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

<p>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.</p>In this Insight:<ol><li><a href='/entities/agile-property-holdings-ltd' target='_blank' rel='noopener'>Agile Property Holdings</a></li><li><a href='/entities/china-vanke-co-ltd' target='_blank' rel='noopener'>China Vanke </a></li><li><a href='/entities/indika-energy-tbk-pt' target='_blank' rel='noopener'>Indika Energy</a></li><li><a href='/entities/sk-hynix-inc' target='_blank' rel='noopener'>SK Hynix</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:Agile Property HoldingsChina Vanke Indika EnergySK HynixVedanta Resourcesand more...

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources</li>
</ul>


This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources


China Property Developers In Distress - Weekly News & Announcements Tracker | Dec 29 -Jan 4, 2024

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 29th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, and Tencent Holdings Limited.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, and Tencent Holdings Limited.


Hong Kong Connect Flows (Dec 29th): China Mobile, Tencent

<ul>
<li>The latest China housing metrics remain weak, 'less negative' by some 12M measures, in line with our forecast from December 2022 data, but watch out for some major data twists</li>
<li>The expanding easing of policies is still far from a major stimulus, and the ‘whitelist’ to support certain developers indicates a selective approach by the policymakers, focused on "risk prevention"</li>
<li>The market for new home sales (mostly pre-sales) diverges from the secondary market, and the policy steers toward affordable housing, public facilities, urban village renovation</li>
</ul>


The latest China housing metrics remain weak, 'less negative' by some 12M measures, in line with our forecast from December 2022 data, but watch out for some major data twists
The expanding easing of policies is still far from a major stimulus, and the ‘whitelist’ to support certain developers indicates a selective approach by the policymakers, focused on "risk prevention"
The market for new home sales (mostly pre-sales) diverges from the secondary market, and the policy steers toward affordable housing, public facilities, urban village renovation


China Property - The Latest Signals In The Housing Markets, Data Caveats | December 2023

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Guangzhou Automobile Group / Event-Driven

<ul>
<li>The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND and NORTHBOUND flows were both sells, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 100+bp. Liquidation by overseas investors feels finished.</li>
<li><strong>STILL time to go long Hs vs As for the new year at 52wk wide discounts.</strong></li>
</ul>


The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND and NORTHBOUND flows were both sells, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 100+bp. Liquidation by overseas investors feels finished.
STILL time to go long Hs vs As for the new year at 52wk wide discounts.


A/H Premium Tracker (To 22 Dec 23): Wide Premia Narrow; Narrow Premia Widen. Stay Long Hs Vs As

China

Sunac China Holdings Limited is a real estate development company.

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Sunac China Holdings (1918 HK)

Weekly Wrap - 05 Jan 2024

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

China Property Developers In Distress - Weekly News & Announcements Tracker | Dec 29 -Jan 4, 2024

This note is a weekly (Dec 29, 2023 - Jan 4, 2024) curated selection of Chinese news articles and company announcements focused on developers in...

Robert Ciemniak

Hong Kong Connect Flows (Dec 29th): China Mobile, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile and Tencent Holdings Limited.

Ke Yan, CFA, FRM

China Property - The Latest Signals In The Housing Markets, Data Caveats | December 2023

What's the latest with China's housing markets and what data caveats to watch for? In this note, we draw on the range of data metrics and our...

Robert Ciemniak

A/H Premium Tracker (To 22 Dec 23): Wide Premia Narrow; Narrow Premia Widen. Stay Long Hs Vs As

Large cap and liquid Hs in H/A Pairs underperformed their As by 60bp, most of that on Friday on the gaming news. High A premium pairs saw Hs...

Travis Lundy

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