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

<p><br/> This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead. <br/><br/> 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. <br/></p>

  This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead.    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 - 2020 In Review And 2021 Outlook - Lucror Analytics

<p><br/> The Asia HY Trade Book for the month of December 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.<br/></p>

  The Asia HY Trade Book for the month of December 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 - December 2020 - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Haier, Tokyo Dome, Cowell, Infratil, Link Admin, Sapporo/Asahi, Mcdonald's

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<p><a href="https://www.smartkarma.com/entities/sino-ocean-land-holdings" target="_blank" data-smartkarma-citation="entities:8898:1" rel="noopener">Sino Ocean Land (3377 HK)</a>'s 90.1%-held property management services arm <a href="https://www.smartkarma.com/entities/sino-ocean-service" target="_blank" data-smartkarma-citation="entities:31037:1" rel="noopener">Sino-Ocean Service (6677 HK)</a> ("<strong>SOS</strong>") issued its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1207/2020120700092.pdf" target="_blank" rel="noopener">global offering doc</a> yesterday. </p>
<p>SOS expects to raise HK$1.8bn (US$0.23bn) if using HK$6.10/share, the mid-point of the indicative Offer Price range. Following the Offer, and before over-allotment, Sino Ocean's stake will decline to 67.57%.</p>
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<p>Sino Ocean is trading cheap to peers (as it has historically), and its implied stub P/B is the least expensive compared to other parents of property management spin-offs. </p>
<p>But the niggling issue is Sino Ocean's debt burden.</p>
<p>More below the fold.</p>
</div>


Sino Ocean Land (3377 HK)'s 90.1%-held property management services arm Sino-Ocean Service (6677 HK) ("SOS") issued its global offering doc yesterday. 
SOS expects to raise HK$1.8bn (US$0.23bn) if using HK$6.10/share, the mid-point of the indicative Offer Price range. Following the Offer, and before over-allotment, Sino Ocean's stake will decline to 67.57%.


Sino Ocean is trading cheap to peers (as it has historically), and its implied stub P/B is the least expensive compared to other parents of property management spin-offs. 
But the niggling issue is Sino Ocean's debt burden.
More below the fold.


Sino Ocean (3377 HK): (Still) Trading Cheap Ahead Of Property Management Co Spin-Off

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<p><a href="https://www.smartkarma.com/entities/sino-ocean-service" target="_blank" data-smartkarma-citation="entities:31037:1" rel="noopener">Sino-Ocean Service (6677 HK)</a> ("SOS") joins the ever-expanding ranks of property management service companies seeking a listing. The Offer Price is expected to be announced on the 16 December, with the commencement of trading in the shares on the 17 December.</p>
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<p>SOS is the spin-off of <a href="https://www.smartkarma.com/entities/sino-ocean-land-holdings" target="_blank" data-smartkarma-citation="entities:8898:1" rel="noopener">Sino Ocean Land (3377 HK)</a>, which will own 67.57% in <strong>SOS</strong> after the IPO, down from 90.1% currently, before over-allotment.</p>
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<p>SOS intends to raise HK$1.8bn (US$0.23bn) if using HK$6.10/share, the mid-point of the indicative Offer Price range.</p>
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<p>On an FY20E PER metric, SOS is pitched in line with its peer basket. </p>
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<p>More below the fold. </p>
</div>


Sino-Ocean Service (6677 HK) ("SOS") joins the ever-expanding ranks of property management service companies seeking a listing. The Offer Price is expected to be announced on the 16 December, with the commencement of trading in the shares on the 17 December.


SOS is the spin-off of Sino Ocean Land (3377 HK), which will own 67.57% in SOS after the IPO, down from 90.1% currently, before over-allotment.


SOS intends to raise HK$1.8bn (US$0.23bn) if using HK$6.10/share, the mid-point of the indicative Offer Price range.


On an FY20E PER metric, SOS is pitched in line with its peer basket. 


More below the fold. 


Sino Ocean Services (6677 HK): Bang In Line

China

Kaisa Group Holdings Limited is an integrated real estate company. The Group focuses on urban development and operation. Kaisa Group's real estate business covers the planning, development and operation of large-scale residential properties and integrated commercial properties.

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Kaisa Group Holdings (1638 HK)

Asia HY Monthly - 2020 In Review And 2021 Outlook - Lucror Analytics

This month, we review the developments of 2020, an extraordinary year from an investor’s perspective, and give our outlook for the year ahead. ...

Lucror Analytics

Asia HY Trade Book - December 2020 - Lucror Analytics

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

Lucror Analytics

Last Week in Event SPACE: Haier, Tokyo Dome, Cowell, Infratil, Link Admin, Sapporo/Asahi, Mcdonald's

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Sino Ocean (3377 HK): (Still) Trading Cheap Ahead Of Property Management Co Spin-Off

At 0.2x P/B, Sino Ocean is "cheap". But it has perennially been so. I don't see the Sino Ocean Services spin-off helping to narrow the trading gap...

David Blennerhassett

Sino Ocean Services (6677 HK): Bang In Line

Sino Ocean Services is priced with some semblance of reality yet ~26x FY20E remains a punchy valuation for a company with as yet unproven growth...

David Blennerhassett

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