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.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sands China's ESG as "Strong", in line with the Environmental and Social scores. The company has "Adequate" Governance. Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Sands China's ESG as "Strong", in line with the Environmental and Social scores. The company has "Adequate" Governance. Controversies are "Immaterial" and Disclosure is "Strong". 

Sands China - ESG Report - Lucror Analytics

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-182'>Sands China</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.Sands China

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sands China's ESG as "Adequate", in line with its "Adequate" Environmental and Social scores. The company has a "Strong" score for the Governance pillar. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Sands China's ESG as "Adequate", in line with its "Adequate" Environmental and Social scores. The company has a "Strong" score for the Governance pillar. Controversies are "Immaterial" and Disclosure is "Adequate". 

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<a href="https://www.smartkarma.com/entities/li-fung-ltd" target="_blank" data-smartkarma-citation="entities:6290:1" rel="noopener">Li &amp; Fung Ltd (494 HK)</a> is a global merchandise supply chain manager. It assists retail brands source products from manufacturers in Asia along with managing production and logistics processes. On 20 March, it announced a privatisation bid of HK$1.25 per scheme share from the Fung family and <a href="https://www.smartkarma.com/entities/global-logistic-properties-ltd" target="_blank" data-smartkarma-citation="entities:2894:1" rel="noopener">Global Logistic Properties (GLP SP)</a>, a logistics warehouse operator and investor.<div class="content-highlight">The forward P/E implied by the privatisation price is attractive in comparison to historical and peer P/E multiples. However, the privatisation proposal also looks like an attempt to take advantage of the share price weakness caused in part due to the US-China trade tensions and covid-19 outbreak. Notwithstanding the 150% premium to last close, we think that the privatisation bid has a good chance of not getting shareholder approval. </div>

Li &amp; Fung Ltd (494 HK) is a global merchandise supply chain manager. It assists retail brands source products from manufacturers in Asia along with managing production and logistics processes. On 20 March, it announced a privatisation bid of HK$1.25 per scheme share from the Fung family and Global Logistic Properties (GLP SP), a logistics warehouse operator and investor.The forward P/E implied by the privatisation price is attractive in comparison to historical and peer P/E multiples. However, the privatisation proposal also looks like an attempt to take advantage of the share price weakness caused in part due to the US-China trade tensions and covid-19 outbreak. Notwithstanding the 150% premium to last close, we think that the privatisation bid has a good chance of not getting shareholder approval. 

Li & Fung’s Opportunistic Privatisation Bid?

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Crystal International / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/25979" target="_blank" data-smartkarma-citation="entities:25979:1">Crystal International Group (2232 HK)</a> is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current manufacturing capacity, upstream vertical expansion, and paying down debt that was used to fund a recent acquisition.In this insight, we will briefly look at the apparel manufacturing industry, the company's operating margins compared to Hong Kong-listed peers, and its relative valuation. As usual, we will be running the deal through our ECM framework.

Crystal International Group (2232 HK) is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current manufacturing capacity, upstream vertical expansion, and paying down debt that was used to fund a recent acquisition.In this insight, we will briefly look at the apparel manufacturing industry, the company's operating margins compared to Hong Kong-listed peers, and its relative valuation. As usual, we will be running the deal through our ECM framework.

Crystal Grp IPO Review - Good Underlying Growth Bolstered by New Margin-Accretive Sportswear Segment

Hong Kong

Nameson Holdings is a Knitwear manufacturer in PRC

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Nameson Holdings (1982 HK)

Sands China - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sands China's ESG as...

Lucror Analytics

Morning Views Asia: Sands China

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

Lucror Analytics

Sands China - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sands China's ESG as...

Lucror Analytics

Li & Fung’s Opportunistic Privatisation Bid?

Li & Fung Ltd (494 HK) is a global merchandise supply chain manager. It assists retail brands source products from manufacturers in Asia along...

Arun George

Crystal Grp IPO Review - Good Underlying Growth Bolstered by New Margin-Accretive Sportswear Segment

Crystal International Group (2232 HK) is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current...

Zhen Zhou, Toh

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