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

The Asia HY Trade Book for the month of April includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of April includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - April 2021 - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-4153'>Shui On Land</a></li><li><a href='#lucror-entity-8898'>Sino Ocean Land</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Evergrande Real Estate GroupRonshine China HoldingsSeazen (Formerly Future Land)Shui On LandSino Ocean LandSuzhou Boamax Tech Group

Morning Views Asia: Evergrande Real Estate Group, Ronshine China Holdings

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 - Chinese Property Update (2021) - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-18067'>Yestar Healthcare Holdings</a></li><li><a href='#lucror-entity-7817'>Zoomlion Heavy Industry H</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Seazen (Formerly Future Land)Yestar Healthcare HoldingsZoomlion Heavy Industry H

Morning Views Asia: Seazen (Formerly Future Land), Yestar Healthcare Holdings

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Seazen’s FY 2020 results were in line with our expectation, with the company accelerating its pace of delivery in H2, and maintaining a reasonable pace of debt growth while building up its inventory base. Contracted sales have finally shown signs of recovery in early 2021, despite the declining ASP trend, which will continue to pressure the already-low margins. The company’s access to financing has been restored. However, the cost of borrowing has been growing, and the use of trust financing has increased. After a pause in H2/19, Seazen has resumed its rapid expansion, which has been funded by high-cost debt. The liquidity profile is sound, with the cash position adequately covering short-term debt. While recurring income has been growing, it still cannot cover the rising interest expense. Even so, Seazen has been ambitious in expanding the commercial property segment, which is capital intensive and looks set to further strain leverage.

  Seazen’s FY 2020 results were in line with our expectation, with the company accelerating its pace of delivery in H2, and maintaining a reasonable pace of debt growth while building up its inventory base. Contracted sales have finally shown signs of recovery in early 2021, despite the declining ASP trend, which will continue to pressure the already-low margins.   The company’s access to financing has been restored. However, the cost of borrowing has been growing, and the use of trust financing has increased. After a pause in H2/19, Seazen has resumed its rapid expansion, which has been funded by high-cost debt.   The liquidity profile is sound, with the cash position adequately covering short-term debt. While recurring income has been growing, it still cannot cover the rising interest expense. Even so, Seazen has been ambitious in expanding the commercial property segment, which is capital intensive and looks set to further strain leverage. 

Seazen - Earnings Flash - FY 2020 Results - Lucror Analytics

China

Seazen is a property developer in the Yangtze River Delta, focusing primarily on the development of residential properties and mixed-use complex projects.

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Seazen (Formerly Future Land) (1030 HK)

Asia HY Trade Book - April 2021 - Lucror Analytics

The Asia HY Trade Book for the month of April includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Morning Views Asia: Evergrande Real Estate Group, Ronshine China Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory...

Lucror Analytics

Morning Views Asia: Seazen (Formerly Future Land), Yestar Healthcare Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Seazen - Earnings Flash - FY 2020 Results - Lucror Analytics

Seazen’s FY 2020 results were in line with our expectation, with the company accelerating its pace of delivery in H2, and maintaining a...

Lucror Analytics

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