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 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/meituan' target='_blank' rel='noopener'>Meituan</a></li><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/sk-hynix-inc' target='_blank' rel='noopener'>SK Hynix</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</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:MeituanLippo Malls Indonesia Retail TrustSK HynixChina Jinmao HoldingsGeely Autoand more...

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-8205'>China South City</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.China South City

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-8205'>China South City</a></li><li><a href='#lucror-entity-4160'>NagaCorp Ltd</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.China South CityNagaCorp Ltd

Morning Views Asia: China South City, NagaCorp Ltd

We believe China South City's (CSC) proposed bond extension is overall acceptable to bondholders. The company plans to continue paying coupons in cash, albeit at a reduced coupon rate. In addition, the absence of a haircut would preserve bondholders' claims.
We note negatively that the amortisation payments would only begin in 2026. This reflects the company's very tight liquidity, considering its failure to pay the coupon in November 2023 and the dismal H1/23-24 results. Moreover, CSC is not proposing to add new credit enhancement measures, even though the latest extension has demonstrated the failure of the existing keepwell deed and asset pledge to ensure offshore debt repayment. CSC has ceased disclosure of quarterly contracted sales since 2022, and we believe it has now fully shifted business focus to commercial properties. However, the company's commercial properties were affected by a depressed macro market and lower demand for leasing, and we do not foresee a related turnaround in the near future. Liquidity was extremely weak, with Cash/ST Debt of only 9% as of end-September.

We believe China South City's (CSC) proposed bond extension is overall acceptable to bondholders. The company plans to continue paying coupons in cash, albeit at a reduced coupon rate. In addition, the absence of a haircut would preserve bondholders' claims.
We note negatively that the amortisation payments would only begin in 2026. This reflects the company's very tight liquidity, considering its failure to pay the coupon in November 2023 and the dismal H1/23-24 results. Moreover, CSC is not proposing to add new credit enhancement measures, even though the latest extension has demonstrated the failure of the existing keepwell deed and asset pledge to ensure offshore debt repayment.  CSC has ceased disclosure of quarterly contracted sales since 2022, and we believe it has now fully shifted business focus to commercial properties. However, the company's commercial properties were affected by a depressed macro market and lower demand for leasing, and we do not foresee a related turnaround in the near future. Liquidity was extremely weak, with Cash/ST Debt of only 9% as of end-September.

China South City - Event Flash - Restructuring Updates And H1 FY 2023-24 Results - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - 11 March 2022 - Lucror Analytics

Hong Kong

Langham Hospitality Investments and Langham Hospitality Investment Limited is a stapled entity. The Company primarily owns and invests in a portfolio of hotels in Asia.

Tai Cheung Holdings Limited, through its subsidiaries, invests in, develops, and manages properties.  The Company also invests in securities.

China Motor Bus Company Limited, through its subsidiaries, develops and invests in properties.

Associated International Hotels Limited, through its subsidiaries, owns and operates hotels.  The Company also develops and invests in properties and operates golf and recreational club.

Shanghai Industrial Urban Development Group Ltd., through its subsidiaries, develops and invests in properties.

Shanghai Industrial Urban Dvp Grp (563 HK)

Dynamic Holdings Limited, through its subsidiaries, invests in and develops properties.  The Company also operates ports.

Liu Chong Hing Investment Limited, through its subsidiaries, invests, develops, and manages properties as well as providing other financial services.  The Company also has activities in treasury investment, trading, and manufacturing businesses.

China New City Commercial Development Limited is a commercial property developer, owner and operator, with a focus on developing integrated commercial complexes in sub-city centers of second-tier cities in the Yangtze River Delta Region.

China New City Commercial Developmnt (1321 HK)

Melbourne Enterprises Limited, through its subsidiaries, invests in real estate in Hong Kong.

HKR International Limited, through its subsidiaries, develops and invests in properties.  The Company also provides essential and recreational services for residential housing and leisure projects, operates hotels, construction, and manufacturing businesses, and trades securities.

Oxley Holdings Ltd. develops real estate. The Company develops residential and commercial projects in accessible locations. Oxley also develops light industrial buildings that include swimming pools and other recreational amenities.

Ajmera Realty & Infra India Ltd manufactures color coated galvanized steel and aluminum coils/roofing sheets.  The Company supplies a range of coating specifications in polyester, plastisol, and other materials to suit individual customer requirements.

TOKYO RAKUTENCHI CO., LTD. leases real estate properties mainly in Kinshi-cho, Tokyo.  The Company also operates restaurants, saunas, bowling alleys, game centers, karaoke places, and theaters.

Kee Tai Properties Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent builders.

PT Lippo Karawaci Tbk is a diversified and integrated property group and is involved in townships, residential homes, hospitals, hotels, retail malls and industrial estate development and management.  PT Lippo Karawaci through its subsidiaries is also engaged in property and REIT management.

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.

Shahe Industry Co., Ltd. develops and markets residential buildings in Shenzhen, China.  The properties under development include the Shiji Village, the Luming Garden, and Baoruixuan.

L.M. Development Co., Ltd. manufactures and markets electronic products. The Company's products include desktop CD-ROM drives, portable CD drives, digital cameras, copy towers, and CD recordable (CD-R) and CD rewritable (CD-RW).

Principal Capital PCL is a property development company. The Company's primary objective is to develop property projects with a focus on the Central Business District (CBD) and prime area.

Tande Co., Ltd. manufactures and markets special steel products including bearing steel, spring steel, alloy structure steel, and other related products. Through its subsidiaries, the Company also operates in commercial trading and real estate development.

China South City Holdings Ltd. owns and operates an integrated logistics and trade center of industrial materials in China. The trade center primarily features textile and clothing materials; leather and accessories; electronics accessories and products; metals;chemicals and plastic materials and products; and printing and packaging materials.

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China South City (1668 HK)

Weekly Wrap - 21 Dec 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

Morning Views Asia: China South City

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

Lucror Analytics

Morning Views Asia: China South City, NagaCorp Ltd

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

Lucror Analytics

China South City - Event Flash - Restructuring Updates And H1 FY 2023-24 Results - Lucror Analytics

We believe China South City's (CSC) proposed bond extension is overall acceptable to bondholders. The company plans to continue paying coupons in...

Lucror Analytics

Chinese Property Weekly - 11 March 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

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