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 September 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 September 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 - September 2021 - Lucror Analytics

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 10.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 494.2 million worth of buybacks), Tencent Holdings Limited (700 HK) (HKD 341.7 million worth of buybacks), Hopson Development Holdings Limited (754 HK) (HKD 85.9 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 10.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 494.2 million worth of buybacks), Tencent Holdings Limited (700 HK) (HKD 341.7 million worth of buybacks), Hopson Development Holdings Limited (754 HK) (HKD 85.9 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Tencent Led the Buybacks

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-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-6159'>China SCE</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-182'>Sands China Ltd</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-9423'>West China Cement</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</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.Evergrande Real Estate GroupChina SCEHopson DevelopmentLippo KarawaciSands China LtdSirtex MedicalSunac China HoldingsWest China CementYanlord Land

Morning Views Asia: Evergrande Real Estate Group, China SCE, Hopson Development, Lippo Karawaci

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults. 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 discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults.   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 Variable Interest Entities - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Hopson's H1/21 results exceeded our expectations. Revenue growth was supported by all segments, particularly property development and investments. The increase in revenue recognised from property sales was boosted by robust contracted sales growth over the past two years, as well as a satisfactory pace of delivery. The company has a solid base for revenue recognition in FY 2021. Notably, the investments segment has become increasingly important to the company. As of end-June 2021, c. 20% of Hopson's assets consisted of financial investments, which could lead to income fluctuations going forward. The company's metrics were within all of the regulator's Three Red Lines thresholds. This puts Hopson in the green category, with annual debt growth capped at 15% in principle.

  Hopson's H1/21 results exceeded our expectations. Revenue growth was supported by all segments, particularly property development and investments. The increase in revenue recognised from property sales was boosted by robust contracted sales growth over the past two years, as well as a satisfactory pace of delivery. The company has a solid base for revenue recognition in FY 2021.   Notably, the investments segment has become increasingly important to the company. As of end-June 2021, c. 20% of Hopson's assets consisted of financial investments, which could lead to income fluctuations going forward.   The company's metrics were within all of the regulator's Three Red Lines thresholds. This puts Hopson in the green category, with annual debt growth capped at 15% in principle. 

Hopson - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Hong Kong

Hopson Development Holdings Limited, through its subsidiaries, develops, manages and invests in properties in China. The Company also operates residential property, commercial property, hotels, tourism and property management.

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Hopson Development (754 HK)

Asia HY Trade Book - September 2021 - Lucror Analytics

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

Lucror Analytics

Hong Kong Buybacks: Xiaomi Tencent Led the Buybacks

We highlight the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Tencent (700 HK), and Hopson...

Ke Yan, CFA, FRM

Morning Views Asia: Evergrande Real Estate Group, China SCE, Hopson Development, Lippo Karawaci

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 - Chinese Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that...

Lucror Analytics

Hopson - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Hopson's H1/21 results exceeded our expectations. Revenue growth was supported by all segments, particularly property development and...

Lucror Analytics

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