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 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/abm-investama-tbk-pt' target='_blank' rel='noopener'>ABM Investama</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</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:ABM InvestamaChina Jinmao HoldingsLifestyle International HoldingsGeely AutoFirst Pacific Coand more...

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - 2 September 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - August 2022 - Lucror Analytics

CIFI Holdings' H1/22 results were slightly below our expectations. The company reported a moderate increase in net debt, which appears to contradict its deleveraging plans. Moreover, we believe CIFI's liquidity is tight, as only one-third of its cash on hand is freely available. We note the company has to bear the burden of ensuring property deliveries at its JV projects (particularly if the JV partner is under distress). This may add to CIFI's cash outflows as it acquire stakes from JV partners. The tight liquidity is also evidenced by the company's failure to call the perpetual securities in August 2022, as well as the new share placement at a 12% discount. Positively, CIFI enjoys relatively good access to financing (compared to other private developers), which greatly enhances its near-term debt repayment prospects. In this regard, the company expects to complete the issuance of CNY 1.5 bn in onshore state-guaranteed bonds around mid-September 2022. We expect CIFI to repay its sole maturing bond in the next 12 months (the USD 300 mn CIGIHF 5.5 23 coming due in January 2023).

  CIFI Holdings' H1/22 results were slightly below our expectations. The company reported a moderate increase in net debt, which appears to contradict its deleveraging plans. Moreover, we believe CIFI's liquidity is tight, as only one-third of its cash on hand is freely available. We note the company has to bear the burden of ensuring property deliveries at its JV projects (particularly if the JV partner is under distress). This may add to CIFI's cash outflows as it acquire stakes from JV partners. The tight liquidity is also evidenced by the company's failure to call the perpetual securities in August 2022, as well as the new share placement at a 12% discount.   Positively, CIFI enjoys relatively good access to financing (compared to other private developers), which greatly enhances its near-term debt repayment prospects. In this regard, the company expects to complete the issuance of CNY 1.5 bn in onshore state-guaranteed bonds around mid-September 2022. We expect CIFI to repay its sole maturing bond in the next 12 months (the USD 300 mn CIGIHF 5.5 23 coming due in January 2023). 

CIFI Holdings - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

Chinese Property Weekly - 26 August 2022 - Lucror Analytics

China

CIFI Holdings Group Co Ltd. is a real estate development company. The Company develops hotels and residential properties in China.

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CIFI Holdings (884 HK)

Weekly Wrap - 02 Sep 2022

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

Chinese Property Weekly - 2 September 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

Asia HY Monthly - August 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

CIFI Holdings - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

CIFI Holdings' H1/22 results were slightly below our expectations. The company reported a moderate increase in net debt, which appears to...

Lucror Analytics

Chinese Property Weekly - 26 August 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

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