical risks and balance sheet risk. We do not anticipate any significant geopolitical or default risk to warrant the massive discount.Balance sheet deleverage expected to continue in FY17, internal cash generation sufficient to repay debt, may require some refinancing at iron ore price &lt; US$50/tNew Projects and Brown field expansions expected to increase value by as much as 18% to base case FXPO is valued at £2.73/share, an upside of ~60% to last close price.

FXPO: Geopolitical & Balance Sheet Risks Overblown; Deep Discount Provides Buying Opportunity

Brazil

Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

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Vale SA - Pref (VALE5 BZ)

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Avanco Acquisition Adds Growth but Is Value Neutral for Oz Minerals. FVE Maintained

The agreed AUD 418 million acquisition of ASX-listed copper and gold producer, Avanco Resources Ltd (AVB AU), is an interesting move for...

Morningstar, Inc.

EM Outlook: Bullish, Led by BRIC and Asia

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs....

Vermilion Research

Emerging Markets: Technical Strategy & Reccommendations

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of...

Vermilion Research

FXPO: Geopolitical & Balance Sheet Risks Overblown; Deep Discount Provides Buying Opportunity

Initiating coverage of Ferrexpo Plc (FXPO LN) with a target of £2.10/sh. Markets are unduly concerned about the geopolitical risks and balance...

Venkat Ramana Nandyal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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