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

KWG Group’s disclosure and transparency during the investor call are encouraging, though we believe that its plan to repay the USD 900 mn notes in September is subject to some executional risk. In particular, the raising of additional secured loans would be subject to banks’ willingness to lend against the Ap Lei Chau project. We stated previously that it was unclear if KWG and Logan would be able to profitably launch the project for sale, as the record land price would be a stumbling block. That said, KWG should be able to receive steady cash collections from the sale of the remaining units at its Kai Tak project. Assuming a 50% sell-through rate, this could fetch an attributable HKD 1.5-1.75 bn in the coming months. In addition, KWG might be able to supplement its liquidity with asset disposals, particularly if it is willing to dispose of them at a discount.

  KWG Group’s disclosure and transparency during the investor call are encouraging, though we believe that its plan to repay the USD 900 mn notes in September is subject to some executional risk. In particular, the raising of additional secured loans would be subject to banks’ willingness to lend against the Ap Lei Chau project. We stated previously that it was unclear if KWG and Logan would be able to profitably launch the project for sale, as the record land price would be a stumbling block. That said, KWG should be able to receive steady cash collections from the sale of the remaining units at its Kai Tak project. Assuming a 50% sell-through rate, this could fetch an attributable HKD 1.5-1.75 bn in the coming months. In addition, KWG might be able to supplement its liquidity with asset disposals, particularly if it is willing to dispose of them at a discount. 

KWG Group - Event Flash - Investor Call Updates - 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-29231'>KWG Living Group</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.KWG Living Group

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-9334'>Delta Dunia Makmur</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-29231'>KWG Living Group</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.Delta Dunia MakmurJingrui HoldingsKWG Living Group

Morning Views Asia: Delta Dunia Makmur, Jingrui Holdings, KWG Living Group

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/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/greenland-hong-kong-holdings-ltd' target='_blank' rel='noopener'>Greenland Hong Kong Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</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 HoldingsGuangzhou R&F PropertiesSunac China HoldingsGreenland Hong Kong HoldingsEvergrandeand more...

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - 22 April 2022 - Lucror Analytics

China

KWG Group Holdings Limited operates real estate development businesses. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. KWG Group Holdings offers services in Hong Kong.

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Kwg Property Holding (1813 HK)

KWG Group - Event Flash - Investor Call Updates - Lucror Analytics

KWG Group’s disclosure and transparency during the investor call are encouraging, though we believe that its plan to repay the USD 900 mn notes...

Lucror Analytics

Morning Views Asia: KWG Living Group

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

Lucror Analytics

Morning Views Asia: Delta Dunia Makmur, Jingrui Holdings, KWG Living Group

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

Lucror Analytics

Weekly Wrap - 22 Apr 2022

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

Chinese Property Weekly - 22 April 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

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