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-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-20582'>Health And Happiness (H&H)</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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 OilfieldHealth And Happiness (H&H)Vedanta Resources

Morning Views Asia: Anton Oilfield, Health And Happiness (H&H), Vedanta Resources

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-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.Health And Happiness (H&H)

Morning Views Asia: 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></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.

Analyst

Steve Zhou, CFA

Equity Bottom-Up

Health And Happiness (H&H) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/health-and-happiness-h-h-int" target="_blank" data-smartkarma-citation="entities:20582:1" rel="noopener">Health And Happiness (H&amp;H) (1112 HK)</a> has transformed from an infant formula company to a nutritional supplements company.</li>
<li>The company currently trades at 5.3x 2024E PE - still valued as a Chinese infant formula company and not a growing and more global nutritional supplements company.</li>
<li>As the company continues to deliver growth in the nutritional supplements business, rerating will come eventually. </li>
</ul>



Health And Happiness (H&amp;H) (1112 HK) has transformed from an infant formula company to a nutritional supplements company.
The company currently trades at 5.3x 2024E PE - still valued as a Chinese infant formula company and not a growing and more global nutritional supplements company.
As the company continues to deliver growth in the nutritional supplements business, rerating will come eventually. 


Health And Happiness (1112 HK):  Strong Growth From Nutritional Supplements

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-1457'>China Oil And Gas</a></li><li><a href='#lucror-entity-26970'>Meituan</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 Oil And GasMeituan

Morning Views Asia: China Oil And Gas, Meituan

China

Xinjiang Guannong Fruit & Antler (Group) Co., Ltd. cultivates Korla pears, and produces antlers and other health products from red deer. The Company also manufactures and sells carton boxes and fruit packaging materials.

Xinjiang Guanng Fruit & Antler Gp (600251 CH)

Gansu Yasheng Industrial (Group) Co., Ltd. is an investment holding company. Through its subsidiaries, the Company operates in chemical engineering, agricultural production, textile products printing and dyeing, commercial trading, as well as beverage and inorganic salt manufacturing.

Shanghai Maling Aquarius Co., Ltd. manufactures and markets canned food, bottled water, flavorings, frozen food, and other related products.

Yashili International Holdings Ltd. produces dairy products.  The Company operates milk processing plants in Guangdong, Heilongjiang, Shanxi and Henan Provinces in China.

Tenfu Cayman Holdings Co Ltd. is a traditional Chinese tea-product enterprise engaged in the sale and marketing of a comprehensive range of tea products. The Company's key products are tea leaves, tea snacks, and tea ware which are sold through a nationwide network of self-owned and thrid party owned retail outlets.

China Modern Dairy Holdings Ltd. is an industrialized agricultural company. The Company operates dairy farms and produces raw milk in China.  China Modern Dairy Holdings Ltd focuses on large-scale industrialized free-stall dairy farming.

Luoniushan Co., Ltd. produces and markets a variety of agricultural products. The Company's products include pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and undertakes construction projects.

Guilin Layn Natural Ingredients Corporation developes, manufactures and sells natural ingredients which are derived from plant materials. The Company's botanical extracts are used by the pharmaceutical, food and cosmetic industries to manufacture finished products for the consumer market.

Guilin Layn Natural Ingredients (002166 CH)

Jinzi Ham Company Limited develops, produces and sells Jinhua Ham, ham products and various fermented meat products and low-temperature meat.

Beijing Sanyuan Foods Co., Ltd. produces and sells dairy products such as pasteurized milk, sterilized milk, yogurt, and milk powder. The Comapny also operates real estate business.

KIDO Group Corp produces baked goods and candy. The Company produces cookies, crackers, pies, cakes, and bread, along with chocolate and other candy.

Mitsui Sugar Co., Ltd. produces and sells sugar and related processed products including sweetener and syrup.  The Company produces its products for commercial use and home use.

Vitasoy International Holdings Limited, through its subsidiaries, manufactures and distributes food and beverages.

Piccadily Agro Industries Limited manufacture sugar and its by products.

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

Sinar Mas Agro Resources and Technology Tbk PT and its subsidiaries develops oil palm and tea plantations.  The Company produces and trades crude palm oil, palm kernel oil, tea, and refined palm products such as cooking oil and margarine.  Sinar Mas also manufactures packaging products such as bottles and caps as well as provides management services.

Sinar Mas Agro Resources and Technology Tbk PT (SMAR IJ)

Sinar Mas Agro Resources and Technology Tbk PT

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries,  the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations.

The Hain Celestial Group, Inc. is a natural and organic beverage, snack, specialty food, and personal care products company.  The Company's product line include grocery store foods such as organic cookies, cooking oils, sugar free products, kosher foods, snacks, and frozen foods, as well as organic skin, hair, and body products. Hain Celestial sells and markets in North America and Europe.

Daesang Corporation manufactures food seasonings, fermentations, sweeteners, starches, coffee, fodder, and bulk pharmaceutical ingredients.  The Company also constructs commercial buildings, infrastructures, and environmental facilities.

President Bakery PCL produces and distributes a wide variety of baked goods to fast food restaurants and convenient stores.  The company also sells its product through its own retail stores under Farmhouse shop and Deliya by Farmhouse.

Health and Happiness H&H International Holdings Ltd provides health care supplements. The Company offers pediatric nutritional and baby care products. Health and Happiness H&H International Holdings serves nutrition and wellness industries worldwide.

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Health And Happiness (H&H) (1112 HK)

Morning Views Asia: Anton Oilfield, Health And Happiness (H&H), Vedanta Resources

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: 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:

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

Lucror Analytics

Health And Happiness (1112 HK): Strong Growth From Nutritional Supplements

Starting To Get Recognized! Share price up 20% after 3Q23 operating results came out at noon today. Adult nutritional supplements grew 27% yoy...

Steve Zhou, CFA

Morning Views Asia: China Oil And Gas, Meituan

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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