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

The Asia HY Trade Book for March 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.

  The Asia HY Trade Book for March 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits. 

Asia HY Trade Book - March 2023 - Lucror Analytics

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>NBS 2M23 sales value came flattish YoY, in line with our forecast.</li><li>However, it beat China funds ’ expectation and strongly beat foreign funds’expectation, thus driving today’s sector rally.</li><li>Looking at March, we expect even stronger March data (positive sales YoY) as 1) MTD sales of 30 major cities already recorded 24% growth YoY. 2) Our sales leading indicator GAIN was one of the highest in Feb, indicating very promising March. 3) Recent channel check in major cities suggests sales momentum to continue on stabilized property price and historically low mortgage rate. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NBS 2M23 sales value came flattish YoY, in line with our forecast.However, it beat China funds ’ expectation and strongly beat foreign funds’expectation, thus driving today’s sector rally.Looking at March, we expect even stronger March data (positive sales YoY) as 1) MTD sales of 30 major cities already recorded 24% growth YoY. 2) Our sales leading indicator GAIN was one of the highest in Feb, indicating very promising March. 3) Recent channel check in major cities suggests sales momentum to continue on stabilized property price and historically low mortgage rate. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – NBS 2M23 data: Strong as expected

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/china-sce-group-holdings-ltd' target='_blank' rel='noopener'>China SCE</a></li><li><a href='/entities/road-king-infrastructure-limited' target='_blank' rel='noopener'>Road King Infrastructure</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/greentown-china-holdings' target='_blank' rel='noopener'>Greentown China</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</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:China SCERoad King InfrastructureSino-Ocean GroupGreentown ChinaAnton Oilfieldand 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-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-2036'>Central China Securities</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property</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.Anton OilfieldCentral China SecuritiesYuexiu Property

Morning Views Asia: Anton Oilfield, Central China Securities, Yuexiu Property

<ul><li>We saw another week of strong property data where new home/secondary home sales went up 23%/12% WoW.</li><li>This is in line with our sales leading index GAIN and our upgrade report that sales is more sustainable than what market thinks.</li><li>The solid housing recovery has also accelerated housing construction activities that its construction resumption rate recovered to 84.1%, higher than 2022 already, and only slightly lagging behind the infrastructure (87.3%) and government projects (88.2%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We saw another week of strong property data where new home/secondary home sales went up 23%/12% WoW.This is in line with our sales leading index GAIN and our upgrade report that sales is more sustainable than what market thinks.The solid housing recovery has also accelerated housing construction activities that its construction resumption rate recovered to 84.1%, higher than 2022 already, and only slightly lagging behind the infrastructure (87.3%) and government projects (88.2%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – Property+ Weekly: Sales momentum accelerated on lower tier cities

China

Shanghai New Huang Pu Industrial Group Co., Ltd. develops, sells, and leases residential and commercial real estate properties.  The Company also renovates old buildings.  Shanghai New Huangpu provides food and entertainment services and trades building materials.

Shanghai New Huang Pu Industrial Group Co., Ltd.  (600638 CH)

Shanghai New Huang Pu Industrial Group Co., Ltd. 

Wolong Real Estate Group Co., Ltd. develops residential and commercial real estate projects.

Wolong Real Estate Group Co, Ltd. (600173 CH)

P2P Financial Information Service Co Ltd is mainly engaged in commercial real estate development and services.

P2 P Financial Information Service (600696 CH)

Jiangsu Phoenix Property Investment Co Ltd develops and manages residential and commercial real estate properties.

Sino-Ocean Group Holding Limited operates as a real estate holding company. The Company develops residential, office, and commercial real estate in the northern People's Republic of China.

Shenzhen Centralcon Investment Holding Co., Ltd. is an investment holding company. The Company, through its subsidiaries, develops and manages real estate, undertakes construction projects, and operates hotels.

Shenzhen Centralcon Invstmnt Hldg (000042 CH)

CASIN Real Estate Development Group Co., Ltd.mainly engages in the development and sales of real estates.

CASIN Real Estate Development Group Co., Ltd. (000838 CH)

CASIN Real Estate Development Group Co., Ltd.

Langold Real Estate Co Ltd is a real estate development company. The Company mainly develops both residential buildings and commercial buildings in Wuhan, Hubei province China.

Guangzhou Pearl River Industrial Development Co., Ltd. develops and sells residential real estate.  The Company also provides property rental and management services.

Powerlong Real Estate Holdings Ltd. develops commercial properties in the Peoples Republic of China.

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.

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

Unitech Limited is a real estate development company.  The Company develops self-sustaining residential areas, commercial spaces, amusement parks, infrastructure development, thermal power plants, transmission lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey projects.

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.

Shining Building Business Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent construction companies.

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

Shimao Property Holdings Limited develops real estate projects in China.

Marathon Nextgen Realty Limited is a real estate development company. The Company develops commercial and residential projects throughout India.

Radium Life Tech Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent construction contractors.

Sweeten Construction Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent contractors.  The Company also provides advertising solutions for builders.

Agile Property Holdings Limited develops and operates real estate.  The Company primarily develops, owns and manages commercial and hotel properties.  Agile has projects in various states of completion in Hainan, Shanghai, Nanjing, Changzhou, Chengdu, Xi'an, Chongqing, Shenyang, Tianjing, Guangzhou, Foshan, Zhongshan, Huizhou and Heyuan.

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Agile Property Holdings (3383 HK)

Asia HY Trade Book - March 2023 - Lucror Analytics

The Asia HY Trade Book for March 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

China Property Sector – NBS 2M23 data: Strong as expected

NBS 2M23 sales value came flattish YoY, in line with our forecast. However, it beat China funds ’ expectation and strongly beat foreign...

CMB International

Weekly Wrap - 10 Mar 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: Anton Oilfield, Central China Securities, Yuexiu Property

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

Lucror Analytics

China Property Sector – Property+ Weekly: Sales momentum accelerated on lower tier cities

This is in line with our sales leading index GAIN and our upgrade report that sales is more sustainable than what market thinks.

CMB International

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