Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

Modernland Realty's 2019 results were better than expected, with improved profitability from high-margin industrial land sales and a turnaround in cash flows. The financial risk profile remains highly elevated, however, despite y-o-y on the back of higher earnings. The key risk stems from its inadequate liquidity, as the company will not be able to repay the USD 150 mn Notes due in August 2021 without additional borrowings or asset sales, even asآ the capital market is closed to weak borrowers.

  Modernland Realty's 2019 results were better than expected, with improved profitability from high-margin industrial land sales and a turnaround in cash flows. The financial risk profile remains highly elevated, however, despite y-o-y on the back of higher earnings. The key risk stems from its inadequate liquidity, as the company will not be able to repay the USD 150 mn Notes due in August 2021 without additional borrowings or asset sales, even asآ the capital market is closed to weak borrowers. 

Modernland Realty - Earnings Flash - FY 2019 Results - Lucror Analytics

Leonard Law, CFA

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - April 2020 - 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-20720'>Binhai Investment</a></li><li><a href='#lucror-entity-433'>Fosun International</a></li><li><a href='#lucror-entity-4847'>Golden Wheel Tiandi Holdings Company</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</a></li><li><a href='#lucror-entity-4153'>Shui On Land</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.Binhai InvestmentFosun InternationalGolden Wheel Tiandi Holdings CompanyModernland RealtyShui On Land

Morning Views Asia: Binhai Investment, Fosun International, Golden Wheel Tiandi Holdings Company

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-19717'>Gcl New Energy Holdings</a></li><li><a href='#lucror-entity-12601'>Kwg Property Holding</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-8898'>Sino Ocean Land</a></li><li><a href='#lucror-entity-6100'>Sunshine 100 China</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</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.Gcl New Energy HoldingsKwg Property HoldingModernland RealtyPowerlong Commercial Management HoldingsSino Ocean LandSunshine 100 ChinaWynn Macau Ltd

Morning Views Asia: Gcl New Energy Holdings, Kwg Property Holding, Modernland Realty

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-942'>Car Inc</a></li><li><a href='#lucror-entity-2036'>Central China Securities</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</a></li><li><a href='#lucror-entity-4160'>NagaCorp Ltd</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.Car IncCentral China SecuritiesFantasia Holdings Group CoLogan Property HoldingsModernland RealtyNagaCorp Ltd

Morning Views Asia: Car Inc, Central China Securities, Fantasia Holdings Group Co

Indonesia

PT Modernland Realty Tbk develops and sells real estates as well as operates a golf course and a country club. The Company's real estate projects include Taman Modern, Kota Modern, Bukit Modern, and Padang Golf Modern.

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Modernland Realty (MDLN IJ)

Modernland Realty - Earnings Flash - FY 2019 Results - Lucror Analytics

Modernland Realty's 2019 results were better than expected, with improved profitability from high-margin industrial land sales and a turnaround in...

Lucror Analytics

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Morning Views Asia: Binhai Investment, Fosun International, Golden Wheel Tiandi Holdings Company

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: Gcl New Energy Holdings, Kwg Property Holding, Modernland Realty

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: Car Inc, Central China Securities, Fantasia Holdings Group Co

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

Lucror Analytics

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