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 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-27942'>Agility</a></li><li><a href='#lucror-entity-5225'>Country Garden Holdings Co</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-25901'>Garuda Maintenance Facility</a></li><li><a href='#lucror-entity-12601'>Kwg Property Holding</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.AgilityCountry Garden Holdings CoFantasia Holdings Group CoGaruda Maintenance FacilityKwg Property Holding

Morning Views Asia: Agility, Country Garden Holdings Co, Fantasia Holdings Group Co

In this month's “In-Focus”, we look at 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 look at 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 - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

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

<a href="https://www.smartkarma.com/entities/jy-grandmark" target="_blank" data-smartkarma-citation="entities:28440:1" rel="noopener">JY Grandmark (2231 HK)</a> (JYG) is looking to raise up to US$186m in its IPO. JYG is a young property operator, and property management service provider in China focused on building  eco-friendly and people-oriented properties. The company targets homeowners who are looking to upgrade their house, or buying it as a second home or even a vacation home.Revenue has grown strongly, at 44% CAGR from FY2016 to FY2018 while margins have expanded over the same period. Contracted sales has demonstrated strong CAGR of 59.7% while contracted GFA grew by 62% QoQ, as of 30th September.However,  the company has been heavily reliant on the founders’ connection to Agile Group to kick start the business. It streamlined its business by selling a piece of land in Hong Kong to the founder’s father and injected the hotel business from <a href="https://www.smartkarma.com/entities/agile-property-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15784:1" rel="noopener">Agile Property Holdings (3383 HK)</a>

JY Grandmark (2231 HK) (JYG) is looking to raise up to US$186m in its IPO. JYG is a young property operator, and property management service provider in China focused on building  eco-friendly and people-oriented properties. The company targets homeowners who are looking to upgrade their house, or buying it as a second home or even a vacation home.Revenue has grown strongly, at 44% CAGR from FY2016 to FY2018 while margins have expanded over the same period. Contracted sales has demonstrated strong CAGR of 59.7% while contracted GFA grew by 62% QoQ, as of 30th September.However,  the company has been heavily reliant on the founders’ connection to Agile Group to kick start the business. It streamlined its business by selling a piece of land in Hong Kong to the founder’s father and injected the hotel business from Agile Property Holdings (3383 HK) 

JY Grandmark (景業名邦) IPO - New Player but Probably Doesn’t Deserve a Premium

The Asia HY Trade Recommendations report for November 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 November 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 - November 2019 - 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.<ul><li><a href='#lucror-entity-27942'>Agility</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-14882'>Future Land Development Holdings</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-8375'>Shimao Property Holdings</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.AgilityFantasia Holdings Group CoFuture Land Development HoldingsRonshine China HoldingsShimao Property HoldingsVedanta Resources

Morning Views Asia: Agility, Fantasia Holdings Group Co, Future Land Development Holdings

China

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)

Morning Views Asia: Agility, Country Garden Holdings Co, Fantasia Holdings Group Co

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 - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index...

Lucror Analytics

JY Grandmark (景業名邦) IPO - New Player but Probably Doesn’t Deserve a Premium

JY Grandmark (2231 HK) (JYG) is looking to raise up to US$186m in its IPO. JYG is a young property operator, and property management service...

Zhen Zhou, Toh

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

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

Lucror Analytics

Morning Views Asia: Agility, Fantasia Holdings Group Co, Future Land Development Holdings

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

Lucror Analytics

Price Gauge

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Market Cap (USDm)

P/E

Dividend (Yield)