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/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</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:Softbank GroupCentral China Real EstateSino-Ocean GroupSeazen (Formerly Future Land)Vedanta Resourcesand more...

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-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</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.Anton OilfieldGreentown ChinaSino-Ocean Service

Morning Views Asia: Anton Oilfield, Greentown China, Sino-Ocean Service

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 - March 2023 - Lucror Analytics

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/japfa-comfeed-indonesia-tbk-pt' target='_blank' rel='noopener'>Japfa Comfeed Indonesia</a></li><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</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></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:Japfa Comfeed IndonesiaYankuang Energy GroupAnton OilfieldChina Jinmao HoldingsLifestyle International Holdingsand more...

Greentown China has delivered resilient growth in FY 2022. The full-year results were stronger than expected, with the company outperforming most BB rated industry peers, in our view. Full-year revenue climbed 27% y-o-y to CNY 127 bn. Gross profit rose 21% to CNY 22 bn, with a largely stable margin (17.3% vs. 18.1% in FY 2021). Reported net profit grew 16%, with the limited increase due to negative impact from FX and impairment loss as well as rising interest rates on foreign currency borrowings. The company optimised its debt structure in FY 2022, by reducing short-term debt and redeeming all its offshore perpetuals. However, overall leverage remains elevated, with weak coverage ratios. Net Debt/Net Property Assets as at FYE 2022 weakened slightly to 51% (FY 2021: 49%), with Debt/EBITDA improving but staying high at 10x (12x). EBITDA/Interest was low at 2.5x. That said, liquidity remained sound, with cash covering adjusted net debt by 2.5x.

  Greentown China has delivered resilient growth in FY 2022. The full-year results were stronger than expected, with the company outperforming most BB rated industry peers, in our view. Full-year revenue climbed 27% y-o-y to CNY 127 bn. Gross profit rose 21% to CNY 22 bn, with a largely stable margin (17.3% vs. 18.1% in FY 2021). Reported net profit grew 16%, with the limited increase due to negative impact from FX and impairment loss as well as rising interest rates on foreign currency borrowings.   The company optimised its debt structure in FY 2022, by reducing short-term debt and redeeming all its offshore perpetuals. However, overall leverage remains elevated, with weak coverage ratios. Net Debt/Net Property Assets as at FYE 2022 weakened slightly to 51% (FY 2021: 49%), with Debt/EBITDA improving but staying high at 10x (12x). EBITDA/Interest was low at 2.5x. That said, liquidity remained sound, with cash covering adjusted net debt by 2.5x. 

Greentown China - Earnings Flash - FY 2022 Results - Lucror Analytics

China

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

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Greentown China (3900 HK)

Weekly Wrap - 14 Apr 2023

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

Morning Views Asia: Anton Oilfield, Greentown China, Sino-Ocean Service

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 - March 2023 - 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

Weekly Wrap - 31 Mar 2023

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

Greentown China - Earnings Flash - FY 2022 Results - Lucror Analytics

Greentown China has delivered resilient growth in FY 2022. The full-year results were stronger than expected, with the company outperforming most...

Lucror Analytics

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