Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

Sunac’s FY 2018 results were mostly in line with our expectations. Top-line growth, both contracted sales and revenue, was encouraging. We note that the company will have to maintain its strong sales execution and growth in contracted sales to support its expansion appetite. Credit metrics improved on the back of the top-line growth, better but still poor margins, and stable borrowings. We do not expect borrowings to decline significantly in the near term, given the company’s expansion and refinancing needs, as evidenced by the USD Notes issuance in early 2019. We change our fundamental Credit Bias on Sunac to “Stable” from “Negative”, given the company's stabilising debt, decent operations and improvement in credit metrics. We note that the company’s business and financial risks have reduced, and hence move our trade recommendation for the SUNAC curve to “Hold” from “Not Recommended”.  .

   Sunac’s FY 2018 results were mostly in line with our expectations. Top-line growth, both contracted sales and revenue, was encouraging. We note that the company will have to maintain its strong sales execution and growth in contracted sales to support its expansion appetite. Credit metrics improved on the back of the top-line growth, better but still poor margins, and stable borrowings. We do not expect borrowings to decline significantly in the near term, given the company’s expansion and refinancing needs, as evidenced by the USD Notes issuance in early 2019.    We change our fundamental Credit Bias on Sunac to “Stable” from “Negative”, given the company's stabilising debt, decent operations and improvement in credit metrics.    We note that the company’s business and financial risks have reduced, and hence move our trade recommendation for the SUNAC curve to “Hold” from “Not Recommended”.  . 

Sunac - Earnings Flash - FY 2018 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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 - 29 Mar 2019

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

Lucror Analytics - Morning Views Asia - 06 Mar 2019

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective.  In today's report we offer a technical appraisal of major EM markets, and offer a host of technically attractivec bottoms-up stock ideas across the EM universe.

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective.  In today's report we offer a technical appraisal of major EM markets, and offer a host of technically attractivec bottoms-up stock ideas across the EM universe.

EM Equity Strategy: Cyclicals Leading, China Surging

China

Sunac China Holdings Limited is a real estate development company.

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Sunac China Holdings (1918 HK)

Sunac - Earnings Flash - FY 2018 Results - Lucror Analytics

Sunac’s FY 2018 results were mostly in line with our expectations. Top-line growth, both contracted sales and revenue, was encouraging. We note...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 29 Mar 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 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

Lucror Analytics - Morning Views Asia - 06 Mar 2019

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

Lucror Analytics

EM Equity Strategy: Cyclicals Leading, China Surging

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance....

Vermilion Research

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