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-24409" target="_blank" rel="noopener">Xiaomi Corp</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.

Xiaomi Corp


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>In 1Q22, Xiaomi’s revenue decreased by 5% YoY in 1Q22 and the main business, smartphone, decreased by 11% YoY.</li>
<li>Both global and domestic markets shrank and the competitor "Honor" came back.</li>
<li>We conclude a downside of 26% and price target of HK$8.10.</li>
</ul>


In 1Q22, Xiaomi’s revenue decreased by 5% YoY in 1Q22 and the main business, smartphone, decreased by 11% YoY.
Both global and domestic markets shrank and the competitor "Honor" came back.
We conclude a downside of 26% and price target of HK$8.10.


Xiaomi (1810 HK): 1Q22, Revenue Down Due to Weak Smartphone Market, 26% Downside

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: Why is China’s powerful export engine losing steam?</li><li>How a nursing home resident in a body bag was found alive</li><li>Exclusive: Several Chinese regions to delay savings bond issuances to keep Covid at bay</li></ul>

Cover Story: Why is China’s powerful export engine losing steam?How a nursing home resident in a body bag was found aliveExclusive: Several Chinese regions to delay savings bond issuances to keep Covid at bay

CX Daily: Why Is China’s Powerful Export Engine Losing Steam?

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese macro activity data; South Korean exports and inflation</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a>, <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>
</li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese macro activity data; South Korean exports and inflation

 Companies mentioned:Xiaomi Corp (1810 HK), DiDi Global (DIDI US), JD.com Inc. (9618 HK), Pinduoduo (PDD US), NetEase (9999 HK)



GEM Weekly (6 May 2022): Chinese and South Korean Macro; Xiaomi, Didi, Pinduoduo, JD.com, NetEase

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>April was another tough month for active Asia Ex-Japan managers. Average returns of -6.18% lagged the MSCI Asia Ex-Japan index by -1.02%, with just 27.8% of funds beating the benchmark.</li>
<li>On the year so far, more than 80% of Asia Ex-Japan funds are underperforming the benchmark. Returns are largely correlated to Style, with Value outperforming Growth by +6.5%.</li>
<li>Overweights in both Mediatek Inc and Sea Ltd  have been the most costly on the year, in addition to a number of underweights in the key state run China banks</li>
</ul>


April was another tough month for active Asia Ex-Japan managers. Average returns of -6.18% lagged the MSCI Asia Ex-Japan index by -1.02%, with just 27.8% of funds beating the benchmark.
On the year so far, more than 80% of Asia Ex-Japan funds are underperforming the benchmark. Returns are largely correlated to Style, with Value outperforming Growth by +6.5%.
Overweights in both Mediatek Inc and Sea Ltd  have been the most costly on the year, in addition to a number of underweights in the key state run China banks


Asia Ex-Japan:  MediaTek, Sea Ltd and China Banks Weigh on Performance

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Morning Views Asia: Xiaomi Corp

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

Lucror Analytics

Xiaomi (1810 HK): 1Q22, Revenue Down Due to Weak Smartphone Market, 26% Downside

In 1Q22, Xiaomi’s revenue decreased by 5% YoY in 1Q22 (Exhibit 1) and the main business, smartphone, decreased by 11% YoY. The smartphone market...

Ming Lu

CX Daily: Why Is China’s Powerful Export Engine Losing Steam?

Cover Story: Why is China’s powerful export engine losing steam? How a nursing home resident in a body bag was found alive

Caixin Global

GEM Weekly (6 May 2022): Chinese and South Korean Macro; Xiaomi, Didi, Pinduoduo, JD.com, NetEase

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

Asia Ex-Japan: MediaTek, Sea Ltd and China Banks Weigh on Performance

After 3 years of solid outperformance, active Asia Ex-Japan managers find themselves on unfamiliar ground. Following on from a challenging Q1,...

Steven Holden

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