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-13359'>Lenovo</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.Lenovo

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Global EV charger market overview with key players highlighted in the industry, including a focus on technological advancements.</li><li>Ex-IBM Chief Accessibility Officer seeks to revolutionize digital inclusion in Taiwan's manufacturing sector through innovative strategies and initiatives.</li><li>Updates on notebook shipment for April 2024, global smartphone sales in the first quarter of 2024 as well as collaborations such as SDC &amp; Lenovo teaming up to launch slidable display devices by 2025.</li></ul>

Global EV charger market overview with key players highlighted in the industry, including a focus on technological advancements.Ex-IBM Chief Accessibility Officer seeks to revolutionize digital inclusion in Taiwan's manufacturing sector through innovative strategies and initiatives.Updates on notebook shipment for April 2024, global smartphone sales in the first quarter of 2024 as well as collaborations such as SDC &amp; Lenovo teaming up to launch slidable display devices by 2025.

Tech Supply Chain Tracker (25-May-2024): Global EV charger market & key players

<ul>
<li>China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.</li>
<li>Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.</li>
<li>Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.</li>
</ul>


China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.
Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.
Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.


Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s vision of bringing AI to every household and industry, 2) its emphasis on the industry trend of hybrid AI, 3) building personal AI agents on AI PC/smartphone/pad products and</li><li>4) deploying enterprise AI agents on Lenovo’s smart infrastructure, solutions and services. Lenovo also launched six new models of AI PC products.</li><li>We believe AI PC product launches are set to accelerate in 2024, and major beneficiaries include Lenovo (992 HK), Dell (Dell US), FIT Hon Teng (6088 HK), Chunqiu Electronics (603890 CH), Huaqin Tech (603296 CH), Bromake (301387 CH) and Luxshare (002475 CH).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s vision of bringing AI to every household and industry, 2) its emphasis on the industry trend of hybrid AI, 3) building personal AI agents on AI PC/smartphone/pad products and4) deploying enterprise AI agents on Lenovo’s smart infrastructure, solutions and services. Lenovo also launched six new models of AI PC products.We believe AI PC product launches are set to accelerate in 2024, and major beneficiaries include Lenovo (992 HK), Dell (Dell US), FIT Hon Teng (6088 HK), Chunqiu Electronics (603890 CH), Huaqin Tech (603296 CH), Bromake (301387 CH) and Luxshare (002475 CH).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

Morning Views Asia: Lenovo

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

Lucror Analytics

Tech Supply Chain Tracker (25-May-2024): Global EV charger market & key players

Global EV charger market overview, Lenovo and SDC announce partnership for slidable display devices by 2025, Absolics receives US CHIPS Act subsidy...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

China's smartphone market grows in 1Q 2024, LG competes with Samsung in OLED panels, Panasonic's battery unit receives subsidy, tech giants invest...

Tech Supply Chain Tracker

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s...

CMB International

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Morning Views Asia: Lenovo

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

Lucror Analytics

Tech Supply Chain Tracker (25-May-2024): Global EV charger market & key players

Global EV charger market overview, Lenovo and SDC announce partnership for slidable display devices by 2025, Absolics receives US CHIPS Act subsidy...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

China's smartphone market grows in 1Q 2024, LG competes with Samsung in OLED panels, Panasonic's battery unit receives subsidy, tech giants invest...

Tech Supply Chain Tracker

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s...

CMB International

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...