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 contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our 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 contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our 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 - China Property Update - Lucror Analytics

Agile’s FY 2018 results were mixed. The company missed its full-year sales target, owing to tougher operating conditions in Hainan. That said, management remained optimistic about the province’s property market. Positively, Agile continued to report strong margins, supported by its low-cost land bank. We also like the company’s presence in the Greater Bay Area. For FY 2019, Agile has set a conservative sales growth target of 10%, which we believe is achievable. The company’s financial profile weakened during the year, as debt growth outpaced earnings. Dividend payouts remain aggressive at almost 50%. We also view negatively Agile's use of perpetual securities, which accounted for 9% of total debt.  We move our recommendation to "Hold" the AGILE curve from "Buy", given the fair yields.

   Agile’s FY 2018 results were mixed. The company missed its full-year sales target, owing to tougher operating conditions in Hainan. That said, management remained optimistic about the province’s property market. Positively, Agile continued to report strong margins, supported by its low-cost land bank. We also like the company’s presence in the Greater Bay Area. For FY 2019, Agile has set a conservative sales growth target of 10%, which we believe is achievable.    The company’s financial profile weakened during the year, as debt growth outpaced earnings. Dividend payouts remain aggressive at almost 50%. We also view negatively Agile's use of perpetual securities, which accounted for 9% of total debt.     We move our recommendation to "Hold" the AGILE curve from "Buy", given the fair yields. 

Agile - Earnings Flash - FY 2018 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 - 21 Mar 2019

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

Lucror Analytics - Morning Views Asia - 05 Mar 2019

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)

Asia HY Monthly - China Property Update - Lucror Analytics

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

Lucror Analytics

Agile - Earnings Flash - FY 2018 Results - Lucror Analytics

Agile’s FY 2018 results were mixed. The company missed its full-year sales target, owing to tougher operating conditions in Hainan. That said,...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 21 Mar 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 Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 05 Mar 2019

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

Lucror Analytics

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