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>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.</p><ul><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-26970'>Meituan</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.Lippo Malls Indonesia Retail TrustMeituan

Morning Views Asia: Lippo Malls Indonesia Retail Trust, Meituan

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we discuss the industry dynamics and undertake a peer comparison.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we discuss the industry dynamics and undertake a peer comparison.


ZJLD Group Pre-IPO Peer Comparison - Smallest but Compensated with Growth. Sentiment Picking Up

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Lalatech Holdings, one of the largest Asia-based providers of on-demand delivery platform, filed for Hong Kong IPO, with Goldman Sachs, BofA Securities and J.P. Morgan leading the offering.</li>
<li>I like profitable growth at tremendous scale, hybrid monetization model and leadership position in Mainland China with a 40%+ share, well ahead of its major peers.</li>
<li>Lalatech Holdings was backed by top-tier VC investors, including Hillhouse Capital Group, Sequoia Capital, Shunwei Capital, MindWorks Capital and Vitruvian Partners, among others. </li>
</ul>


Lalatech Holdings, one of the largest Asia-based providers of on-demand delivery platform, filed for Hong Kong IPO, with Goldman Sachs, BofA Securities and J.P. Morgan leading the offering.
I like profitable growth at tremendous scale, hybrid monetization model and leadership position in Mainland China with a 40%+ share, well ahead of its major peers.
Lalatech Holdings was backed by top-tier VC investors, including Hillhouse Capital Group, Sequoia Capital, Shunwei Capital, MindWorks Capital and Vitruvian Partners, among others. 


Lalatech IPO Preview: Disrupting The Traditional Logistics Industry

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Meituan, China Mobile, ICBC, Bilibili, and outflows from CCB, Geely, Sunny Optical.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Meituan, China Mobile, ICBC, Bilibili, and outflows from CCB, Geely, Sunny Optical.


Hong Kong Connect Flows Monthly: 1Y High Inflows in March

Greater China Equity Long/Short Analyst

Eric Chen

Thematic (Sector/Industry)

<ul>
<li>China online marketplaces are entering maturity phase of slow but steady growth. While markets have lingering concern about competition intensifying, we see the landscape stabilizing rather than deteriorating.</li>
<li>Early yet clear signals are flashing that incumbents like Alibaba are regaining footing whereas challengers such as PDD and Douyin are losing momentum.</li>
<li>Alibaba is our top pick for its improving fundamentals and discounted valuation. We are positive on Meituan for the near term but underweight PDD and see JD fairly priced.</li>
</ul>


China online marketplaces are entering maturity phase of slow but steady growth. While markets have lingering concern about competition intensifying, we see the landscape stabilizing rather than deteriorating.
Early yet clear signals are flashing that incumbents like Alibaba are regaining footing whereas challengers such as PDD and Douyin are losing momentum.
Alibaba is our top pick for its improving fundamentals and discounted valuation. We are positive on Meituan for the near term but underweight PDD and see JD fairly priced.


China Online Marketplaces: Expecting Slow yet Steady Growth

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Morning Views Asia: Lippo Malls Indonesia Retail Trust, Meituan

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

Lucror Analytics

ZJLD Group Pre-IPO Peer Comparison - Smallest but Compensated with Growth. Sentiment Picking Up

ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we discuss the industry dynamics and undertake...

Clarence Chu

Lalatech IPO Preview: Disrupting The Traditional Logistics Industry

Lalatech’s leadership position in Mainland China, strong fundamentals and VC funding will drive a premium IPO valuation, in our view

Andrei Zakharov

Hong Kong Connect Flows Monthly: 1Y High Inflows in March

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Tencent, Meituan, China Mobile, ICBC, Bilibili, CCB, Geely, Sunny Optical.

Ke Yan, CFA, FRM

China Online Marketplaces: Expecting Slow yet Steady Growth

The competitive landscape for China online marketplaces is stabilizing rather than deteriorating as investors feared. Incumbents are regaining...

Eric Chen

Price Gauge

52-week Range

Market Cap (USDm)

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