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 Recommendations report for February includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for February includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

APAC IPOs & Placements

Zhen Zhou, Toh

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.

Equity Capital Markets

Dexin China Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27887" target="_blank" data-smartkarma-citation="entities:27887:1">Dexin China Holdings (2019 HK)</a> (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight, <a href="https://www.smartkarma.com/insights/dexin-china-pre-ipo-related-party-transactions-and-partial-asset-listing" target="_blank" data-smartkarma-citation="insights:27474">Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing</a>.
While details of Huzhou's property growth has been provided and showed that the city is growing the fastest compared to Hangzhou and Wenzhou, other concerns such as related party transactions and the partial listing of assets remain.
In this insight, we will provide updates on the company's 9M 2018 financials, details of the cornerstone investor, and valuation compared to listed peers. We will also run the deal through our framework.

Dexin China Holdings (2019 HK) (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight, Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing.
While details of Huzhou's property growth has been provided and showed that the city is growing the fastest compared to Hangzhou and Wenzhou, other concerns such as related party transactions and the partial listing of assets remain.
In this insight, we will provide updates on the company's 9M 2018 financials, details of the cornerstone investor, and valuation compared to listed peers. We will also run the deal through our framework.

Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth

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.

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. 

Lucror Analytics - Morning Views Asia - 07 Feb 2019

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. 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 look at agency ratings for Asian issuers.    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 - Agency Ratings For Asian Issuers - Lucror Analytics

<a href="https://www.smartkarma.com/entities/27887" target="_blank" data-smartkarma-citation="entities:27887:1">Dexin China Holdings (DEXIN HK)</a> is looking to raise about US$200m in its upcoming IPO. According to media reports, the company was seeking HKEX listing approval as of last week.
Dexin is a Zhejiang Province-based property developer. Its revenue grew at a modest 7% CAGR from 2015 to 2017 while net profit growth outpaced significantly, with 388% CAGR as a result of higher ASP of projects.
However, the company is riddled with numerous related party transactions and balances with entities controlled by the founder, Mr. Hu. There are also other property-related businesses owned by Mr. Hu and his family that are not being listed. 
In this insight, we will discuss the company's financial performance, look at the break down of its land bank under development, and analyze its related party transactions and the partial listing of its assets.

Dexin China Holdings (DEXIN HK) is looking to raise about US$200m in its upcoming IPO. According to media reports, the company was seeking HKEX listing approval as of last week.
Dexin is a Zhejiang Province-based property developer. Its revenue grew at a modest 7% CAGR from 2015 to 2017 while net profit growth outpaced significantly, with 388% CAGR as a result of higher ASP of projects.
However, the company is riddled with numerous related party transactions and balances with entities controlled by the founder, Mr. Hu. There are also other property-related businesses owned by Mr. Hu and his family that are not being listed. 
In this insight, we will discuss the company's financial performance, look at the break down of its land bank under development, and analyze its related party transactions and the partial listing of its assets.

Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing

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)

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

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

Lucror Analytics

Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth

Dexin China Holdings (2019 HK) (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight,...

Zhen Zhou, Toh

Lucror Analytics - Morning Views Asia - 07 Feb 2019

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 - Agency Ratings For Asian Issuers - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

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

Lucror Analytics

Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth

Dexin China Holdings (2019 HK) (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight,...

Zhen Zhou, Toh

Lucror Analytics - Morning Views Asia - 07 Feb 2019

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 - Agency Ratings For Asian Issuers - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing

Dexin China Holdings (DEXIN HK) is looking to raise about US$200m in its upcoming IPO. According to media reports, the company was seeking HKEX...

Zhen Zhou, Toh