Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

China Aoyuan’s FY 2018 results were in line with our expectations. The top-line growth was as anticipated, with the company recognising the prior year's strong contracted sales. With more property to be delivered, Aoyuan incurred more construction loans under bank borrowings. The upward trend for both revenues and bank borrowings is likely to continue, given a large sold but yet undelivered portfolio. We note that in the past two years, Aoyuan’s expansion has been funded extensively by debt. The company's debt burden has tripled since FYE 2016. To refinance this debt, the company must accelerate contracted sales and incur new borrowings. As a result, it is more likely to put in place a lower ASP (to facilitate faster turnover), incur higher borrowings and interest expenses for refinancing, and slow the pace of expansion (e.g. land or project acquisitions). The soft ASP could negatively affect margins. We are revising our Credit Bias on Aoyuan to "Stable" from "Negative".

   China Aoyuan’s FY 2018 results were in line with our expectations. The top-line growth was as anticipated, with the company recognising the prior year's strong contracted sales. With more property to be delivered, Aoyuan incurred more construction loans under bank borrowings. The upward trend for both revenues and bank borrowings is likely to continue, given a large sold but yet undelivered portfolio.    We note that in the past two years, Aoyuan’s expansion has been funded extensively by debt. The company's debt burden has tripled since FYE 2016. To refinance this debt, the company must accelerate contracted sales and incur new borrowings. As a result, it is more likely to put in place a lower ASP (to facilitate faster turnover), incur higher borrowings and interest expenses for refinancing, and slow the pace of expansion (e.g. land or project acquisitions). The soft ASP could negatively affect margins.    We are revising our Credit Bias on Aoyuan to "Stable" from "Negative". 

China Aoyuan - Earnings Flash - FY 2018 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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 - 05 Mar 2019

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 - Oil & Gas Overview - Lucror Analytics

Lucror Analytics - Morning Views Asia - 25 Feb 2019

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

China

China Aoyuan Group Limited operates as a property development company. The Company develops retails shops and integrated residential projects. China Aoyuan Group conducts businesses domestically and internationally.

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China Aoyuan Property (3883 HK)

China Aoyuan - Earnings Flash - FY 2018 Results - Lucror Analytics

China Aoyuan’s FY 2018 results were in line with our expectations. The top-line growth was as anticipated, with the company recognising the prior...

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

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 25 Feb 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 - February 2019 - Lucror Analytics

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

Lucror Analytics

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