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.<ul><li><a href='#lucror-entity-433'>Fosun International</a></li><li><a href='#lucror-entity-29231'>KWG Living Group</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</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.Fosun InternationalKWG Living GroupSino-Ocean Service

Morning Views Asia: Fosun International, KWG Living Group, Sino-Ocean Service

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - 9 September 2022 - 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.<ul><li><a href='#lucror-entity-2036'>Central China Securities</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-433'>Fosun International</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</a></li><li><a href='#lucror-entity-8085'>Times China</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 SecuritiesCIFI HoldingsFosun InternationalSino-Ocean ServiceTimes China

Morning Views Asia: Central China Securities, CIFI Holdings, Fosun International, Sino-Ocean Service

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-6827'>ABM Investama</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-26076'>China Vanke</a></li><li><a href='#lucror-entity-5225'>Country Garden Holdings Co</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</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.ABM InvestamaChina Jinmao HoldingsChina VankeCountry Garden Holdings CoSino-Ocean Service

Morning Views Asia: ABM Investama, China Jinmao Holdings, China Vanke, Country Garden Holdings Co

Credit Analyst, Lucror Analytics

Shu Hui Woon

Credit Analyst

Sino-Ocean's H1/22 results were mixed in our view. Contracted sales fell by 14% y-o-y, slightly better than the average industry decline of 30-40%. The company also managed to repay c. CNY 20 bn of debt in H1/22. Sino-Ocean enjoys good access to financing, raising CNY 6 bn from the capital markets amid weak market sentiment in the period. It also intends to issue state-backed guarantee bonds in the near term. Negatively, Cash/ST Debt was inadequate, with available cash of only CNY 14 bn. Sino-Ocean plans to explore various channels to repay the existing debt, including boosting contracted sales with a faster cash collection rate, project financing and obtaining financing support from shareholders. That said, any price discount or additional financing will weaken the credit metrics further. Moreover, Sino-Ocean fell in the yellow category under the regulator's Three Red Lines thresholds (FY 2021: green), which would limit the amount of new debt that could be taken up.

  Sino-Ocean's H1/22 results were mixed in our view. Contracted sales fell by 14% y-o-y, slightly better than the average industry decline of 30-40%. The company also managed to repay c. CNY 20 bn of debt in H1/22. Sino-Ocean enjoys good access to financing, raising CNY 6 bn from the capital markets amid weak market sentiment in the period. It also intends to issue state-backed guarantee bonds in the near term.   Negatively, Cash/ST Debt was inadequate, with available cash of only CNY 14 bn. Sino-Ocean plans to explore various channels to repay the existing debt, including boosting contracted sales with a faster cash collection rate, project financing and obtaining financing support from shareholders. That said, any price discount or additional financing will weaken the credit metrics further. Moreover, Sino-Ocean fell in the yellow category under the regulator's Three Red Lines thresholds (FY 2021: green), which would limit the amount of new debt that could be taken up. 

Sino-Ocean - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

China

Sino-Ocean Group Holding Limited operates as a real estate holding company. The Company develops residential, office, and commercial real estate in the northern People's Republic of China.

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Sino-Ocean Group (3377 HK)

Morning Views Asia: Fosun International, KWG Living Group, Sino-Ocean Service

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

Lucror Analytics

Chinese Property Weekly - 9 September 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

Morning Views Asia: Central China Securities, CIFI Holdings, Fosun International, Sino-Ocean Service

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

Lucror Analytics

Morning Views Asia: ABM Investama, China Jinmao Holdings, China Vanke, Country Garden Holdings Co

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

Lucror Analytics

Sino-Ocean - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

Sino-Ocean's H1/22 results were mixed in our view. Contracted sales fell by 14% y-o-y, slightly better than the average industry decline of...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)