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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta Resources, Bharti Airtel</li>
<li>In the US, JOLTS job openings increased slightly to 7.74 mn (7.60 mn e / 7.51 mn revised p) in January, with the job openings rate little changed m-o-m at 4.6%. Layoffs declined for a fourth straight month to the lowest level since June 2024.</li>
<li>Overall, the JOLTS report showed that the labour market was steady in January, albeit demand for labour could soften in the months ahead.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta Resources, Bharti Airtel
In the US, JOLTS job openings increased slightly to 7.74 mn (7.60 mn e / 7.51 mn revised p) in January, with the job openings rate little changed m-o-m at 4.6%. Layoffs declined for a fourth straight month to the lowest level since June 2024.
Overall, the JOLTS report showed that the labour market was steady in January, albeit demand for labour could soften in the months ahead.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, China Vanke, Adani Ports</li>
<li>
In the US, Fed Chairman Jerome Powell said that the central bank does not need to rush to reduce rates, in his testimony to the Senate Banking Committee. He said: "We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment."
</li>
<li>
Treasury yields climbed yesterday, with the UST curve bear-steepening after Mr Powell reiterated that there is no urgency to reduce rates, as well as amid a strong auction of 3Y notes.
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, China Vanke, Adani Ports

In the US, Fed Chairman Jerome Powell said that the central bank does not need to rush to reduce rates, in his testimony to the Senate Banking Committee. He said: "We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment."


Treasury yields climbed yesterday, with the UST curve bear-steepening after Mr Powell reiterated that there is no urgency to reduce rates, as well as amid a strong auction of 3Y notes.



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.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property </a></li></ul>

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.China Jinmao HoldingsYuexiu Property 

Morning Views Asia: China Jinmao Holdings, Yuexiu Property  

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.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-40020'>Continuum Green Energy</a></li><li><a href='#lucror-entity-182'>Sands China</a></li></ul>

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.China Jinmao HoldingsContinuum Green EnergySands China

Morning Views Asia: China Jinmao Holdings, Continuum Green Energy, Sands China

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul>
<li>China Jinmao (Jinmao) stands out from most of the peers in the Chinese property sector with a substantial rebound of core profit in 1H24, thanks to the considerable cost saving, higher attributable ratio and stable profit margin.</li>
<li>Jinmao maintains good access to various funding channels with lower funding costs. Its parent, Sinochem, has been supportive for Jinmao’s business developments and funding access.</li>
<li>There are cross acceleration clauses between the USD bonds of Jinmao and those of Sinochem. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


China Jinmao (Jinmao) stands out from most of the peers in the Chinese property sector with a substantial rebound of core profit in 1H24, thanks to the considerable cost saving, higher attributable ratio and stable profit margin.
Jinmao maintains good access to various funding channels with lower funding costs. Its parent, Sinochem, has been supportive for Jinmao’s business developments and funding access.
There are cross acceleration clauses between the USD bonds of Jinmao and those of Sinochem. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hong Kong

China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

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China Jinmao Holdings (817 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, China Vanke, Adani Ports

Lucror Analytics

Morning Views Asia: China Jinmao Holdings, Yuexiu Property

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

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Morning Views Asia: China Jinmao Holdings, Continuum Green Energy, Sands China

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

Lucror Analytics

CHJMAO: A stand-out player in the sector

China Jinmao (Jinmao) stands out from most of the peers in the Chinese property sector with a substantial rebound of core profit in 1H24, thanks...

CMB International

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