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-433'>Fosun International</a></li><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-15736'>China Datang Corp Renewable Power</a></li><li><a href='#lucror-entity-4153'>Shui On 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.Fosun InternationalGuangzhou R&F PropertiesChina Datang Corp Renewable PowerShui On Land

Morning Views Asia: Fosun International, Guangzhou R&F Properties, China Datang Corp Renewable Power

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Softbank GroupCentral China Real EstateSino-Ocean GroupSeazen (Formerly Future Land)Vedanta Resourcesand more...

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - March 2023 - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/japfa-comfeed-indonesia-tbk-pt' target='_blank' rel='noopener'>Japfa Comfeed Indonesia</a></li><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Japfa Comfeed IndonesiaYankuang Energy GroupAnton OilfieldChina Jinmao HoldingsLifestyle International Holdingsand more...

Shui On Land’s FY 2022 results were acceptable, supported by reasonable contracted sales, along with a strong revenue recovery in H2 (following a poor H1, when revenue recognition was impacted by pandemic-related lockdowns in Shanghai). Going forward, we believe contracted sales could decrease meaningfully in FY 2023, owing to the thin sales pipeline and reduced land bank size. That said, revenue recognition might continue to rise on the back of past robust sales. Negatively, the company's financial profile weakened slightly, with net debt rising more than expected. Still, we believe that Shui On's liquidity profile remains manageable and expect the company to repay the USD 500 mn SHUION 5.75 23 (due November) using cash on hand.

  Shui On Land’s FY 2022 results were acceptable, supported by reasonable contracted sales, along with a strong revenue recovery in H2 (following a poor H1, when revenue recognition was impacted by pandemic-related lockdowns in Shanghai). Going forward, we believe contracted sales could decrease meaningfully in FY 2023, owing to the thin sales pipeline and reduced land bank size. That said, revenue recognition might continue to rise on the back of past robust sales.   Negatively, the company's financial profile weakened slightly, with net debt rising more than expected. Still, we believe that Shui On's liquidity profile remains manageable and expect the company to repay the USD 500 mn SHUION 5.75 23 (due November) using cash on hand. 

Shui On Land - Earnings Flash - FY 2022 Results - Lucror Analytics

China

Suzhou New District Hi-Tech Industrial Co., Ltd. develops residential buildings and constructs utility, transportation, and communication facilities for Suzhou Hi-Tech Industrial Development Zone.  The Company also provides renovation and warehousing services and invests in other businesses.

Suzhou New District Hi Tech Ind Co. (600736 CH)

Beijing North Star Company Limited develops, leases, and invests in properties. The Company operates shopping centers, hotels, restaurants, and recreation businesses.  The Company also provides property management.

Fujian Start Group Co., Ltd. manufactures and markets personal computers, computer peripheral equipment, and networking products.  The Company also develops computer software.

Suning Universal Co., Ltd engages in real estate development and invests in urban infrastructure, education and high-tech projects.  The company also involves in building material manufacturing, import & export trades, hotel operation and financial consulting.

Beijing Capital Development Co., Ltd. develops and markets residential,  office, and commercial buildings in Beijing.

Beijing Capital Development Co, Ltd. (600376 CH)

Wedge Industrial Co., Ltd. is an integrated real estate and building materials development, property management and decoration company in China.

Shunfa Hengye Corporation is a property development company. The company also provides property management services and construction engineering.

Shenzhen Zhenye (Group) Co.,Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, property management, and other services. Shenzhen Zhenye (Group) also operates land development.

Zhejiang China Light & Textile Industrial City Group Co., Ltd. operates, leases, and manages a market which sells textile products.  Through its subsidiaries, the Company also dyes textile products, produces wines, manufactures building materials, develops real estate, and provides information technology services.

Zhejiang China Light &Textile Industrial (600790 CH)

Kunwu Jiuding Investment Holdings Co., Ltd. is a real estate services company.

Kunwu Jiuding Investment Holdings Co., Ltd. (600053 CH)

Kunwu Jiuding Investment Holdings Co., Ltd.

MBK Public Company Limited operates property business.  The Company owns Mah Boon Krong Center building complex located in downtown Bangkok.  The complex consists of shopping malls, an office building and the Patumwan Princess Hotel. Through its subsidiaries, the Company mills and distributes rice, other grain products and operates power generation and distribution business.

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

Poly Property Group Co., Ltd. develops, invests in, and manages properties in China.  The Company develops mid- to high-end residential and commercial projects in first-tier and second-tier provincial capitals in Central and Southwestern China.

United Overseas Australia Limited is a real estate development and management company.  The Company has interest in developed properties, both commercial and residential, in Kuala Lumpur, Malaysia.  The Company also has investments in the form of rental properties.

Raysum Co., Ltd. provides building management, real estate investment, and advisory services as well as securitized real estate properties. The Company also investigates, purchases, and collects non-performing loans as a servicing agent.

YeaShin International Development Co., Ltd. is primarily involved in the development, sale and lease of real estate. The Company's business scope also includes the manufacture of computer and peripheral equipment, as well as wholesale and retails of automobile. YeaShin provides information software, data processing and supply of electronic information services.

Advancetek Enterprise Co., Ltd. develops and invests in real estate properties. The Company also manufactures and markets disposable diapers as well as adult incontinence products.

NIHON HOUSING CO., LTD. manages residential and office buildings.  The Company also operates in real estate.  Nihon Housing provides integrated services in the planning, design, construction, and maintenance of buildings.

Sinyi Realty Inc is a real estate broker.  The Company operates branch offices throughout Taiwan.

Tian An China Investments Co Ltd, through its subsidiaries, develops and manages properties, and provides agency services.  The Company also sells construction materials.

Shui On Land Limited engages principally in the development, sale, leasing, management and ownership of residential, office, retail, entertainment and cultural properties in the PRC.

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Shui On Land (272 HK)

Morning Views Asia: Fosun International, Guangzhou R&F Properties, China Datang Corp Renewable Power

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

Lucror Analytics

Weekly Wrap - 14 Apr 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Monthly - March 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Weekly Wrap - 31 Mar 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Shui On Land - Earnings Flash - FY 2022 Results - Lucror Analytics

Shui On Land’s FY 2022 results were acceptable, supported by reasonable contracted sales, along with a strong revenue recovery in H2 (following a...

Lucror Analytics

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