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

We view Yanlord Land as "Medium Risk" on the LARA scale. The company has a strong brand name, having established its reputation as a high-end Chinese property developer over the last 20 years. While Yanlord's scale is small, its projects are of good quality and distributed across key Tier 1/2 cities in the Yangtze and Pearl River Delta regions. Yanlord enjoys higher gross margins compared to peers, due to its focus on premium products in high-tier cities. This helps the company maintain stronger interest coverage compared to peers, which provides a buffer for rising land prices and ASP declines. These positives are slightly offset by Yanlord's high reliance on JV structures (with low attrition rates). Our fundamental Credit Bias on Yanlord is "Negative", due to a prolonged sales weakness and subdued financing environment across the Chinese Property industry. That said, the company has a good-quality asset base and sizeable investment property portfolio which may allow it to obtain new financing. Yanlord also has a clean debt structure compared to peers. Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral".

  We view Yanlord Land as "Medium Risk" on the LARA scale. The company has a strong brand name, having established its reputation as a high-end Chinese property developer over the last 20 years. While Yanlord's scale is small, its projects are of good quality and distributed across key Tier 1/2 cities in the Yangtze and Pearl River Delta regions. Yanlord enjoys higher gross margins compared to peers, due to its focus on premium products in high-tier cities. This helps the company maintain stronger interest coverage compared to peers, which provides a buffer for rising land prices and ASP declines. These positives are slightly offset by Yanlord's high reliance on JV structures (with low attrition rates).   Our fundamental Credit Bias on Yanlord is "Negative", due to a prolonged sales weakness and subdued financing environment across the Chinese Property industry. That said, the company has a good-quality asset base and sizeable investment property portfolio which may allow it to obtain new financing. Yanlord also has a clean debt structure compared to peers.   Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral". 

Yanlord Land - Tear Sheet - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - 15 July 2022 - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/powerlong-real-estate-holdings-limited' target='_blank' rel='noopener'>Powerlong Real Estate Holdings</a></li><li><a href='/entities/sawit-sumbermas-sarana-tbk-pt' target='_blank' rel='noopener'>Sawit Sumbermas Sarana</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Yankuang Energy GroupPowerlong Real Estate HoldingsSawit Sumbermas SaranaVedanta ResourcesTata Motors Ltdand more...

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> sold out 100% of Suhe Century in Shanghai at launch</li><li>CK Holdings selling Tampines HQ building at guided price of S$32m</li><li>Another entire floor at Suntec City T2 is on market at record-breaking S$3,600psf</li></ul>

Yanlord Land (YLLG SP) sold out 100% of Suhe Century in Shanghai at launchCK Holdings selling Tampines HQ building at guided price of S$32mAnother entire floor at Suntec City T2 is on market at record-breaking S$3,600psf

ASEAN Builder's Scoop (13Jul22) - YLLG Sold 100% of Suhe Century Shanghai at Launch

Chinese Property Weekly - 8 July 2022 - Lucror Analytics

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

Yanlord Land - Tear Sheet - Lucror Analytics

We view Yanlord Land as "Medium Risk" on the LARA scale. The company has a strong brand name, having established its reputation as a high-end...

Lucror Analytics

Chinese Property Weekly - 15 July 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

Weekly Wrap - 15 Jul 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

ASEAN Builder's Scoop (13Jul22) - YLLG Sold 100% of Suhe Century Shanghai at Launch

CK Holdings selling Tampines HQ; Suntec T2 entire floor on market at record S$3,600psf; Phils FDI inflows surge to 4mo high; Thai prop support...

SCCM Asia Research

Chinese Property Weekly - 8 July 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

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