Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

Future Land’s onshore A-share-listed subsidiary, Seazen Holdings (previously referred to as Future Land Holdings or FLH), has released a 43-page comprehensive response to the 16 questions raised by the Shanghai Stock Exchange earlier this month. The response came in two days ahead of the exchange's deadline. Almost all of Future Land’s operations are carried out through Seazen. In our view, Future Land’s response was decent and very detailed. That said, it has reinforced several of our concerns, for example those on the company's surging holdings of capital-intensive investment properties and increasing use of JV structures, which reduces transparency. In addition, Future Land has been expanding aggressively with debt. The response indicates that Future Land might not slow the pace of its expansion. The company will likely explore other channels of financing to support its appetite for growth.

   Future Land’s onshore A-share-listed subsidiary, Seazen Holdings (previously referred to as Future Land Holdings or FLH), has released a 43-page comprehensive response to the 16 questions raised by the Shanghai Stock Exchange earlier this month. The response came in two days ahead of the exchange's deadline. Almost all of Future Land’s operations are carried out through Seazen.    In our view, Future Land’s response was decent and very detailed. That said, it has reinforced several of our concerns, for example those on the company's surging holdings of capital-intensive investment properties and increasing use of JV structures, which reduces transparency. In addition, Future Land has been expanding aggressively with debt. The response indicates that Future Land might not slow the pace of its expansion. The company will likely explore other channels of financing to support its appetite for growth. 

Future Land - Event Flash - Responds To Exchange's Queries - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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.

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. 

Lucror Analytics - Morning Views Asia - 10 Apr 2019

Lucror Analytics - Morning Views Asia - 04 Apr 2019

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 - China Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - 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)

Future Land - Event Flash - Responds To Exchange's Queries - Lucror Analytics

Future Land’s onshore A-share-listed subsidiary, Seazen Holdings (previously referred to as Future Land Holdings or FLH), has released a 43-page...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 10 Apr 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 04 Apr 2019

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 - China Property Update - Lucror Analytics

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

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

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