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 global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty. 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.

  The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty.   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 - Impact Of COVID-19 On Investment Strategy - 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-433'>Fosun International</a></li><li><a href='#lucror-entity-26799'>Future Retail</a></li><li><a href='#lucror-entity-19717'>Gcl New Energy Holdings</a></li><li><a href='#lucror-entity-810'>Melco Resorts & Entertainment</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-6100'>Sunshine 100 China</a></li><li><a href='#lucror-entity-10646'>Tahps Group Bhd</a></li><li><a href='#lucror-entity-19341'>Television Broadcasts</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.Fosun InternationalFuture RetailGcl New Energy HoldingsMelco Resorts & EntertainmentSoftbank GroupSunshine 100 ChinaTahps Group BhdTelevision Broadcasts

Morning Views Asia: Fosun International, Future Retail, Gcl New Energy Holdings

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. 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 April includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - April 2020 - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

China

Langfang Development Co Ltd designs, manufactures, and markets mill  rolls. The Company's products include centrifuged iron rolls, forged steel rolls, grain rolls, and other mill rolls.

Guangzhou Donghua Enterprise Co., Ltd. invests in, owns, and develops real estate properties, including a portfolio of office and residential developments. The Company also sells and leases properties, as well as operates businesses in the residential communities.  Guangzhou Donghua holds interests in companies that provide food and tourism services.

Guangzhou Donghua Enterprise Co, Ltd. (600393 CH)

Yangguang Co., Ltd. develops, leases, manages, and sells residential properties mainly located in Beijing.

Zhongrun Resources Investment Corporation invests in real estate and explores for and produces minerals.

Zhongrun Resources Investment (000506 CH)

KWG Group Holdings Limited operates real estate development businesses. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. KWG Group Holdings offers services in Hong Kong.

HNA Investment Group Co., Ltd. invests in real estate development, provides education services , and operates hotel. The Company also has operation in tourism and food services.

Henan Oriental Silver Star Investment Co., Ltd. develops mid-high end residential property in China Chongqing and nearby. It also provides property management services.

Henan Oriental Silver Star Inv (600753 CH)

Rongfeng Holding Group Co., Ltd. engages in sales of processed oil, development of real estate properties and property management.

Rongfeng Holding Group Co Ltd (000668 CH)

DongGuan Winnerway Industrial Zone Ltd. develops and manages Hongyuan Industrial Zone in Guangdong province.  Through its subsidiaries, the Company also operates parks management, electric power and water distribution, bioengineering, and futures trading.

Dongguan Winnerway Industrial Zone Ltd (000573 CH)

China Calxon Group Co. Ltd. is a property development company.

SHL Consolidated Berhad is an investment holding company.  The Company, through its subsidiaries, develops commercial and residential properties as well as general building construction, manufactures clay bricks and building materials, and provides professional construction management. SHL also operates a golf resort, and provides geo-technical services.

Sun Fun Construction Co Ltd develops, sells, and leases residential and commercial buildings.  The Company operates in the construction business through its subsidiary.

Paramount Corporation Berhad is an investment holding company that is primarily involved in property development and investment of residential and commercial properties.  The Company is also engaged in the provision of building and engineering contractor services along with providing private educational services.

PT Alam Sutera Realty Tbk is a full service real estate company. The Company develops and manages, residential, commercial, leisure, and recreational projects.

Lalin Property Public Company Limited builds single-family homes, townhomes, condominiums, as well as commercial buildings in planned residential communities.  Most of the Company's projects are located in Bangkok suburbs.

CDL Investments New Zealand Limited operates as a property investment and development company.  The Company, through its subsidiaries, provide land-based investment and development, management and the provision of property services. CDL Investments New Zealand serves clients in New Zealand.

Singha Estate PCL is a property developer specializing in residential projects in the Bangkok area.

Cheuk Nang (Holdings) Limited, through its subsidiaries, invests and develops properties in Hong Kong and Malaysia.  The Company also provides property management services and mortgage lending services.

Naim Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, operates property development and investment as well as provides construction and civil engineering and construction works.  Naim also manufactures and sells reinforced concrete piles, trades cement,  steel bar, and wire mesh, as well as provides earthwork contractor services.

MKH Berhad is a property development company. The Company's current portfolio comprises a range of developments across all property sectors which are mainly located in Kajang, Damansara, Semenyih, Serdang and Melawati. MKH is also involved in oil palm plantation, project management, property investment, construction and furniture manufacturing.

Thaihot Group Co Ltd manufactures and markets organic phosphorus pesticides and fine chemicals.  Through its subsidiaries, the Company also manufactures pharmaceuticals and provides network information services as well as operates general trading business.

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Thaihot Group Co Ltd A (000732 CH)

Asia HY Monthly - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and...

Lucror Analytics

Morning Views Asia: Fosun International, Future Retail, Gcl New Energy 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 Trade Recommendations - April 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of April includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

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