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-8550'>Pakuwon Jati</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-18067'>Yestar Healthcare Holdings</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.Pakuwon JatiRonshine China HoldingsYestar Healthcare Holdings

Morning Views Asia: Pakuwon Jati, Ronshine China Holdings, Yestar Healthcare Holdings

Trung Nguyen

Pakuwon Jati (PWON) has released its FY 2020 results, which were dismal due to the severe impact of the COVID-19 pandemic on the retail mall, hotel and condo sales segments. The financial risk profile deteriorated, but was still relatively healthy compared to other high-yield peers. Liquidity remains sound. We expect a rebound in FY 2021, due to the fall-away of rental lease waivers or rebates to retail tenants. Moreover, the easing of pandemic-related restrictions would also support PWON's hospitality assets. That said, we only expect the company's performance to return to FY 2019 levels from FY 2023 onwards. The pandemic may have accelerated consumer trends towards online shopping, which would reduce mall traffic. COVID-19 related fears may also result in consumers continuing to favour lower-density landed housing over higher-density condos (PWON's focus).

  Pakuwon Jati (PWON) has released its FY 2020 results, which were dismal due to the severe impact of the COVID-19 pandemic on the retail mall, hotel and condo sales segments. The financial risk profile deteriorated, but was still relatively healthy compared to other high-yield peers. Liquidity remains sound.   We expect a rebound in FY 2021, due to the fall-away of rental lease waivers or rebates to retail tenants. Moreover, the easing of pandemic-related restrictions would also support PWON's hospitality assets. That said, we only expect the company's performance to return to FY 2019 levels from FY 2023 onwards. The pandemic may have accelerated consumer trends towards online shopping, which would reduce mall traffic. COVID-19 related fears may also result in consumers continuing to favour lower-density landed housing over higher-density condos (PWON's focus).     

Pakuwon Jati - Earnings Flash - FY 2020 Results - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 - Chinese Property Update (2021) - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 - Asian HY Ratings Transition Study - Lucror Analytics

The Asia HY Trade Book for the month of February includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of February includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - February 2021 - Lucror Analytics

Indonesia

PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels.

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Pakuwon Jati (PWON IJ)

Morning Views Asia: Pakuwon Jati, Ronshine China Holdings, Yestar Healthcare Holdings

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

Lucror Analytics

Pakuwon Jati - Earnings Flash - FY 2020 Results - Lucror Analytics

Pakuwon Jati (PWON) has released its FY 2020 results, which were dismal due to the severe impact of the COVID-19 pandemic on the retail mall,...

Lucror Analytics

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Asian HY Ratings Transition Study - Lucror Analytics

In this month's “In-Focus”, we update our study of agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror...

Lucror Analytics

Asia HY Trade Book - February 2021 - Lucror Analytics

The Asia HY Trade Book for the month of February includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

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