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

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 Offshore Bond Defaults - Lucror Analytics

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

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. 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.

  This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   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 - 2019 In Review And 2020 Outlook - Lucror Analytics

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

Asia HY Trade Recommendations - December 2019 - 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)

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

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