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

Seazen's H1/23 results were in line with expectations, with sustained weakness in contracted sales and revenue, along with weaker margins. The group generated CNY 4.7 bn of investment property income in H1/23 (+10% y-o-y), with a gross margin of 70% (H1/22: 72%). We note positively the growing recurring revenue. The annual gross profit of c. CNY 7 bn now covers interest expense of c. CNY 6.3 bn. Seazen's liquidity will be tested by homebuyers' growing concerns over private developers' ability to complete properties. This has been exacerbated by lenders' reluctance to roll over debt. In this regard, we note that the regulatory authorities committed to improve funding access for private firms in late August 2023. We revise our trade recommendation to "Hold" on the FUTLAN 6 24 and "Not Recommended" on the remaining FUTLAN/FTLNHD notes, from "Hold".

  Seazen's H1/23 results were in line with expectations, with sustained weakness in contracted sales and revenue, along with weaker margins. The group generated CNY 4.7 bn of investment property income in H1/23 (+10% y-o-y), with a gross margin of 70% (H1/22: 72%). We note positively the growing recurring revenue. The annual gross profit of c. CNY 7 bn now covers interest expense of c. CNY 6.3 bn.   Seazen's liquidity will be tested by homebuyers' growing concerns over private developers' ability to complete properties. This has been exacerbated by lenders' reluctance to roll over debt. In this regard, we note that the regulatory authorities committed to improve funding access for private firms in late August 2023.   We revise our trade recommendation to "Hold" on the FUTLAN 6 24 and "Not Recommended" on the remaining FUTLAN/FTLNHD notes, from "Hold". 

Seazen Group - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Softbank GroupChina HongqiaoChina Jinmao HoldingsGeely AutoFirst Pacific Coand more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/adani-ports-special-economic-zone-ltd' target='_blank' rel='noopener'>Adani Ports & Special Economic Zone</a></li><li><a href='/entities/road-king-infrastructure-limited' target='_blank' rel='noopener'>Road King Infrastructure</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Sino-Ocean GroupAdani Ports & Special Economic ZoneRoad King InfrastructureChina Jinmao HoldingsGeely Autoand more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/longfor-properties' target='_blank' rel='noopener'>Longfor Properties</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/china-sce-group-holdings-ltd' target='_blank' rel='noopener'>China SCE</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Country Garden Holdings CoLongfor PropertiesSino-Ocean GroupChina SCESunny Optical Technology Groupand more...

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-6159'>China SCE</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-13363'>Sunny Optical Technology 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.China SCEHopson DevelopmentSunny Optical Technology Group

Morning Views Asia: China SCE, Hopson Development, Sunny Optical Technology Group

China

Seazen is a property developer in the Yangtze River Delta, focusing primarily on the development of residential properties and mixed-use complex projects.

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Seazen (Formerly Future Land) (1030 HK)

Seazen Group - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Seazen's H1/23 results were in line with expectations, with sustained weakness in contracted sales and revenue, along with weaker margins. The...

Lucror Analytics

Weekly Wrap - 25 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Weekly Wrap - 18 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Weekly Wrap - 11 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Morning Views Asia: China SCE, Hopson Development, Sunny Optical Technology Group

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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