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.

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 - 04 Apr 2019

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 - China Property Update - Lucror Analytics

Lucror Analytics - Morning Views Asia - 28 Mar 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Fantasia’s FY 2018 results were below our expectations, albeit top-line growth was strong. The pace of delivery for sold properties continued to be slow. We foresee higher revenue growth in FY 2019, given the robust contracted sales and undelivered portfolio. The company continues to have a pressing need to refinance, with CNY 4.6 bn domestic Notes and USD 427 mn 1Y Notes coming due in 2019. Fantasia must either boost contracted sales and limit its expansion expenditure, or continue to raise funds from debt. The company’s cost of financing has been increasing. The 2021 Notes issued in December 2019 have a coupon of 15%. Moreover, we remain concerned over Fantasia's rising reliance on 364-day Notes to fund its business, which suggests tight access to other financing channels.

   Fantasia’s FY 2018 results were below our expectations, albeit top-line growth was strong. The pace of delivery for sold properties continued to be slow. We foresee higher revenue growth in FY 2019, given the robust contracted sales and undelivered portfolio.    The company continues to have a pressing need to refinance, with CNY 4.6 bn domestic Notes and USD 427 mn 1Y Notes coming due in 2019. Fantasia must either boost contracted sales and limit its expansion expenditure, or continue to raise funds from debt. The company’s cost of financing has been increasing. The 2021 Notes issued in December 2019 have a coupon of 15%. Moreover, we remain concerned over Fantasia's rising reliance on 364-day Notes to fund its business, which suggests tight access to other financing channels. 

Fantasia - Earnings Flash - FY 2018 Results - 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 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

China

Fantasia Holdings Group Company Ltd. is a property developer and provider of real estate agency and property management services in the Peoples Republic of China. The Company develops urban commercial complexes and residential properties in Chengdu-Chongqing Economic Zone, the Pearl River Delta region, the Yangtze River Delta region and the Beijing-Tianjin metropolitan region.

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Fantasia Holdings Group Co (1777 HK)

Lucror Analytics - Morning Views Asia - 04 Apr 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 - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 28 Mar 2019

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

Lucror Analytics

Fantasia - Earnings Flash - FY 2018 Results - Lucror Analytics

Fantasia’s FY 2018 results were below our expectations, albeit top-line growth was strong. The pace of delivery for sold properties continued to...

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

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52-week Range

Market Cap (USDm)

P/E

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