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

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Asia HY Monthly – China Property Update (March 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 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 - 20 Mar 2019

Jinmao’s full-year results were satisfactory, with encouraging contracted sales growth and margin improvement. Going forward, we expect stronger revenue increases, in tandem with the robust contracted sales. Despite the higher earnings, the company’s leverage metrics remained weak but largely unchanged.  Jinmao enjoys benefits from its large investment property portfolio, with the portfolio value amounting to 28% of total debt. The company has strong recurring revenue, which should suffice to cover interest expenses.

   Jinmao’s full-year results were satisfactory, with encouraging contracted sales growth and margin improvement. Going forward, we expect stronger revenue increases, in tandem with the robust contracted sales. Despite the higher earnings, the company’s leverage metrics remained weak but largely unchanged.     Jinmao enjoys benefits from its large investment property portfolio, with the portfolio value amounting to 28% of total debt. The company has strong recurring revenue, which should suffice to cover interest expenses. 

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

Lucror Analytics - Morning Views Asia - 08 Mar 2019

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)

Asia HY Monthly – China Property Update (March 2019)

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing...

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 - 20 Mar 2019

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

Lucror Analytics

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

Jinmao’s full-year results were satisfactory, with encouraging contracted sales growth and margin improvement. Going forward, we expect stronger...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 08 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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