Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal</li>
<li>In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.</li>
<li>That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal
In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.
That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.


PT Delta Dunia Makmur Tbk is a holding company, whose subsidiary provides open-cut coal mining services to coal producers in Indonesia.

<ul>
<li>PT Delta Dunia Makmur Tbk (BUMA) is a holding company with an operational entity, PT Bukit Makmur Mandiri Utama, which is one of the largest coal-mining contractors in Indonesia by production volume.</li>
<li>Its two other subsidiaries, PT Banyubiru Sakti and PT Pulau Mutiara Persada, are non-active entities which held coal exploration permits.</li>
<li>Formerly a textile business, BUMA was transformed into a real estate company in 2008 following the sale of the erstwhile business. </li>
</ul>


PT Delta Dunia Makmur Tbk (BUMA) is a holding company with an operational entity, PT Bukit Makmur Mandiri Utama, which is one of the largest coal-mining contractors in Indonesia by production volume.
Its two other subsidiaries, PT Banyubiru Sakti and PT Pulau Mutiara Persada, are non-active entities which held coal exploration permits.
Formerly a textile business, BUMA was transformed into a real estate company in 2008 following the sale of the erstwhile business. 


Delta Dunia Makmur - ESG Report - Lucror Analytics

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group</li>
<li>On Friday, US Treasuries concluded the week with another sell-off, marking the worst week in months. US equities were flat.</li>
<li>In the US, the import price index unexpectedly rose 0.1% m-o-m in November (-0.2% e / +0.1% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
On Friday, US Treasuries concluded the week with another sell-off, marking the worst week in months. US equities were flat.
In the US, the import price index unexpectedly rose 0.1% m-o-m in November (-0.2% e / +0.1% p).


Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

<ul>
<li>In the US, initial jobless claims increased to a two-month-high of 242 k (220 k e / 225 k p), likely due to the Thanksgiving holiday.</li>
<li>The PPI (final demand) came in at 3.0% y-o-y in November (2.6% e / 2.6% p), while core PPI (final demand) stood at 3.4% (3.2% e / 3.4% p).</li>
<li>US Treasuries were sold off for the second consecutive day, with the yields gaining 4-6 bps across the curve.</li>
</ul>


In the US, initial jobless claims increased to a two-month-high of 242 k (220 k e / 225 k p), likely due to the Thanksgiving holiday.
The PPI (final demand) came in at 3.0% y-o-y in November (2.6% e / 2.6% p), while core PPI (final demand) stood at 3.4% (3.2% e / 3.4% p).
US Treasuries were sold off for the second consecutive day, with the yields gaining 4-6 bps across the curve.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Delta Dunia Makmur, Gajah Tunggal</li>
<li>In the US, the trade deficit narrowed to USD 73.8 bn in October (USD 75.0 bn e / USD 83.8 bn revised). Imports fell 4% to USD 339.6 bn, while exports declined 1.6% to USD 265.7 bn.</li>
<li>Separately, initial jobless claims for the week ended November 30th rose to 224 k (215 k e / 215 k revised p). The focus today is on the November nonfarm payrolls report.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Delta Dunia Makmur, Gajah Tunggal
In the US, the trade deficit narrowed to USD 73.8 bn in October (USD 75.0 bn e / USD 83.8 bn revised). Imports fell 4% to USD 339.6 bn, while exports declined 1.6% to USD 265.7 bn.
Separately, initial jobless claims for the week ended November 30th rose to 224 k (215 k e / 215 k revised p). The focus today is on the November nonfarm payrolls report.


Trung is responsible for covering high yield companies in the South East Asian region. He joined Lucror in 2013 from ST Asset Management, a credit investment arm of Temasek Holdings, where he spent over six years in investment research and portfolio management with a focus on high yield, structured credit and leveraged finance.

Trung holds a Master in Financial Engineering from Nanyang Technological University, Singapore and Certificate in Computational Finance from Carnegie Mellon University. He is a Chartered Financial Analyst (CFA) and a Financial Risk Manager (FRM) charter-holder.

Trung Nguyen
Senior Credit Analyst
• Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal

Lucror Analytics

Delta Dunia Makmur - ESG Report - Lucror Analytics

The company was transformed again in 2009, acquiring 99.9% of Bukit Makmur Mandiri Utama and selling the real estate business. BUMA is listed on...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group. On Friday, US Treasuries...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, initial jobless claims increased to a two-month-high of 242 k (220 k e / 225 k p), likely due to the Thanksgiving holiday.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Delta Dunia Makmur, Gajah Tunggal

Lucror Analytics