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

CIFI Holdings' FY 2018 results were satisfactory, thanks to the decent growth in contracted sales (+46% y-o-y) and revenues (+33%). That said, profitability weakened as the company increased its exposure to lower-tier cities. We believe CIFI has good access to capital markets, as demonstrated by its successful bond issuances at relatively competitive rates.  That said, we remain concerned about CIFI's: [1] aggressive growth ambitions, which will further weaken its credit metrics; and [2] heavy reliance on JV structures for projects. The company's total borrowings (including perpetual securities) increased 60% y-o-y and amounted to CNY 82 bn. For FY 2019, CIFI has announced a contracted sales target of CNY 190 bn (+25%).  .

   CIFI Holdings' FY 2018 results were satisfactory, thanks to the decent growth in contracted sales (+46% y-o-y) and revenues (+33%). That said, profitability weakened as the company increased its exposure to lower-tier cities. We believe CIFI has good access to capital markets, as demonstrated by its successful bond issuances at relatively competitive rates.     That said, we remain concerned about CIFI's: [1] aggressive growth ambitions, which will further weaken its credit metrics; and [2] heavy reliance on JV structures for projects. The company's total borrowings (including perpetual securities) increased 60% y-o-y and amounted to CNY 82 bn. For FY 2019, CIFI has announced a contracted sales target of CNY 190 bn (+25%).  . 

CIFI Holdings - Earnings Flash - FY 2018 Results - 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 - 07 Mar 2019

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage. 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 look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage.    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 - Oil & Gas Overview - Lucror Analytics

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

Lucror Analytics - Morning Views Asia - 18 Feb 2019

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)

CIFI Holdings - Earnings Flash - FY 2018 Results - Lucror Analytics

CIFI Holdings' FY 2018 results were satisfactory, thanks to the decent growth in contracted sales (+46% y-o-y) and revenues (+33%). That said,...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 07 Mar 2019

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

Lucror Analytics

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 18 Feb 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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