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

The Asia HY Trade Book for the month of April includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of April includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - April 2021 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 - Chinese Property Update (2021) - 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.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</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 Jinmao Holdings

Morning Views Asia: China Jinmao Holdings

Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

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

In this insight, we evaluate <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> 's results announced yesterday to assess its operational and financial outlook going forward. We discuss its valuations and investment potential and compare its stretched working capital cycle with industry peers, to address investor concerns on the same.<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 reported a steady recovery in 2H2020 revenue led by double-digit sequential growth in sales from Mainland China even as pandemic-induced weakness in the daigou trade persisted in the ANZ markets given travel restrictions continue to be in place. The growth in sales was mainly led by (1) new product launches in the Infant milk formula segment and extended offline distribution in China (2) online and cross border e-commerce for adult nutrition products.

In this insight, we evaluate Health And Happiness (H&amp;H) (1112 HK) 's results announced yesterday to assess its operational and financial outlook going forward. We discuss its valuations and investment potential and compare its stretched working capital cycle with industry peers, to address investor concerns on the same.Health And Happiness (H&amp;H) (1112 HK) has reported a steady recovery in 2H2020 revenue led by double-digit sequential growth in sales from Mainland China even as pandemic-induced weakness in the daigou trade persisted in the ANZ markets given travel restrictions continue to be in place. The growth in sales was mainly led by (1) new product launches in the Infant milk formula segment and extended offline distribution in China (2) online and cross border e-commerce for adult nutrition products. 

Health & Happiness (1112 HK): 2H2020 -Strong Sales Growth in China Calms Daigou Pain. Stock Upside

In this insight, we discuss H&amp;H's business outlook, valuations, likely near term stock triggers and upcoming Q42020 results. <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> is currently trading at 14X forward (and 16.5X trailing) P/E at one of its lowest valuation levels after sliding 20% from mid-Feb highs. H&amp;H, which owns leading brands in the premium baby nutrition and adult nutrition segments had announced the acquisition of US-based pet food brand Solid Gold in November 2020. As discussed in our Smartkarma Original <a href="https://www.smartkarma.com/insights/pet-care-sector-in-asia-saga-has-just-started-opportunities-galore" target="_blank" data-smartkarma-citation="insights:47000" rel="noopener">Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore.</a> demand for pet care products is growing at a robust pace in China. H&amp;H's foray into this segment opens up new avenues for future growth.Expect upcoming Q42020 results (to be announced on 23rd March) to give greater clarity on the pace of growth for its core infant milk and the branded adult nutrition segment led by new product launches and expanding reach. The company is also likely to consolidate the recently acquired petcare business while reporting Q4 financials. Re-rating potential exists; Limited stock downside, given the defensive nature of business and inexpensive valuations.

In this insight, we discuss H&amp;H's business outlook, valuations, likely near term stock triggers and upcoming Q42020 results. Health And Happiness (H&amp;H) (1112 HK) is currently trading at 14X forward (and 16.5X trailing) P/E at one of its lowest valuation levels after sliding 20% from mid-Feb highs. H&amp;H, which owns leading brands in the premium baby nutrition and adult nutrition segments had announced the acquisition of US-based pet food brand Solid Gold in November 2020. As discussed in our Smartkarma Original Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore. demand for pet care products is growing at a robust pace in China. H&amp;H's foray into this segment opens up new avenues for future growth.Expect upcoming Q42020 results (to be announced on 23rd March) to give greater clarity on the pace of growth for its core infant milk and the branded adult nutrition segment led by new product launches and expanding reach. The company is also likely to consolidate the recently acquired petcare business while reporting Q4 financials. Re-rating potential exists; Limited stock downside, given the defensive nature of business and inexpensive valuations.

Health & Happiness (1112 HK): Upside Potential. Pet Care Adds to NutriPower. Q4 Preview.

China

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)

Asia HY Trade Book - April 2021 - Lucror Analytics

The Asia HY Trade Book for the month of April includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

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

Lucror Analytics

Morning Views Asia: China Jinmao Holdings

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

Lucror Analytics

Health & Happiness (1112 HK): 2H2020 -Strong Sales Growth in China Calms Daigou Pain. Stock Upside

2H2020 improves earnings growth visibility, underpin stock upside. Attractive dividend yield offers strong downside protection. Quicker resumption...

Devi Subhakesan

Health & Happiness (1112 HK): Upside Potential. Pet Care Adds to NutriPower. Q4 Preview.

Upcoming Q4 results can offer clarity on growth prospects and trigger stock upside. Current inexpensive valuations mean little downside potential....

Devi Subhakesan

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