Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

China Overseas Land & Investment / Equity Bottom-Up

Carrie Lam has announced that the government will withdraw the extradition bill, a move that is expected to cheer the stock market. In this report, we have identified a couple of beaten-down value names that could participate in the short term rally especially those in the real estate and tourism-related sector. Some of the names mentioned also pay decent yield ranging from 2-7%.

Carrie Lam has announced that the government will withdraw the extradition bill, a move that is expected to cheer the stock market. In this report, we have identified a couple of beaten-down value names that could participate in the short term rally especially those in the real estate and tourism-related sector. Some of the names mentioned also pay decent yield ranging from 2-7%. 

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

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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 provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments.    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 - Chinese Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for August 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 August 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 - August 2019 - Lucror Analytics

Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was still fairly strong thanks to the company's presence in mainly high-tier cities. Financial metrics weakened slightly, with Revenue/Debt of 74% (FY 2018: 88%), Net Debt/Adjusted Inventory of 83% (FYE 2018: 74%) and EBITDA/Interest of 5.8x (FY 2018: 6.6x). Liquidity remains adequate, with the cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which we estimate to cover one-third of interest expenses. Road King’s disclosures are poorer than those of its peers. That said, the company will provide more details when it publishes its interim report.

   Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was still fairly strong thanks to the company's presence in mainly high-tier cities. Financial metrics weakened slightly, with Revenue/Debt of 74% (FY 2018: 88%), Net Debt/Adjusted Inventory of 83% (FYE 2018: 74%) and EBITDA/Interest of 5.8x (FY 2018: 6.6x).    Liquidity remains adequate, with the cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which we estimate to cover one-third of interest expenses.    Road King’s disclosures are poorer than those of its peers. That said, the company will provide more details when it publishes its interim report. 

Road King - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

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 - 20 Aug 2019

Hong Kong

Road King Infrastructure Limited is a property developer. The Company develops residential apartments as well as invests in and operates toll roads. Road King Infrastructure operates its businesses in the People's Republic of China.

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Road King Infrastructure (1098 HK)

Hong Kong Value Names: Short Term Rally

Carrie Lam has announced that the government will withdraw the extradition bill, a move that is expected to cheer the stock market. In this report,...

Henry Soediarko

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Road King - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 20 Aug 2019

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

Lucror Analytics

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