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 contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 - China Property Update - 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

Road King’s FY 2018 results were robust, thanks to higher earnings and profitability, with stable debt levels. The pace of land acquisitions has slowed. The company's financial metrics improved, with Revenue/Debt of 88% (FY 2017: 59%), while Debt/Capitalisation strengthened to 51% (FY 2017: 54%). Liquidity remains adequate, with the solid cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which are estimated to cover one-third of interest expenses. We move our recommendation to "Buy" the ROADKG '23s from "Hold".

   Road King’s FY 2018 results were robust, thanks to higher earnings and profitability, with stable debt levels. The pace of land acquisitions has slowed. The company's financial metrics improved, with Revenue/Debt of 88% (FY 2017: 59%), while Debt/Capitalisation strengthened to 51% (FY 2017: 54%).    Liquidity remains adequate, with the solid cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which are estimated to cover one-third of interest expenses.    We move our recommendation to "Buy" the ROADKG '23s from "Hold". 

Road King - Earnings Flash - FY 2018 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 Mar 2019

APAC IPOs & Placements

Zhen Zhou, Toh

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 Capital Markets

Dongzheng Automotive Finance / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27984" target="_blank" data-smartkarma-citation="entities:27984:1">Dongzheng Automotive Finance (2718 HK)</a> is raising up to US$428m in its upcoming IPO. We have covered the background of the company in <a href="https://www.smartkarma.com/insights/dongzheng-auto-finance-pre-ipo-review-dependent-on-dealership-network-for-growth" target="_blank" data-smartkarma-citation="insights:28448">Dongzheng Auto Finance (东正汽车金融) Pre-IPO Review - Dependent on Dealership Network for Growth</a>. 
In this insight, we will look into the company's valuation, compare it to listed auto peers, and run the deal through our framework.

Dongzheng Automotive Finance (2718 HK) is raising up to US$428m in its upcoming IPO. We have covered the background of the company in Dongzheng Auto Finance (东正汽车金融) Pre-IPO Review - Dependent on Dealership Network for Growth. 
In this insight, we will look into the company's valuation, compare it to listed auto peers, and run the deal through our framework.

Dongzheng Auto Finance (东正汽车金融) IPO Review - Better off Buying the Parent

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)

Asia HY Monthly - China Property Update - Lucror Analytics

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

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

Road King - Earnings Flash - FY 2018 Results - Lucror Analytics

Road King’s FY 2018 results were robust, thanks to higher earnings and profitability, with stable debt levels. The pace of land acquisitions has...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 20 Mar 2019

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

Lucror Analytics

Dongzheng Auto Finance (东正汽车金融) IPO Review - Better off Buying the Parent

Dongzheng Automotive Finance (2718 HK) is raising up to US$428m in its upcoming IPO. We have covered the background of the company in Dongzheng...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)