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-20720'>Binhai Investment</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-8375'>Shimao Property Holdings</a></li><li><a href='#lucror-entity-29239'>Sunac Services Holdings</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.Binhai InvestmentSeazen (Formerly Future Land)Shimao Property HoldingsSunac Services Holdings

Morning Views Asia: Binhai Investment, Seazen (Formerly Future Land), Shimao Property Holdings

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players under our coverage. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players under our coverage.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.  

Asia HY Monthly - Indonesian Property Update (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Sunac’s H1/20 results were weaker than expected. However, we view positively the prudent pace of expansion and the stable borrowings. Furthermore, its contracted sales showed signs of recovery in June and July. That said, revenue recognition could continue to be slow. We expect the margin to stay around 25%, even after the amortisation of the revaluation surplus from business combination. We note that Sunac's Debt/Capitalisation ratio has been declining gradually over the past five years, despite the y-o-y increase in gross borrowings in FY 2019. We view the company’s deleveraging efforts positively, and expect credit metrics to improve on the back of top-line growth and the reduction in financing cost. We revise our Credit Bias on Sunac to "Stable" from "Negative", and our recommendation on the SUNAC curve to "Buy" from "Hold".

  Sunac’s H1/20 results were weaker than expected. However, we view positively the prudent pace of expansion and the stable borrowings. Furthermore, its contracted sales showed signs of recovery in June and July. That said, revenue recognition could continue to be slow. We expect the margin to stay around 25%, even after the amortisation of the revaluation surplus from business combination.   We note that Sunac's Debt/Capitalisation ratio has been declining gradually over the past five years, despite the y-o-y increase in gross borrowings in FY 2019. We view the company’s deleveraging efforts positively, and expect credit metrics to improve on the back of top-line growth and the reduction in financing cost.   We revise our Credit Bias on Sunac to "Stable" from "Negative", and our recommendation on the SUNAC curve to "Buy" from "Hold". 

Sunac - Earnings Flash - H1 FY 2020 Results - 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-28953'>Central China New Life</a></li><li><a href='#lucror-entity-29239'>Sunac Services Holdings</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 New LifeSunac Services Holdings

Morning Views Asia: Central China New Life, Sunac Services Holdings

China

Sunac China Holdings Limited is a real estate development company.

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Sunac China Holdings (1918 HK)

Morning Views Asia: Binhai Investment, Seazen (Formerly Future Land), Shimao Property Holdings

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 (2020) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19...

Lucror Analytics

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

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

Lucror Analytics

Sunac - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Sunac’s H1/20 results were weaker than expected. However, we view positively the prudent pace of expansion and the stable borrowings. Furthermore,...

Lucror Analytics

Morning Views Asia: Central China New Life, Sunac Services Holdings

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

Lucror Analytics

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P/E

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