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

WCC's H1/23 results were softer than expected, as the company reported lower sales volumes and larger-than-expected ASP declines across its plants in Mainland China. In particular, sales volumes and ASP in the company's stronghold of Shaanxi fell 4% and 16% y-o-y, respectively. Positively, WCC's expansion in Africa has been progressing well, with overseas operations now accounting for 27% of revenue. The company's plants in Africa enjoy substantially higher margins than those in China. In our view, the key risk for WCC is uncertainty regarding the extent of its African expansion, with the company reportedly developing another USD 100 mn cement plant in Rwanda. We believe further expansion into Africa will fundamentally change WCC's risk profile.  We move our recommendation on the WESCHI 4.95 26 to "Buy" from "Hold".

  WCC's H1/23 results were softer than expected, as the company reported lower sales volumes and larger-than-expected ASP declines across its plants in Mainland China. In particular, sales volumes and ASP in the company's stronghold of Shaanxi fell 4% and 16% y-o-y, respectively. Positively, WCC's expansion in Africa has been progressing well, with overseas operations now accounting for 27% of revenue. The company's plants in Africa enjoy substantially higher margins than those in China.   In our view, the key risk for WCC is uncertainty regarding the extent of its African expansion, with the company reportedly developing another USD 100 mn cement plant in Rwanda. We believe further expansion into Africa will fundamentally change WCC's risk profile.    We move our recommendation on the WESCHI 4.95 26 to "Buy" from "Hold". 

West China Cement - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

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The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - July 2023 - Lucror Analytics

China

West China Cement Limited produces and distributes cement products.

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West China Cement (2233 HK)

West China Cement - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

WCC's H1/23 results were softer than expected, as the company reported lower sales volumes and larger-than-expected ASP declines across its...

Lucror Analytics

Weekly Wrap - 18 Aug 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...

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Weekly Wrap - 11 Aug 2023

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Weekly Wrap - 04 Aug 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

Asia HY Monthly - July 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

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