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

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

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-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</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.Powerlong Commercial Management HoldingsSirtex Medical

Morning Views Asia: Powerlong Commercial Management Holdings, Sirtex Medical

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-3121'>Lippo Karawaci</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-14152'>Yanlord Land</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</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 KarawaciPowerlong Commercial Management HoldingsSino Ocean LandYanlord LandSuzhou Boamax Tech Group

Morning Views Asia: Lippo Karawaci, Powerlong Commercial Management Holdings, Sino Ocean Land

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Powerlong’s FY 2020 results beat our expectations, with strong revenue growth. It seems that COVID-19 had a very limited impact on the company: there was no slowdown in construction and property delivery, and the malls' operations have recovered. Contracted sales, too, recovered in H2. Powerlong's margins remain stronger compared to most of its peers, and we believe it will maintain its edge in terms of profitability. Gross debt surged 19% y-o-y, driven by both the faster pace of expansion and the increase in bank loans for construction. Still, credit metrics improved on the back of the stronger operating results. The liquidity profile remains sound, and recurring income is sufficient to cover interest expense.

  Powerlong’s FY 2020 results beat our expectations, with strong revenue growth. It seems that COVID-19 had a very limited impact on the company: there was no slowdown in construction and property delivery, and the malls' operations have recovered. Contracted sales, too, recovered in H2. Powerlong's margins remain stronger compared to most of its peers, and we believe it will maintain its edge in terms of profitability.   Gross debt surged 19% y-o-y, driven by both the faster pace of expansion and the increase in bank loans for construction. Still, credit metrics improved on the back of the stronger operating results. The liquidity profile remains sound, and recurring income is sufficient to cover interest expense. 

Powerlong - Earnings Flash - FY 2020 Results - 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

China

Powerlong Real Estate Holdings Ltd. develops commercial properties in the Peoples Republic of China.

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Powerlong Real Estate Holdings (1238 HK)

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

Morning Views Asia: Powerlong Commercial Management Holdings, Sirtex Medical

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: Lippo Karawaci, Powerlong Commercial Management Holdings, Sino Ocean Land

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

Lucror Analytics

Powerlong - Earnings Flash - FY 2020 Results - Lucror Analytics

Powerlong’s FY 2020 results beat our expectations, with strong revenue growth. It seems that COVID-19 had a very limited impact on the company:...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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