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.

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 - 05 Apr 2019

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our 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 contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our 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 - China Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Logan Property’s FY 2018 results were in line with our expectations, with a strong revenue increase and stable margins. The top-line growth is likely to continue, given the robust contracted sales. However, the margins could deteriorate, as the ASP has been declining. The pace of land acquisition seems decent. The company maintained its land costs by participating in urban redevelopment projects. The land bank is large compared to those of peers. Borrowings have surged, as Logan has issued a substantial amount of Senior Notes. However, leverage has improved on the back of the strong top line. Logan’s financial policies have become increasingly aggressive. It has high exposure to JV operations, which accounted for c. 26% of its assets. This involves large receivables and payables with JV entities. The massive investments have yet to generate profits for the company. The attributable contracted sales still account for the bulk of overall contracted sales for now, but the proportion will gradually decrease as the JV projects mature.

   Logan Property’s FY 2018 results were in line with our expectations, with a strong revenue increase and stable margins. The top-line growth is likely to continue, given the robust contracted sales. However, the margins could deteriorate, as the ASP has been declining. The pace of land acquisition seems decent. The company maintained its land costs by participating in urban redevelopment projects. The land bank is large compared to those of peers. Borrowings have surged, as Logan has issued a substantial amount of Senior Notes. However, leverage has improved on the back of the strong top line.    Logan’s financial policies have become increasingly aggressive. It has high exposure to JV operations, which accounted for c. 26% of its assets. This involves large receivables and payables with JV entities. The massive investments have yet to generate profits for the company. The attributable contracted sales still account for the bulk of overall contracted sales for now, but the proportion will gradually decrease as the JV projects mature. 

Logan Property - Earnings Flash - FY 2018 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 20 Mar 2019

China

Redco Group operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Redco Group also provides property management and hotel operating services.

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Redco Properties (1622 HK)

Lucror Analytics - Morning Views Asia - 05 Apr 2019

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 - China Property Update - Lucror Analytics

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

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Logan Property - Earnings Flash - FY 2018 Results - Lucror Analytics

Logan Property’s FY 2018 results were in line with our expectations, with a strong revenue increase and stable margins. The top-line growth is...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 20 Mar 2019

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

Lucror Analytics

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