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.

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 - 09 Apr 2019

Lucror Analytics - Morning Views Asia - 03 Apr 2019

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.  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 provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.     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 - China Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

In 2018, MOLAND reported decent top-line growth and lower borrowings. We had expected strong revenue, given the sound contracted sales growth. The company now has a large sold but undelivered portfolio, which should be a strong base for future revenue realisation. That said, it could also suggest questionable contracted sales or long delivery cycle. The decline in borrowings is credit positive, although leverage is still aggressive. The company needs to speed up turnover and sales collections, in order to meet its liquidity needs. MOLAND faces several challenges: [1] declining saleable resources, given its land bank only suffice for less than 2 years of development; [2] great execution risk with its exposure in lower tier cities and overseas, especially as details on the three US land parcels are no longer disclosed; and [3] increasing finance cost, with the weighted average interest rate up to 8.2% and issuing the highest coupon senior notes earlier this year.

   In 2018, MOLAND reported decent top-line growth and lower borrowings. We had expected strong revenue, given the sound contracted sales growth. The company now has a large sold but undelivered portfolio, which should be a strong base for future revenue realisation. That said, it could also suggest questionable contracted sales or long delivery cycle. The decline in borrowings is credit positive, although leverage is still aggressive. The company needs to speed up turnover and sales collections, in order to meet its liquidity needs.    MOLAND faces several challenges: [1] declining saleable resources, given its land bank only suffice for less than 2 years of development; [2] great execution risk with its exposure in lower tier cities and overseas, especially as details on the three US land parcels are no longer disclosed; and [3] increasing finance cost, with the weighted average interest rate up to 8.2% and issuing the highest coupon senior notes earlier this year. 

Modern Land China - Earnings Flash - FY 2018 Results - Lucror Analytics

China

Modern Land (China) Co., Ltd. is a real estate development company. The Company develops residential and commercial projects with energy-saving architecture.

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Modern Land China (1107 HK)

Lucror Analytics - Morning Views Asia - 09 Apr 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 03 Apr 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 - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Modern Land China - Earnings Flash - FY 2018 Results - Lucror Analytics

In 2018, MOLAND reported decent top-line growth and lower borrowings. We had expected strong revenue, given the sound contracted sales growth....

Lucror Analytics

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