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

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-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-29199'>Shimao Services Holdings Limited</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-18067'>Yestar Healthcare Holdings</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.Fantasia Holdings Group CoJingrui HoldingsJSW Steel LtdShimao Services Holdings LimitedSunac China HoldingsYestar Healthcare Holdings

Morning Views Asia: Fantasia Holdings Group Co, Jingrui Holdings, JSW Steel Ltd

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-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-14152'>Yanlord 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.Sunac China HoldingsYanlord Land

Morning Views Asia: Sunac China Holdings, Yanlord Land

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-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-8071'>Guorui Properties</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</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.Gajah TunggalGuorui PropertiesSunac China Holdings

Morning Views Asia: Gajah Tunggal, Guorui Properties, Sunac China Holdings

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Jardine Matheson/Strategic, Xiaomi, Vocus Comms, Sanken Electric, Cocokara

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Sunac’s FY 2020 results beat our expectations, especially given its strong recovery in H2. We like the company’s prudent pace of expansion and the decline in borrowings. Sunac’s contracted sales were robust, and continued to be strong in the first two months of 2021. That said, we expect the margin to remain weak, given the declining ASP in past years. Sunac’s capital structure has gradually improved, and is now less skewed towards debt. Debt/Capitalisation declined from over 80% five years ago to 63% as of FYE 2020. We view the company’s deleveraging efforts positively, and expect credit metrics to improve.

  Sunac’s FY 2020 results beat our expectations, especially given its strong recovery in H2. We like the company’s prudent pace of expansion and the decline in borrowings. Sunac’s contracted sales were robust, and continued to be strong in the first two months of 2021. That said, we expect the margin to remain weak, given the declining ASP in past years.   Sunac’s capital structure has gradually improved, and is now less skewed towards debt. Debt/Capitalisation declined from over 80% five years ago to 63% as of FYE 2020. We view the company’s deleveraging efforts positively, and expect credit metrics to improve. 

Sunac - Earnings Flash - FY 2020 Results - Lucror Analytics

China

Sunac China Holdings Limited is a real estate development company.

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Sunac China Holdings (1918 HK)

Morning Views Asia: Fantasia Holdings Group Co, Jingrui Holdings, JSW Steel Ltd

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

Lucror Analytics

Morning Views Asia: Sunac China Holdings, Yanlord Land

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

Lucror Analytics

Morning Views Asia: Gajah Tunggal, Guorui Properties, Sunac China Holdings

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

Lucror Analytics

Last Week in Event SPACE: Jardine Matheson/Strategic, Xiaomi, Vocus Comms, Sanken Electric, Cocokara

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Sunac - Earnings Flash - FY 2020 Results - Lucror Analytics

Sunac’s FY 2020 results beat our expectations, especially given its strong recovery in H2. We like the company’s prudent pace of expansion and...

Lucror Analytics

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