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-12705'>Greenland Holdings Corp</a></li><li><a href='#lucror-entity-13363'>Sunny Optical Technology Group</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.Greenland Holdings CorpSunny Optical Technology Group

Morning Views Asia: Greenland Holdings Corp, Sunny Optical Technology Group

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>Sunny will unveil 1H23E results in mid-Aug.</li><li>We estimate 1H23E revenue/net profit to decline 11%/10% YoY, -8%/+3% vs consensus estimate, given 1H23 inventory destocking and weak Android demand.</li><li>Looking into 2H23E, we expect channel restocking to kick off and camera spec migration will resume in flagship models (e.g. periscope/OIS) in 3Q23E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny will unveil 1H23E results in mid-Aug.We estimate 1H23E revenue/net profit to decline 11%/10% YoY, -8%/+3% vs consensus estimate, given 1H23 inventory destocking and weak Android demand.Looking into 2H23E, we expect channel restocking to kick off and camera spec migration will resume in flagship models (e.g. periscope/OIS) in 3Q23E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) – 1H23 Preview: Better ASP to Offset Shipment Weakness

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 analyzed the latest HK SFC report for aggregate short position as of Jun 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Luye Pharma, Baba, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 30th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Luye Pharma, Baba, Li Auto.


HK Short Interest Weekly: Luye Pharma, Baba, Li Auto

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 30th.</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 estimate that the outflows were USD 20 million and highlight flows for ICBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups. 
We estimate that the outflows were USD 20 million and highlight flows for ICBC.


<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 23rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Sunny Optical, Js Global Life, Trip.Com, Meituan.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 23rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Sunny Optical, Js Global Life, Trip.Com, Meituan.


HK Short Interest Weekly: Sunny Optical, JS Global Life, Trip.Com, Meituan

China

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

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Sunny Optical Technology Group (2382 HK)

Morning Views Asia: Greenland Holdings Corp, Sunny Optical Technology Group

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

Lucror Analytics

Sunny Optical (2382 HK) – 1H23 Preview: Better ASP to Offset Shipment Weakness

We estimate 1H23E revenue/net profit to decline 11%/10% YoY, -8%/+3% vs consensus estimate, given 1H23 inventory destocking and weak Android demand.

CMB International

HK Short Interest Weekly: Luye Pharma, Baba, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 30th and highlight short interest changes in Luye Pharma, Baba, Li Auto.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jun 30th): ICBC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the outflows to be USD 20 million and highlight flows for ICBC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Sunny Optical, JS Global Life, Trip.Com, Meituan

We analyzed the latest HK SFC report for aggregate short position as of Jun 23rd and highlight short interest changes in Sunny Optical, Js Global...

Ke Yan, CFA, FRM

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52-week Range

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