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 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-3331'>China Water Affairs</a></li><li><a href='#lucror-entity-20582'>Health And Happiness (H&H)</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 Water AffairsHealth And Happiness (H&H)

Morning Views Asia: China Water Affairs, Health And Happiness (H&H)

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-3331'>China Water Affairs</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 Water Affairs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a> disclosed a potential pre-conditional privatisation of <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a> at HK$4.90 per share, a 20.7% premium to the last close price. </li>
<li>Completing the capital injection from SOE entities into the offeror is a precondition. Grandblue also proposes that the controlling shareholder roll over 7.23% of its effective 44.75% stake. </li>
<li>While not a knockout bid, the offer is reasonable. Shareholders with blocking stakes should support a binding proposal. Timing is the key risk. </li>
</ul>



Grandblue Environment Co A (600323 CH) disclosed a potential pre-conditional privatisation of Canvest Environmental Protection Group (1381 HK) at HK$4.90 per share, a 20.7% premium to the last close price. 
Completing the capital injection from SOE entities into the offeror is a precondition. Grandblue also proposes that the controlling shareholder roll over 7.23% of its effective 44.75% stake. 
While not a knockout bid, the offer is reasonable. Shareholders with blocking stakes should support a binding proposal. Timing is the key risk. 


Canvest Environmental (1381 HK): Possible Privatisation at HK$4.90

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Asia High Yield Bond Index / Debt Capital Markets

<ul>
<li>As we are entering the second half of 2024, inflation has remained sticky as expected.</li>
<li>The lingering fear of a global recession has been mitigating rising shipping and production costs and, as a result, kept inflation in check.</li>
<li>We see more opportunities in selected Chinese bonds in industries away from property and local government financing vehicle (LGFV) sectors and believe non-Asia emerging bonds offer better value.</li>
</ul>


As we are entering the second half of 2024, inflation has remained sticky as expected.
The lingering fear of a global recession has been mitigating rising shipping and production costs and, as a result, kept inflation in check.
We see more opportunities in selected Chinese bonds in industries away from property and local government financing vehicle (LGFV) sectors and believe non-Asia emerging bonds offer better value.


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/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</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:Lippo Malls Indonesia Retail TrustVedanta ResourcesReNew Energy Global China Jinmao HoldingsGeely Autoand more...

Hong Kong

Kunming Dianchi Water Treatment Co. Ltd. offers water treatment services. The Company provides sewage treatment, recycled water utilization, sewage sludge recycling, and other services. Kunming Dianchi Water Treatment also provides tap water production, atmospheric management, soil remediation, and other services.hina.

Kunming Dianchi Water Treatment (3768 HK)

China Water Industry Group Limited is a water investment and operation and management industry company.

Luzhou Xinglu Water (Group) Co., Ltd. offers water supply services. The Company provides water transmission, system management, network maintenance, and sewage treatment services.

Beijing Enterprises Water Group Limited, through its subsidiaries, develops water treatment systems.  The Group specializes in water services and environmental protection businesses, with waste water treatment as its core business segment.

Guangdong Investment Limited, through its subsidiaries, operates water supply, power and electricity, and infrastructure businesses.  The Company also invests in and develops real estate properties, operates department stores, and provides financial services.

CGN New Energy Holdings Co Ltd is a diversified independent power producer in Asia. The Company has a portfolio of gas-fired, coal-fired, oil-fired, hydro, cogen and fuel cell power generation projects in the People's Republic of China and Korea.

Towngas China Company Ltd. distributes and markets gas.  The Company sells LPG (liquefied petroleum gas) in  bulk and in cylinder, provides piped LPG and natural gas, constructs gas pipelines, operates city gas-pipeline networks and gas stations, and sells LPG  and natural gas household appliances.

Zhongyu Gas Holdings Limited operates in exploration, exploitation, development and production of coal bed methane and the sale of coalbed methane in the PRC. It also develops, constructs and operates natural gas projects in PRC, which include design and construction of natural gas pipeline network and ancillary facilities, and sale and maintenance of natural gas and its appliances.

Binhai Investment Company Ltd, through its subsidiaries, operates gas businesses.  The Company constructs gas pipeline networks, provides piped gas to customers in mainland China, wholesales and retails liquefied petroleum gas (LPG) by way of refueling gas cylinders or tanks for domestic, industrial and commercial customers, and sell LPG equipment and domestic gas appliances.

China Oil and Gas Group Ltd. is engaged in the investments in, and the operation and management of the natural gas and energy related business. Gas operations include city piped gas business, natural gas vehicle refilling stations, pipeline construction and operation, as well as transportation, delivery and distribution of compressed natural gas (CNG) and liquefied natural gas (LNG).

Guangdong Golden Dragon Development Inc. is an investment holding company. Through its subsidiaries, the Company produces and distributes tap water, as well as develop real estate projects.

Guangdong Golden Dragon Development (000712 CH)

VA Tech Wabag Ltd. designs and builds water and sewage treatment plants. The Company constructs sewage treatment, processed and drinking water treatment, effluents treatment, sludge treatment, desalination and reuse plants.  VA Tech Wabag serves municipalities and customers in the power, steel, and oil and gas industries.

Middlesex Water Company treats, stores, and distributes water for residential, commercial, industrial, and fire prevention purposes. The Company operates in New Jersey and Delaware. Middlesex also provides contract water and wastewater management services to municipalities in New Jersey.

TTW PCL (Formerly known as "Thai Tap Water") is a water utility company that supplies water in the provinces of Nakhon Pathom and Samut Sakhon, and Pathumthani-Rangsit area.

Manila Water Co Inc is a full service water utility company serving the Philippine market.

Jiangsu Jiangnan Water Company Limited supplies and sells water, provides water drainage and related water treatment services.  The Company's scope of business includes the design and technical consulting of water supply engineering, water quality testing, water meter design and testing, investment in public infrastructure industries.

Athens Water Supply & Sewage Co. SA collects, treats and distributes drinkable water in the Attica region. Athens Water Supply recycles water and drains it to the sea.

Athens Water Supply & Sewage C (EYDAP GA)

Qianjiang Water Resources Development Co., Ltd. generates hydroelectric power. The Company also supplies tap water and develops hydro-power resources.

Harbin Hatou Investment Co., Ltd. generates electric power and heat power  that are supplied to Harbin local area.  The Company also manufactures cement and fertilizers.

Harbin Hatou Investment Co, Ltd. (600864 CH)

The York Water Company impounds, purifies, and distributes water throughout York County, Pennsylvania.

China Water Affairs Group Limited, through its subsidiaries, supplies city water and sewage treatment.  The Company supplies raw water and tap water, treats sewage, constructs water supply pipe networks, and installs water meters.

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China Water Affairs (855 HK)

Morning Views Asia: China Water Affairs, Health And Happiness (H&H)

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

Lucror Analytics

Morning Views Asia: China Water Affairs

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

Lucror Analytics

Canvest Environmental (1381 HK): Possible Privatisation at HK$4.90

While not a knockout bid, the offer is reasonable. Shareholders with blocking stakes should support a binding proposal. The key risk is the timing...

Arun George

Bond Market Monitor: No Rate Hikes

Inflation remains stable in 2024 due to fears of global recession and opportunities seen in Chinese bonds outside of property and LGFV sectors.

Bondcritic

Weekly Wrap - 19 Jan 2024

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Morning Views Asia: China Water Affairs, Health And Happiness (H&H)

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

Lucror Analytics

Morning Views Asia: China Water Affairs

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

Lucror Analytics

Canvest Environmental (1381 HK): Possible Privatisation at HK$4.90

While not a knockout bid, the offer is reasonable. Shareholders with blocking stakes should support a binding proposal. The key risk is the timing...

Arun George

Bond Market Monitor: No Rate Hikes

​Inflation remains stable in 2024 due to fears of global recession and opportunities seen in Chinese bonds outside of property and LGFV sectors.

Bondcritic

Weekly Wrap - 19 Jan 2024

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

Inflation remains stable in 2024 due to fears of global recession and opportunities seen in Chinese bonds outside of property and LGFV sectors.