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 operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 - Chinese Property Update (2021) - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Times China has a simple build-to-sell business model, and has been engaged in an extensive debt-funded expansion. In 2020, the company's top line weakened, possibly due to construction disruptions during the pandemic and the attendant lockdowns. Gross profit margins have been deteriorating in general on account of the soft ASP trends. However, contracted sales growth has been promising. Times China's debt was elevated as of FYE 2020, as the company actively raised new bonds both onshore and offshore. This could have been driven by its significant exposure to the urban redevelopment sector, which requires large capital investments and has a long return cycle. Positively, the company's debt profile has been extended, to better match the long development cycle of urban redevelopment projects. As of FYE 2020, Times China was in breach of one of the Three Red Lines thresholds.

  Times China has a simple build-to-sell business model, and has been engaged in an extensive debt-funded expansion. In 2020, the company's top line weakened, possibly due to construction disruptions during the pandemic and the attendant lockdowns. Gross profit margins have been deteriorating in general on account of the soft ASP trends. However, contracted sales growth has been promising.   Times China's debt was elevated as of FYE 2020, as the company actively raised new bonds both onshore and offshore. This could have been driven by its significant exposure to the urban redevelopment sector, which requires large capital investments and has a long return cycle. Positively, the company's debt profile has been extended, to better match the long development cycle of urban redevelopment projects.   As of FYE 2020, Times China was in breach of one of the Three Red Lines thresholds. 

Times China - Earnings Flash - FY 2020 Results - Lucror Analytics

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

US equities saw another day of gains with S&amp;P 1% higher, Nasdaq 2.5% higher and the VIX index near a fortnightly low as risk-on sentiment picked up. US 10Y Treasury yields were stable at 1.54% with the jobless claims for the prior week falling by 42k to 712k, the lowest since November. President Joe Biden signed his $1.9tn stimulus bill into law. European equities saw modest gains with the DAX and FTSE up 0.2% while the CAC was up 0.7%. The ECB signaled that it would ramp up  bond purchases under its PEPP over the next quarter, which led to German Bund yields falling by 4bp to -0.36% before recovering. US IG CDS spreads were 0.4bp tighter and HY was 4.3bp tighter. EU main CDS spreads were 1.8bp tighter and crossover spreads tightened 9.4bp. Asian equity markets are mixed with China and Hong Kong lower while other indices are higher 0.3%. Asia ex-Japan CDS spreads were 3.2bp tighter.

Times China Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers

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-1776'>Indika Energy</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-472'>MGM China Holdings</a></li><li><a href='#lucror-entity-7845'>Road King Infrastructure</a></li><li><a href='#lucror-entity-4153'>Shui On Land</a></li><li><a href='#lucror-entity-8085'>Times China</a></li><li><a href='#lucror-entity-14152'>Yanlord 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.Indika EnergyJSW Steel LtdMGM China HoldingsRoad King InfrastructureShui On LandTimes ChinaYanlord Land

Morning Views Asia: Indika Energy, JSW Steel Ltd, MGM China Holdings, Road King Infrastructure

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 - Asian HY Ratings Transition Study - Lucror Analytics

China

Times China Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Times China Holdings markets its buildings throughout China.

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Times China (1233 HK)

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

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

Lucror Analytics

Times China - Earnings Flash - FY 2020 Results - Lucror Analytics

Times China has a simple build-to-sell business model, and has been engaged in an extensive debt-funded expansion. In 2020, the company's top...

Lucror Analytics

Times China Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers

US equities saw another day of gains with S&P 1% higher, Nasdaq 2.5% higher and the VIX index near a fortnightly low as risk-on sentiment...

BondEvalue

Morning Views Asia: Indika Energy, JSW Steel Ltd, MGM China Holdings, Road King Infrastructure

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 - Asian HY Ratings Transition Study - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror...

Lucror Analytics

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