Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

Powerlong’s H1/20 results beat our expectations, with strong revenue growth. It seems that COVID-19 had a limited impact on the company: there was no slowdown in construction and property delivery, and the malls' operations have recovered. That said, we note that it will still have to catch up on contracted sales in H2. We expect weak revenues from the hotel operations. Positively, 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 increased moderately in H1/20, but 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 H1/20 results beat our expectations, with strong revenue growth. It seems that COVID-19 had a limited impact on the company: there was no slowdown in construction and property delivery, and the malls' operations have recovered. That said, we note that it will still have to catch up on contracted sales in H2. We expect weak revenues from the hotel operations. Positively, 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 increased moderately in H1/20, but 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 - H1 FY 2020 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-17982'>Sawit Sumbermas Sarana</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.361 Degrees InternationalFantasia Holdings Group CoPowerlong Commercial Management HoldingsSawit Sumbermas Sarana

Morning Views Asia: 361 Degrees International, Fantasia Holdings Group Co

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-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-942'>Car Inc</a></li><li><a href='#lucror-entity-28953'>Central China New Life</a></li><li><a href='#lucror-entity-10675'>Honghua Group</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-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-4153'>Shui On Land</a></li><li><a href='#lucror-entity-8898'>Sino Ocean Land</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.Agung Podomoro LandCar IncCentral China New LifeHonghua GroupModernland RealtyPowerlong Commercial Management HoldingsSeazen (Formerly Future Land)Shui On LandSino Ocean LandWynn Macau Ltd

Morning Views Asia: Agung Podomoro Land, Car Inc, Central China New Life, Honghua Group

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe. 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 discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe.   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 - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July 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 Recommendations report for the month of July 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 Recommendations - July 2020 - 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)

Powerlong - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Powerlong’s H1/20 results beat our expectations, with strong revenue growth. It seems that COVID-19 had a limited impact on the company: there was...

Lucror Analytics

Morning Views Asia: 361 Degrees International, 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

Morning Views Asia: Agung Podomoro Land, Car Inc, Central China New Life, Honghua Group

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 - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years,...

Lucror Analytics

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

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

Lucror Analytics

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