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

Agile’s H1/19 results were mixed. While top-line growth was healthy (+12% y-o-y), gross profit dropped 32%. Net profit soared 38%, propped up by several one-off gains. Positively, debt growth and land spending were maintained at manageable levels. The financial profile remains weak but largely stable. Dividend payouts were still aggressive at 41%. We note Agile's substantial near-term refinancing requirements, but expect the company to maintain good access to financing. During the earnings presentation, management attributed the gross margin decline to higher land and construction costs, as well as a lower contribution from high-margin projects in Hainan. Going forward, management expects gross margins to be maintained above 30%.  .

   Agile’s H1/19 results were mixed. While top-line growth was healthy (+12% y-o-y), gross profit dropped 32%. Net profit soared 38%, propped up by several one-off gains. Positively, debt growth and land spending were maintained at manageable levels. The financial profile remains weak but largely stable. Dividend payouts were still aggressive at 41%. We note Agile's substantial near-term refinancing requirements, but expect the company to maintain good access to financing.    During the earnings presentation, management attributed the gross margin decline to higher land and construction costs, as well as a lower contribution from high-margin projects in Hainan. Going forward, management expects gross margins to be maintained above 30%.  . 

Agile - Earnings Flash - H1 FY 2019 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 - 22 Aug 2019

Lucror Analytics - Morning Views Asia - 06 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for July 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 July 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 - July 2019 - Lucror Analytics

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)

Agile - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Agile’s H1/19 results were mixed. While top-line growth was healthy (+12% y-o-y), gross profit dropped 32%. Net profit soared 38%, propped up by...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 22 Aug 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 06 Aug 2019

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 - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

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