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/abm-investama-tbk-pt' target='_blank' rel='noopener'>ABM Investama</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</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:ABM InvestamaChina Jinmao HoldingsLifestyle International HoldingsGeely AutoFirst Pacific Coand more...

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 - 2 September 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - August 2022 - Lucror Analytics

CCRE’s results were poor, albeit in line with expectations as the company had issued a profit warning in August. The company was significantly impacted by several headwinds specific to Henan (e.g. the floods in H2/21 and COVID-19 lockdowns in H1/22), as well as the nationwide deterioration in homebuyer and investor sentiment. As a result, net debt and leverage worsened by more than expected. Going forward, we believe that CCRE’s debt repayment prospects remain highly uncertain, given the company's depleted liquidity and poor operating cash flows (due to the weak sales and very low margins). In addition, we believe the planned convertible bond issuance would help to enhance the company’s liquidity, but is insufficient to cover the large funding gap in FY 2023. Positively, Chairman Wu Po Sum has displayed a strong willingness to honour the company’s commitments. We highlight that the development of synergies with Henan Railway to achieve new business and financing opportunities may be critical for CCRE to continue staving off default.

  CCRE’s results were poor, albeit in line with expectations as the company had issued a profit warning in August. The company was significantly impacted by several headwinds specific to Henan (e.g. the floods in H2/21 and COVID-19 lockdowns in H1/22), as well as the nationwide deterioration in homebuyer and investor sentiment. As a result, net debt and leverage worsened by more than expected.   Going forward, we believe that CCRE’s debt repayment prospects remain highly uncertain, given the company's depleted liquidity and poor operating cash flows (due to the weak sales and very low margins). In addition, we believe the planned convertible bond issuance would help to enhance the company’s liquidity, but is insufficient to cover the large funding gap in FY 2023. Positively, Chairman Wu Po Sum has displayed a strong willingness to honour the company’s commitments. We highlight that the development of synergies with Henan Railway to achieve new business and financing opportunities may be critical for CCRE to continue staving off default. 

Central China - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

Chinese Property Weekly - 26 August 2022 - Lucror Analytics

China

Central China Real Estate Ltd. develops property in the Peoples Republic of China.

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Central China Real Estate (832 HK)

Weekly Wrap - 02 Sep 2022

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

Chinese Property Weekly - 2 September 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

Asia HY Monthly - August 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Central China - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

CCRE’s results were poor, albeit in line with expectations as the company had issued a profit warning in August. The company was significantly...

Lucror Analytics

Chinese Property Weekly - 26 August 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)