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

Shimao Property’s H1/19 results remained healthy, with steady growth in sales (+39% y-o-y), revenue (+33%) and gross profit (+29%). The debt increase (+6%) was modest, and leverage continued to be sound. The credit profile remains robust, supported by stable financial metrics. The company also has good access to financing, as evidenced by the lower average borrowing costs (-20 bps to 5.6%). During the earnings presentation, management mentioned plans to spin off its property management arm and hotel unit in 2021. The company also expects margins to remain stable, given the low average land cost of CNY 5.5 k per sqm and ASP of CNY 18 k per sqm in H1/19. For FY 2019, Shimao has set a land acquisition budget of CNY 100 bn, of which CNY 79 bn was utilised in H1. Hence, land spending should ease in H2.

   Shimao Property’s H1/19 results remained healthy, with steady growth in sales (+39% y-o-y), revenue (+33%) and gross profit (+29%). The debt increase (+6%) was modest, and leverage continued to be sound. The credit profile remains robust, supported by stable financial metrics. The company also has good access to financing, as evidenced by the lower average borrowing costs (-20 bps to 5.6%).    During the earnings presentation, management mentioned plans to spin off its property management arm and hotel unit in 2021. The company also expects margins to remain stable, given the low average land cost of CNY 5.5 k per sqm and ASP of CNY 18 k per sqm in H1/19. For FY 2019, Shimao has set a land acquisition budget of CNY 100 bn, of which CNY 79 bn was utilised in H1. Hence, land spending should ease in H2. 

Shimao Property - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

The Asia HY Trade Recommendations report for August 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 August 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 - August 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 - 08 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

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

Hong Kong

Shimao Property Holdings Limited develops real estate projects in China.

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Shimao Property Holdings (813 HK)

Shimao Property - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Shimao Property’s H1/19 results remained healthy, with steady growth in sales (+39% y-o-y), revenue (+33%) and gross profit (+29%). The debt...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 08 Aug 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 - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

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