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

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies 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 Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies 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 - Chinese Developers' JV Exposure - Lucror Analytics

The Asia HY Trade Book for the month of May 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 Book for the month of May 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 Book - May 2021 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with the associated drivers.  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 Oil & Gas sector, including oil price development and projections, along with the associated drivers.    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 - Oil & Gas Update (2021) - Lucror Analytics

The Asia HY Trade Book for the month of April 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 Book for the month of April 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 Book - April 2021 - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In two SCMP articles on the <a href="https://www.scmp.com/business/companies/article/3128495/im-very-dissatisfied-tvbs-performance-says-chinese-media-tycoon" target="_blank" rel="noopener">7 April</a>, PRC media tycoon Li Ruigang, <a href="https://www.smartkarma.com/entities/television-broadcasts-ltd" target="_blank" data-smartkarma-citation="entities:19341:1" rel="noopener">Television Broadcasts (511 HK)</a>'s largest shareholder (via Young Lion Holdings), discussed his dissatisfaction with TVB's performance, saying:
<blockquote>
As a free broadcaster, TVB should be a public open platform welcoming other players in the media and entertainment industry to participate.
</blockquote>
Under the broadcasting ordinance in Hong Kong, non-permanent residents - such as Li - cannot apply for a free TV or pay TV licence, and are branded “disqualified persons”. Li added:
<blockquote>
We respect the ordinance. In the past five years, CMC was a passive investor. [But] if TVB does not reform now, it will shrink, then perish. I am now trying to bring it out from drowning.
</blockquote>
Yesterday, TVB <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0412/2021041200063.pdf" target="_blank" rel="noopener">announced</a> Mark Lee Po On, Vice Chairman (since <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0429/2020042902252.pdf" target="_blank" rel="noopener">April</a> last year) and Group CEO (since January 2015), had resigned. 
This follows the resignation Charles Chan (then Chairman and NED) in <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0122/2020012200238.pdf" target="_blank" rel="noopener">January</a> last year, culminating in the re-oganisation of Young Lion Holding in last August.
One but can't help but speculate there are more changes afoot, one that may ultimately lead to changes in the ordinance.
More below the fold.

In two SCMP articles on the 7 April, PRC media tycoon Li Ruigang, Television Broadcasts (511 HK)'s largest shareholder (via Young Lion Holdings), discussed his dissatisfaction with TVB's performance, saying:

As a free broadcaster, TVB should be a public open platform welcoming other players in the media and entertainment industry to participate.

Under the broadcasting ordinance in Hong Kong, non-permanent residents - such as Li - cannot apply for a free TV or pay TV licence, and are branded “disqualified persons”. Li added:

We respect the ordinance. In the past five years, CMC was a passive investor. [But] if TVB does not reform now, it will shrink, then perish. I am now trying to bring it out from drowning.

Yesterday, TVB announced Mark Lee Po On, Vice Chairman (since April last year) and Group CEO (since January 2015), had resigned. 
This follows the resignation Charles Chan (then Chairman and NED) in January last year, culminating in the re-oganisation of Young Lion Holding in last August.
One but can't help but speculate there are more changes afoot, one that may ultimately lead to changes in the ordinance.
More below the fold.

Hong Kong

Television Broadcasts Limited broadcasts and produces television programs. The Company also licenses and distributes satellite and subscription television programs, and provides services such as animation, videotape rental, film studio leasing, and advertising.

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Television Broadcasts (511 HK)

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of...

Lucror Analytics

Asia HY Trade Book - May 2021 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Oil & Gas Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with...

Lucror Analytics

Asia HY Trade Book - April 2021 - Lucror Analytics

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

Lucror Analytics

TVB (511 HK): Small Screen Saver

This stock is very beaten up. Li has a plan, it would seem. If he is given the green light, shares will pop, if not on the economics, but at least...

David Blennerhassett

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