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/china-sce-group-holdings-ltd' target='_blank' rel='noopener'>China SCE</a></li><li><a href='/entities/road-king-infrastructure-limited' target='_blank' rel='noopener'>Road King Infrastructure</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/greentown-china-holdings' target='_blank' rel='noopener'>Greentown China</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</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:China SCERoad King InfrastructureSino-Ocean GroupGreentown ChinaAnton Oilfieldand more...

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Yashili International Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> announced that the pre-condition is satisfied - around 10 months since the 6 May 2022 announcement of <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>’s HK$1.20 offer. </li>
<li>Yashili has received an extension for the despatch of the scheme document to a date no later than 31 August. We think the scheme document is despatched by early April.</li>
<li>The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread is 2.6% and 12.2%, respectively.</li>
</ul>



Yashili International Holdings (1230 HK) announced that the pre-condition is satisfied - around 10 months since the 6 May 2022 announcement of China Mengniu Dairy Co (2319 HK)’s HK$1.20 offer. 
Yashili has received an extension for the despatch of the scheme document to a date no later than 31 August. We think the scheme document is despatched by early April.
The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread is 2.6% and 12.2%, respectively.


Yashili (1230 HK): It’s Taken a While - Pre-Condition Satisfied

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/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><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</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:China Jinmao HoldingsLifestyle International HoldingsGeely AutoFirst Pacific CoTata Motors Ltdand more...

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> announced that the Dumex China Disposal was completed. The completion will result in the satisfaction of the last pre-condition, likely within five business days.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>’s offer is HK$1.20 per share. Due to the upcoming release of full-year results, the scheme document will be likely despatched by early April. </li>
<li>This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%, respectively.</li>
</ul>



Yashili International Holdings (1230 HK) announced that the Dumex China Disposal was completed. The completion will result in the satisfaction of the last pre-condition, likely within five business days.

China Mengniu Dairy Co (2319 HK)’s offer is HK$1.20 per share. Due to the upcoming release of full-year results, the scheme document will be likely despatched by early April. 
This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%, respectively.


Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

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 - February 2023 - Lucror Analytics

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)

Weekly Wrap - 10 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

Yashili (1230 HK): It’s Taken a While - Pre-Condition Satisfied

The scheme meeting is likely in early May. The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread...

Arun George

Weekly Wrap - 03 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

Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%,...

Arun George

Asia HY Monthly - February 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

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