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

The Asia HY Trade Book for July 2023 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 across Asia (ex-Japan) HY and crossover credits.

  The Asia HY Trade Book for July 2023 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 across Asia (ex-Japan) HY and crossover credits. 

Asia HY Trade Book - July 2023 - Lucror Analytics

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:<ol><li><a href='/entities/nameson-holdings-ltd' target='_blank' rel='noopener'>Nameson Holdings</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/genting-bhd' target='_blank' rel='noopener'>Genting Bhd</a></li><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</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:Nameson HoldingsSunny Optical Technology GroupGenting BhdShui On LandHealth And Happiness (H&H)and more...

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 announced a 1H23 profit warning, stating 1H23 net profit of RMB407- 475mn, down 65-70% YoY.</li><li>The midpoint is 64%/60% below our/consensus estimates, mainly due to 1) a non-cash FX loss of RMB161.5mn on US$400mn/ 277mn USD bonds/loans, 2) smartphone demand weakness, and 3) ASP/margin pressure on camera de-spec. We trimmed FY23-25E EPS by 4-38% to reflect 1H23 results and slower margin recovery.</li><li>While we are positive on Sunny’s 2H23E earnings recovery and non-smartphone outlook, we think the stock is fairly valued at 39.3x/24.9x FY23/24E P/E. </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 announced a 1H23 profit warning, stating 1H23 net profit of RMB407- 475mn, down 65-70% YoY.The midpoint is 64%/60% below our/consensus estimates, mainly due to 1) a non-cash FX loss of RMB161.5mn on US$400mn/ 277mn USD bonds/loans, 2) smartphone demand weakness, and 3) ASP/margin pressure on camera de-spec. We trimmed FY23-25E EPS by 4-38% to reflect 1H23 results and slower margin recovery.While we are positive on Sunny’s 2H23E earnings recovery and non-smartphone outlook, we think the stock is fairly valued at 39.3x/24.9x FY23/24E P/E. 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 Profit Warning Worse than Feared

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

<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

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)

Asia HY Trade Book - July 2023 - Lucror Analytics

The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

Weekly Wrap - 21 Jul 2023

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

Sunny Optical (2382 HK) – 1H23 Profit Warning Worse than Feared

While we are positive on Sunny’s 2H23E earnings recovery and non-smartphone outlook, we think the stock is fairly valued at 39.3x/24.9x FY23/24E P/E.

CMB International

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

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