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

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.  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.

  This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.    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 - 2020 In Review And 2021 Outlook - Lucror Analytics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) Alibaba: Antitrust Concerns2) Tencent Under Pressure From Antitrust Push3) POTUS Executive Order: New OFAC Clarification 4) China Logistics: Major Shareholders Seek to Exit 5) Kuaishou Technology IPO6) Yidu Tech IPO7) TOPIX Inclusion: ODK Solutions 8) New Horizon IPO9) Goldwin Bullish for Future Growth10) Yaoko: A Difficult 2021 Coming11) IQIYI Valuation12) Digital Currency: Still Remember Facebook Libra/​Diem?13) China Dental Care Industry14) ZTO Express &amp; BEST Inc15) Infrastructure Asset-Backed Securities: New Asset Class for Asia16) Japan Airport Terminal17) Will Biden Get Officially Inaugurated on 20 January?

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) Alibaba: Antitrust Concerns2) Tencent Under Pressure From Antitrust Push3) POTUS Executive Order: New OFAC Clarification 4) China Logistics: Major Shareholders Seek to Exit 5) Kuaishou Technology IPO6) Yidu Tech IPO7) TOPIX Inclusion: ODK Solutions 8) New Horizon IPO9) Goldwin Bullish for Future Growth10) Yaoko: A Difficult 2021 Coming11) IQIYI Valuation12) Digital Currency: Still Remember Facebook Libra/​Diem?13) China Dental Care Industry14) ZTO Express &amp; BEST Inc15) Infrastructure Asset-Backed Securities: New Asset Class for Asia16) Japan Airport Terminal17) Will Biden Get Officially Inaugurated on 20 January? 

Smartkarma North Asia Weekly: Alibaba Antitrust, OFAC Clarification, China Logistics, & Kuaishou IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

China Logistics Property Holdings / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a> (CLPH) has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1229/2020122901322.pdf" target="_blank" rel="noopener">announced</a> its two largest shareholders - Li Shifa (chairman, holding ~28.2%) and RRJ Capital (~22.8%) - are "conducting a preliminary strategic review of their stakes in the Company, which involves up to approximately 51.5% shareholding of the Company."
The media is reporting these two shareholders are seeking a 20% premium to the unaffected price or around ~$4.70/share, roughly a four-year high.
A sale could potentially trigger an unconditional mandatory general offer; or it may be structured by way of a Scheme in which Li/RRJ provide irrevocables to vote in favour of the delisting resolutions.
This insight briefly looks at potential takeover scenarios. For some historical context and comparative analysis of CLPH to that of <a href="https://www.smartkarma.com/entities/global-logistic-properties-ltd" target="_blank" data-smartkarma-citation="entities:2894:1" rel="noopener">Global Logistic Properties (GLP SP)</a> when it was privatised back in 2017, please read <a href="https://www.smartkarma.com/profiles/daniel-hellberg" target="_blank" data-smartkarma-citation="accounts:605" rel="noopener">Daniel Hellberg</a>'s insight <a href="https://skr.ma/q45i6" target="_blank" rel="noopener">Major Shareholders of CLPH (1589:HK) Selling! Revisiting Narrative &amp; Valuations</a>.
More below the fold.

China Logistics Property Holdings (1589 HK) (CLPH) has announced its two largest shareholders - Li Shifa (chairman, holding ~28.2%) and RRJ Capital (~22.8%) - are "conducting a preliminary strategic review of their stakes in the Company, which involves up to approximately 51.5% shareholding of the Company."
The media is reporting these two shareholders are seeking a 20% premium to the unaffected price or around ~$4.70/share, roughly a four-year high.
A sale could potentially trigger an unconditional mandatory general offer; or it may be structured by way of a Scheme in which Li/RRJ provide irrevocables to vote in favour of the delisting resolutions.
This insight briefly looks at potential takeover scenarios. For some historical context and comparative analysis of CLPH to that of Global Logistic Properties (GLP SP) when it was privatised back in 2017, please read Daniel Hellberg's insight Major Shareholders of CLPH (1589:HK) Selling! Revisiting Narrative &amp; Valuations.
More below the fold. 

China Logistics (1589 HK): Possible Offer As Major Shareholders Seek Exit

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

China Logistics Property Holdings / Event-Driven

<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/180/424/original/BANNER-TTOtherDec20_GreyOrange.png?1609259067" class="editor-image img-responsive" data-smartkarma-image-id="180424"></figure></section>On Tuesday <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a> released a statement that confirmed chatter indicating two major shareholders are considering a sale of their stakes, which total 51.5%.In this note we attempt to put the potential sale of controlling stakes in CLPH (or the entire company) into context by looking at the 2017 privatization of <a href="https://www.smartkarma.com/entities/global-logistic-properties-ltd" target="_blank" data-smartkarma-citation="entities:2894:1" rel="noopener">Global Logistic Properties (GLP SP)</a>, still the largest single owner of modern warehouse space in China. We also provide a list of potential acquirers of the CLPH stakes, assuming a sale occurs eventually. In our view, there are at least seven companies that feature the financial might and the relationships needed to acquire CLPH's warehouse assets in China. CLPH's shares are up about 35% YTD, but compared to GLP's EV/Portfolio and EV/Completed SQM multiples at the time of its privatization, valuations do not appear stretched. We believe suitors eager to add scarce Chinese warehouse assets could bid shares up above HK$5.0.

On Tuesday China Logistics Property Holdings (1589 HK) released a statement that confirmed chatter indicating two major shareholders are considering a sale of their stakes, which total 51.5%.In this note we attempt to put the potential sale of controlling stakes in CLPH (or the entire company) into context by looking at the 2017 privatization of Global Logistic Properties (GLP SP), still the largest single owner of modern warehouse space in China. We also provide a list of potential acquirers of the CLPH stakes, assuming a sale occurs eventually. In our view, there are at least seven companies that feature the financial might and the relationships needed to acquire CLPH's warehouse assets in China. CLPH's shares are up about 35% YTD, but compared to GLP's EV/Portfolio and EV/Completed SQM multiples at the time of its privatization, valuations do not appear stretched. We believe suitors eager to add scarce Chinese warehouse assets could bid shares up above HK$5.0. 

Major Shareholders of CLPH (1589:HK) Selling! Revisiting Narrative & Valuations

<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/180/014/original/BANNER-TTOtherDec20_GreyOrange.png?1608832116" class="editor-image img-responsive" data-smartkarma-image-id="180014"></figure></section>In November, anti-monopoly regulators announced drafts of new rules that will apply to eCommerce 'platform' businesses. And last week authorities announced an anti-monopoly probe into some of <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a>'s anti-competitive practices. We believe the probe could eventually extend to a range of logistics companies linked to Alibaba. The ongoing regulator action against Alibaba's "choose one from two" policy and potential future actions against logistics firms linked to the eCommerce giant will have the same effect: to slow down growth. In the case of the Chinese express companies closely linked to Alibaba, regulators' actions merely add to existing pressures to pursue sector consolidation in 2021.We recommend investors check out <a href="https://www.smartkarma.com/entities/best-inc" target="_blank" data-smartkarma-citation="entities:25494:1" rel="noopener">BEST Inc (BEST US)</a> as a potential acquisition target.

In November, anti-monopoly regulators announced drafts of new rules that will apply to eCommerce 'platform' businesses. And last week authorities announced an anti-monopoly probe into some of Alibaba Group (BABA US)'s anti-competitive practices. We believe the probe could eventually extend to a range of logistics companies linked to Alibaba. The ongoing regulator action against Alibaba's "choose one from two" policy and potential future actions against logistics firms linked to the eCommerce giant will have the same effect: to slow down growth. In the case of the Chinese express companies closely linked to Alibaba, regulators' actions merely add to existing pressures to pursue sector consolidation in 2021.We recommend investors check out BEST Inc (BEST US) as a potential acquisition target.

Alibaba Anti-Trust Probe Could Slow Growth of Chinese Express Companies, Add to M&A Pressures

China

China Logistics Property Holdings Co Ltd is a logistic facility provider in China. 

China Logistics Property Holdings (1589 HK)

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China Logistics Property Holdings (1589 HK)

Asia HY Monthly - 2020 In Review And 2021 Outlook - Lucror Analytics

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead. ...

Lucror Analytics

Smartkarma North Asia Weekly: Alibaba Antitrust, OFAC Clarification, China Logistics, & Kuaishou IPO

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK...

Douglas Kim

China Logistics (1589 HK): Possible Offer As Major Shareholders Seek Exit

The company is very much in play, one that is likely to garner considerable interest from prospective suitors given the scarcity of logistic asset...

David Blennerhassett

Major Shareholders of CLPH (1589:HK) Selling! Revisiting Narrative & Valuations

China Logistics Property Holdings isn't cheap, but the potential sale of controlling stakes in the company could draw strong interest from JD.com...

Tracking Traffic

Alibaba Anti-Trust Probe Could Slow Growth of Chinese Express Companies, Add to M&A Pressures

New scrutiny from regulators on Alibaba could result in increased financial pressures on the logistics firms linked to the eCommerce giant.

Tracking Traffic

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