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

<p>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.</p><ul><li><a href='#lucror-entity-513'>Central China Real Estate</a></li><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-3474'>Yuzhou Properties Co</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.Central China Real EstateLippo KarawaciPowerlong Commercial Management HoldingsYuzhou Properties Co

Morning Views Asia: Central China Real Estate, Lippo Karawaci

<p><br/> This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.<br/><br/> 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.<br/></p>

  This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   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 - 2019 In Review And 2020 Outlook - Lucror Analytics

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.

Equity Capital Markets

Huijing Holdings Co Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/huijing-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:28683:1" rel="noopener">Huijing Holdings Co Ltd (9968 HK)</a> is a Chinese residential and commercial real estate developer with a focus on Guangdong Province. It has launched a Hong Kong IPO to raise net proceeds of HK$1,564 million ($200 million) at the mid-point of the price range. </p><div class="content-highlight"><p>As investors have a plethora of options to gain exposure to the China property sector, IPO hopefuls need to bring something new to the table to grab mindshare. Overall, we believe that Huijing’s fundamentals fail to excite and are average at best compared to peers.</p></div>

Huijing Holdings Co Ltd (9968 HK) is a Chinese residential and commercial real estate developer with a focus on Guangdong Province. It has launched a Hong Kong IPO to raise net proceeds of HK$1,564 million ($200 million) at the mid-point of the price range. As investors have a plethora of options to gain exposure to the China property sector, IPO hopefuls need to bring something new to the table to grab mindshare. Overall, we believe that Huijing’s fundamentals fail to excite and are average at best compared to peers.

Powerlong Commercial Management Holdings / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/powerlong-commercial-management-holdings" target="_blank" data-smartkarma-citation="entities:28672:1" rel="noopener">Powerlong Commercial Management Holdings (1741045D HK)</a> is a leading commercial operational service provider in China. Powerlong will commence trading on Monday, 30 December. Powerlong priced its IPO at HK$9.50 per share (near the top-end of the range). </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/powerlong-commercial-mgmt-ipo-valuation-on-solid-grounds" target="_blank" rel="noopener">our valuation note</a>, we noted that the IPO price range is attractive and we would participate in the IPO. Our DCF analysis supports this view and our DCF-based scenario analysis suggests that the IPO price is undemanding.</p></div></div></div>

Powerlong Commercial Management Holdings (1741045D HK) is a leading commercial operational service provider in China. Powerlong will commence trading on Monday, 30 December. Powerlong priced its IPO at HK$9.50 per share (near the top-end of the range). In our valuation note, we noted that the IPO price range is attractive and we would participate in the IPO. Our DCF analysis supports this view and our DCF-based scenario analysis suggests that the IPO price is undemanding.

Powerlong Commercial Mgmt: Trading Debut, Valuation Scenario Analysis

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<div><p><a href="https://www.smartkarma.com/entities/powerlong-commercial-management-holdings" target="_blank" data-smartkarma-citation="entities:28672:1" rel="noopener">Powerlong Commercial Management Holdings (1741045D HK)</a> (PCMH) raised around US$210m (including over-allocation) in its Hong Kong listing. The company was established in 1993 and as a subsidiary of <a href="https://www.smartkarma.com/entities/powerlong-real-estate-holdings-limited" target="_blank" data-smartkarma-citation="entities:11307:1" rel="noopener">Powerlong Real Estate Holdings (1238 HK)</a>, a Hong Kong listed commercial real estate developer.</p></div><div><p>In my previous note I have covered the company's background and financial performance, <a href="https://www.smartkarma.com/insights/powerlong-commercial-management-holdings-ipo-enough-reasons-to-not-even-bother-about-valuations" target="_blank" rel="noopener">Powerlong Commercial Management Holdings IPO - Enough Reasons to Not Even Bother About Valuations.</a></p></div><div><p>In this insight, I'll talk about deal dynamics and provide a table with implied valuations at different share price levels.</p></div>

Powerlong Commercial Management Holdings (1741045D HK) (PCMH) raised around US$210m (including over-allocation) in its Hong Kong listing. The company was established in 1993 and as a subsidiary of Powerlong Real Estate Holdings (1238 HK), a Hong Kong listed commercial real estate developer.In my previous note I have covered the company's background and financial performance, Powerlong Commercial Management Holdings IPO - Enough Reasons to Not Even Bother About Valuations.In this insight, I'll talk about deal dynamics and provide a table with implied valuations at different share price levels.

Powerlong Commercial IPO Trading - Good Subscription Results but Issues Remain

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)

Morning Views Asia: Central China Real Estate, Lippo Karawaci

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 - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Huijing Holdings IPO Initiation: Ho-Hum

Huijing Holdings Co Ltd (9968 HK) is a Chinese residential and commercial real estate developer with a focus on Guangdong Province. It has launched...

Arun George

Powerlong Commercial Mgmt: Trading Debut, Valuation Scenario Analysis

Powerlong Commercial Management Holdings (1741045D HK) is a leading commercial operational service provider in China. Powerlong will commence...

Arun George

Powerlong Commercial IPO Trading - Good Subscription Results but Issues Remain

Powerlong Commercial Management Holdings (1741045D HK) (PCMH) raised around US$210m (including over-allocation) in its Hong Kong listing. The...

Sumeet Singh

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