Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Quantitative Analysis

Since February 2012, Asia Pacific listed companies exhibiting growth characteristics have out performed their value peers. As we head towards the relationship nearing a minus one standard deviation to the longer-term ratio, we revisit our value-driven screen. With uncertain credit markets and refinancing needs amongst the growth universe, the relationship holds strong potential for reversal.Why did growth prolong its dominance in the last two quarters? Simply put, a reversal of strategies by Central Bank’s towards a “lower for longer stance around interest rates”, has seen value underperform growth for much of the last 12-months.We present 22-names which posses favorable cash flow profiles, 17 of these are new to our list, whilst the others remain as a result of favorable valuation characteristics from our March 2019 list.

Since February 2012, Asia Pacific listed companies exhibiting growth characteristics have out performed their value peers. As we head towards the relationship nearing a minus one standard deviation to the longer-term ratio, we revisit our value-driven screen. With uncertain credit markets and refinancing needs amongst the growth universe, the relationship holds strong potential for reversal.Why did growth prolong its dominance in the last two quarters? Simply put, a reversal of strategies by Central Bank’s towards a “lower for longer stance around interest rates”, has seen value underperform growth for much of the last 12-months.We present 22-names which posses favorable cash flow profiles, 17 of these are new to our list, whilst the others remain as a result of favorable valuation characteristics from our March 2019 list. 

Screening the Silk Road: (Small) Mid Cap Free Cash Flow

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, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage. 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, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage.    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 - Macau Gaming Update - Lucror Analytics

The Asia HY Trade Recommendations report for September 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 September 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 - September 2019 - 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 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

Trung Nguyen

Yanzhou Coal’s H1/19 results were strong, with profitability improving mainly on the back of the stable coal price and reduced SG&A. The financial risk profile improved and liquidity remained sound.

   Yanzhou Coal’s H1/19 results were strong, with profitability improving mainly on the back of the stable coal price and reduced SG&A. The financial risk profile improved and liquidity remained sound. 

Yanzhou Coal - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

China

Yankuang Energy Group Company Limited operates coal businesses. The Company produces fine coal, blown coal, power coal, and coal chemical products. Yankuang Energy Group also conducts power generation, railway transport, machinery manufacturing, and heating businesses.

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Yankuang Energy Group (600188 CH)

Screening the Silk Road: (Small) Mid Cap Free Cash Flow

Since February 2012, Asia Pacific listed companies exhibiting growth characteristics have out performed their value peers. As we head towards the...

David Lepper

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

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

Lucror Analytics

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

Yanzhou Coal - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Yanzhou Coal’s H1/19 results were strong, with profitability improving mainly on the back of the stable coal price and reduced SG&A. The...

Lucror Analytics

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