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

Yuexiu Property   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> will raise US$1.1bn through a rights offering - 30 rights shares for every 100 existing shares. The subscription price is HK$9.00, a 23.3% discount to TERP.</li>
<li>As Yuexiu is in no danger of breaching the three red lines, the rights issue is an opportunistic play on capitalising on the strong share price run.</li>
<li>Rights shares will be entitled to the final and special dividend announced on 15 March. Shares go ex-rights on 2 May and the rights start trading on 15 May.</li>
</ul>



Yuexiu Property (123 HK) will raise US$1.1bn through a rights offering - 30 rights shares for every 100 existing shares. The subscription price is HK$9.00, a 23.3% discount to TERP.
As Yuexiu is in no danger of breaching the three red lines, the rights issue is an opportunistic play on capitalising on the strong share price run.
Rights shares will be entitled to the final and special dividend announced on 15 March. Shares go ex-rights on 2 May and the rights start trading on 15 May.


Yuexiu Property (123 HK): US$1.1bn Dilutive and Unnecessary Rights Issue

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 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/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</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 GroupCentral China Real EstateSino-Ocean GroupSeazen (Formerly Future Land)Vedanta Resourcesand 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-2036'>Central China Securities</a></li><li><a href='#lucror-entity-6159'>China SCE</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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 SecuritiesChina SCESino-Ocean ServiceSoftbank GroupVedanta Resources

Morning Views Asia: Central China Securities, China SCE, Sino-Ocean Service, Softbank Group

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - March 2023 - Lucror Analytics

Seazen Group's FY 2022 results were in line with expectations, with sustained weakness in contracted sales and revenue, as well as weaker margins. Total revenue declined 31% y-o-y to CNY 116.5 mn, with contractions in GPM and the EBITDA margin. Key leverage ratios deteriorated over FY 2022, given the decline in revenue and profitability, despite debt reduction. Revenue/Debt weakened slightly to 137%, from 147% as at FYE 2021. Net Debt/Net Inventory was largely unchanged at a sound 19%. That said, Debt/EBITDA weakened to an aggressive 6.9x, due to the lower profitability. Liquidity was inadequate, with cash covering only 70% of ST debt.

  Seazen Group's FY 2022 results were in line with expectations, with sustained weakness in contracted sales and revenue, as well as weaker margins. Total revenue declined 31% y-o-y to CNY 116.5 mn, with contractions in GPM and the EBITDA margin.   Key leverage ratios deteriorated over FY 2022, given the decline in revenue and profitability, despite debt reduction. Revenue/Debt weakened slightly to 137%, from 147% as at FYE 2021. Net Debt/Net Inventory was largely unchanged at a sound 19%. That said, Debt/EBITDA weakened to an aggressive 6.9x, due to the lower profitability. Liquidity was inadequate, with cash covering only 70% of ST debt. 

Seazen Group - Earnings Flash - FY 2022 Results - Lucror Analytics

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)

Yuexiu Property (123 HK): US$1.1bn Dilutive and Unnecessary Rights Issue

As Yuexiu is in no danger of breaching the three red lines, the rights issue is an opportunistic play on capitalising on the strong share price run.

Arun George

Weekly Wrap - 14 Apr 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: Central China Securities, China SCE, Sino-Ocean Service, Softbank 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 - March 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Seazen Group - Earnings Flash - FY 2022 Results - Lucror Analytics

Seazen Group's FY 2022 results were in line with expectations, with sustained weakness in contracted sales and revenue, as well as weaker...

Lucror Analytics

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