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 discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war. 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 the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war.    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 - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - June 2019 - 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.

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. 

Lucror Analytics - Morning Views Asia - 07 Jun 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

We view Powerlong as “High Risk” on the LARA scale. The small company focuses on the development of commercial and residential properties. It is increasingly developing small to mid-sized commercial complexes in higher-tier cities such as Hangzhou and Shanghai, where markets are more competitive and the company could lose its low-cost advantage. Powerlong has relied heavily on debt to fund its expansion, driving up its leverage. Positively, the company is developing a base of stable rental income and has adequate access to capital markets. In addition, it is slowly executing its business plan to grow the commercial portfolio, resulting in rising profit margins. Our fundamental Credit Bias is "Positive", given Powerlong's exposure to commercial properties. This has supported top-line growth and margins, while generating stable recurring income. That said, we remain cautious on the company's elevated leverage and extensive use of onshore corporate bonds. We view Powerlong as “Weak” on the LAGA scale, given the family-dominated Board and lack of effective INEDs.

   We view Powerlong as “High Risk” on the LARA scale. The small company focuses on the development of commercial and residential properties. It is increasingly developing small to mid-sized commercial complexes in higher-tier cities such as Hangzhou and Shanghai, where markets are more competitive and the company could lose its low-cost advantage. Powerlong has relied heavily on debt to fund its expansion, driving up its leverage. Positively, the company is developing a base of stable rental income and has adequate access to capital markets. In addition, it is slowly executing its business plan to grow the commercial portfolio, resulting in rising profit margins.    Our fundamental Credit Bias is "Positive", given Powerlong's exposure to commercial properties. This has supported top-line growth and margins, while generating stable recurring income. That said, we remain cautious on the company's elevated leverage and extensive use of onshore corporate bonds.    We view Powerlong as “Weak” on the LAGA scale, given the family-dominated Board and lack of effective INEDs. 

Powerlong - Tear Sheet - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, 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 over the past few years for companies under our coverage, 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 - 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 - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the...

Lucror Analytics

Asia HY Trade Recommendations - June 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 07 Jun 2019

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

Lucror Analytics

Powerlong - Tear Sheet - Lucror Analytics

We view Powerlong as “High Risk” on the LARA scale. The small company focuses on the development of commercial and residential properties. It is...

Lucror Analytics

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

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

Lucror Analytics

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