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 discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations. 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 discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they performed in line with our expectations.    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 - 2018 Results Overview (Ex-India) - Lucror Analytics

We noted in February that the proverbial can was being kicked down the road on a number of major issues. Unfortunately, this trend continued in April, with a decision on Brexit being delayed by up to six months after the UK Parliament decided (with a one-vote margin) to extend the date for a hard exit. The other major issues still up in the air are the US-Sino trade war, the Fed’s rate policy and deleveraging in China. Interestingly, this has done little to impact investor sentiment, with the S&amp;P 500 hitting a new high during the month and Asian HY returns continuing to be positive.

We noted in February that the proverbial can was being kicked down the road on a number of major issues. Unfortunately, this trend continued in April, with a decision on Brexit being delayed by up to six months after the UK Parliament decided (with a one-vote margin) to extend the date for a hard exit. The other major issues still up in the air are the US-Sino trade war, the Fed’s rate policy and deleveraging in China. Interestingly, this has done little to impact investor sentiment, with the S&amp;P 500 hitting a new high during the month and Asian HY returns continuing to be positive.

Asia HY Monthly – Asia Ex-India 2018 Results Overview (April 2019)

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

Based on March and partial weekly April data, in this monthly China Housing commentary, we give our take on the overall housing market performance, its drivers and the outlook, focusing on housing specific metrics.

Based on March and partial weekly April data, in this monthly China Housing commentary, we give our take on the overall housing market performance, its drivers and the outlook, focusing on housing specific metrics. 

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

The March data released today by China's National Bureau of Statistics (NBS) shows the market for new home sales continues slowing down very gradually in terms of volumes. More significantly, the past 2 months saw declines in land sales (land acquisitions by developers) on a year-to-date and 3-month year-on-year basis, which could potentially indicate a sharp change of the trend from 2018. This early signal is based off only 2 data points, though. Historically, land sales have been a strong predictor of future price growth (with a long lag) - as the most basic measure of supply.

The March data released today by China's National Bureau of Statistics (NBS) shows the market for new home sales continues slowing down very gradually in terms of volumes. More significantly, the past 2 months saw declines in land sales (land acquisitions by developers) on a year-to-date and 3-month year-on-year basis, which could potentially indicate a sharp change of the trend from 2018. This early signal is based off only 2 data points, though. Historically, land sales have been a strong predictor of future price growth (with a long lag) - as the most basic measure of supply. 

Today's China Housing Data: Potentially A Major Signal From The Decline In Land Sales

China

China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets.

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Evergrande (3333 HK)

Asia HY Monthly - 2018 Results Overview (Ex-India) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the 2018 results for Asian (ex-India) companies under our coverage, including whether or not they...

Lucror Analytics

Asia HY Monthly – Asia Ex-India 2018 Results Overview (April 2019)

We noted in February that the proverbial can was being kicked down the road on a number of major issues. Unfortunately, this trend continued in...

Lucror Analytics

China Housing - April 2019 Commentary

Based on March and partial weekly April data, in this monthly China Housing commentary, we give our take on the overall housing market performance,...

Robert Ciemniak

Asia HY Trade Recommendations - April 2019 - Lucror Analytics

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

Lucror Analytics

Today's China Housing Data: Potentially A Major Signal From The Decline In Land Sales

The March data released today by China's National Bureau of Statistics (NBS) shows the market for new home sales continues slowing down very...

Robert Ciemniak

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