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 spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Seazenâ€™sآ FY 2019 results exceeded our expectations, driven by strong revenue growth. In H2/19, the company had faced difficulties in obtaining new financing following the arrest of its former Chairman, Wang Zhenhua, on child molestation charges. In this context, we had anticipated less utilisation of construction loans and delayed property deliveries. However,آ the company managed the crisis well by disposingآ several projects and slowing its pace of land acquisition, and it appears access to funding has been restored. However, the COVID-19 pandemicآ will impact the companyâ€™s contracted sales, recurring income and pace of property delivery.

  Seazenâ€™sآ FY 2019 results exceeded our expectations, driven by strong revenue growth. In H2/19, the company had faced difficulties in obtaining new financing following the arrest of its former Chairman, Wang Zhenhua, on child molestation charges. In this context, we had anticipated less utilisation of construction loans and delayed property deliveries. However,آ the company managed the crisis well by disposingآ several projects and slowing its pace of land acquisition, and it appears access to funding has been restored. However, the COVID-19 pandemicآ will impact the companyâ€™s contracted sales, recurring income and pace of property delivery. 

Seazen - Earnings Flash - FY 2019 Results - 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-20720'>Binhai Investment</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li><li><a href='#lucror-entity-7845'>Road King Infrastructure</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</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.Binhai InvestmentChina Jinmao HoldingsCIFI HoldingsLenovoLippo KarawaciLogan Property HoldingsRoad King InfrastructureSeazen (Formerly Future Land)Tata Motors Ltd

Morning Views Asia: Binhai Investment, China Jinmao Holdings, CIFI Holdings, Lenovo, Lippo Karawaci

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and 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 March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2020 - 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-6159'>China SCE</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</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.China SCELogan Property HoldingsPowerlong Commercial Management HoldingsSeazen (Formerly Future Land)

Morning Views Asia: China SCE, Logan Property Holdings, Powerlong Commercial Management Holdings

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 Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Seazen - Earnings Flash - FY 2019 Results - Lucror Analytics

Seazenâ€™sآ FY 2019 results exceeded our expectations, driven by strong revenue growth. In H2/19, the company had faced difficulties in obtaining...

Lucror Analytics

Morning Views Asia: Binhai Investment, China Jinmao Holdings, CIFI Holdings, Lenovo, Lippo Karawaci

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

Lucror Analytics

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

Morning Views Asia: China SCE, Logan Property Holdings, Powerlong Commercial Management Holdings

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

Lucror Analytics

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