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.

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 - 22 Mar 2019

Shui On’s FY 2018 results were satisfactory. Top-line growth was decent, but margins weakened. Positively, the overall financial profile improved slightly, as borrowings were repaid with asset disposal proceeds. Shui On has transitioned its business to focus on the development, ownership and management of commercial properties and integrated projects in major T1 cities. Unlike other Chinese property companies, Shui On does not rely on a fast-churn model. In FY 2018, recurring revenue covered 78% of adjusted interest expenses, including perpetual distributions. At FYE 2018, the value of its long-term investment properties was able to cover total debt by 1.2x. The bulk of its investment properties are of high quality and strategically located in Shanghai.

   Shui On’s FY 2018 results were satisfactory. Top-line growth was decent, but margins weakened. Positively, the overall financial profile improved slightly, as borrowings were repaid with asset disposal proceeds.    Shui On has transitioned its business to focus on the development, ownership and management of commercial properties and integrated projects in major T1 cities. Unlike other Chinese property companies, Shui On does not rely on a fast-churn model. In FY 2018, recurring revenue covered 78% of adjusted interest expenses, including perpetual distributions. At FYE 2018, the value of its long-term investment properties was able to cover total debt by 1.2x. The bulk of its investment properties are of high quality and strategically located in Shanghai. 

Shui On Land - Earnings Flash - FY 2018 Results - 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

Lucror Analytics - Morning Views Asia - 08 Mar 2019

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 - Oil & Gas Overview - 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)

Lucror Analytics - Morning Views Asia - 22 Mar 2019

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

Lucror Analytics

Shui On Land - Earnings Flash - FY 2018 Results - Lucror Analytics

Shui On’s FY 2018 results were satisfactory. Top-line growth was decent, but margins weakened. Positively, the overall financial profile improved...

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

Lucror Analytics - Morning Views Asia - 08 Mar 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 - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

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