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-6159'>China SCE</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</a></li><li><a href='#lucror-entity-8085'>Times China</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li><li><a href='#lucror-entity-24592'>Yanzhou Coal Mining</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 SCEHopson DevelopmentIndika EnergyPowerlong Commercial Management HoldingsRonshine China HoldingsSirtex MedicalTimes ChinaYanlord LandYanzhou Coal Mining

Morning Views Asia: China SCE, Hopson Development, Indika Energy

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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Hopson’s FY 2020 results beat our expectations. The top-line increase was sound, on the back of robust contracted sales growth in the past two years and a satisfactory pace of delivery. The company has a solid base for revenue recognition, given its strong contracted sales in 2020. Hopson's land bank is very large at 19x the GFA sold in FY 2020. While this means its saleable resources are sufficient, it also introduces execution risk, holding costs and regulatory risk. Furthermore, the quality of the existing land bank is called into question by the fact that the company has been actively adding to the already large reserve. Moreover, some 13% of Hopson's assets are made up of financial investments, which could lead to fluctuations in income going forward. We revise our Credit Bias on Hopson to “Stable” from “Negative”, and move to "Hold" on the HPDLF curve from "Not Recommended".

  Hopson’s FY 2020 results beat our expectations. The top-line increase was sound, on the back of robust contracted sales growth in the past two years and a satisfactory pace of delivery. The company has a solid base for revenue recognition, given its strong contracted sales in 2020.   Hopson's land bank is very large at 19x the GFA sold in FY 2020. While this means its saleable resources are sufficient, it also introduces execution risk, holding costs and regulatory risk. Furthermore, the quality of the existing land bank is called into question by the fact that the company has been actively adding to the already large reserve. Moreover, some 13% of Hopson's assets are made up of financial investments, which could lead to fluctuations in income going forward.   We revise our Credit Bias on Hopson to “Stable” from “Negative”, and move to "Hold" on the HPDLF curve from "Not Recommended". 

Hopson - Earnings Flash - FY 2020 Results - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 - Asian HY Ratings Transition Study - Lucror Analytics

The Asia HY Trade Book for the month of February 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 February 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 - February 2021 - 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)

Morning Views Asia: China SCE, Hopson Development, Indika Energy

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 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

Hopson - Earnings Flash - FY 2020 Results - Lucror Analytics

Hopson’s FY 2020 results beat our expectations. The top-line increase was sound, on the back of robust contracted sales growth in the past two...

Lucror Analytics

Asia HY Monthly - Asian HY Ratings Transition Study - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror...

Lucror Analytics

Asia HY Trade Book - February 2021 - Lucror Analytics

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

Lucror Analytics

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