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 the liquidation regime for Chinese companies, including the current status of recent bond defaults. 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 liquidation regime for Chinese companies, including the current status of recent bond defaults.   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 Company Liquidation Regime Revisited - 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-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-24592'>Yanzhou Coal Mining</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.Evergrande Real Estate GroupYanzhou Coal Mining

Morning Views Asia: Evergrande Real Estate Group, Yanzhou Coal Mining

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

Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Cross Asset Strategy

<ul>
<li>On June 26, an official with the China National Development and Reform Commission (NDRC) suggested the coal price rally has run its course and is likely to see downward pressure in July on improved mine supply, higher imports and higher hydro &amp; solar power generation</li>
<li>This followed June 17 NDRC comments that the power crunch has started to ease with the arrival of the rainy season, after extreme tightness in coal availability required power rationing across multiple provinces in May-June for the second time in 6 months</li>
<li>Our text mining suggests reporting on coal shortages and power outages in key provinces peaked in the second week of June and has pulled back since, leading coal equities</li>
<li>With the cryptocurrency mining crackdown freeing up 21% of power supply in Xinjiang, 5% in Sichuan, 4% in Yunnan and 3% in Inner Mongolia, it appears the NDRC's near-term coal guidance may be credible</li>
<li>Ahead of Friday's June Non-Farm Payrolls release, we see outright declines in US reporting on labor shortages, signs of sequential improvement in temp employment, and renewed momentum in job postings</li>
<li>In Europe, we see continued elevated sentiment on the labor market, but reports of labor shortages are starting to surface; this week, the German IAB Labor Barometer, based on a survey of staffing agencies, hit its highest level since 2008 inception</li>
</ul><div class="content-highlight">TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary tools text-mine the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. </div>


On June 26, an official with the China National Development and Reform Commission (NDRC) suggested the coal price rally has run its course and is likely to see downward pressure in July on improved mine supply, higher imports and higher hydro &amp; solar power generation
This followed June 17 NDRC comments that the power crunch has started to ease with the arrival of the rainy season, after extreme tightness in coal availability required power rationing across multiple provinces in May-June for the second time in 6 months
Our text mining suggests reporting on coal shortages and power outages in key provinces peaked in the second week of June and has pulled back since, leading coal equities
With the cryptocurrency mining crackdown freeing up 21% of power supply in Xinjiang, 5% in Sichuan, 4% in Yunnan and 3% in Inner Mongolia, it appears the NDRC's near-term coal guidance may be credible
Ahead of Friday's June Non-Farm Payrolls release, we see outright declines in US reporting on labor shortages, signs of sequential improvement in temp employment, and renewed momentum in job postings
In Europe, we see continued elevated sentiment on the labor market, but reports of labor shortages are starting to surface; this week, the German IAB Labor Barometer, based on a survey of staffing agencies, hit its highest level since 2008 inception
TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary tools text-mine the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. 

TMI Snapshots:  NDRC Coal "Guidance", NFP Preview, European Labor Strength

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

China

Yankuang Energy Group Company Limited operates coal businesses. The Company produces fine coal, blown coal, power coal, and coal chemical products. Yankuang Energy Group also conducts power generation, railway transport, machinery manufacturing, and heating businesses.

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Yankuang Energy Group (600188 CH)

Asia HY Monthly - Chinese Company Liquidation Regime Revisited - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent...

Lucror Analytics

Morning Views Asia: Evergrande Real Estate Group, Yanzhou Coal Mining

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 Book - June 2021 - Lucror Analytics

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

Lucror Analytics

TMI Snapshots: NDRC Coal "Guidance", NFP Preview, European Labor Strength

Our text mining saw media reports of power rationing and coal shortages in China peak in the second week of June in-line with coal equities; the...

Elan Gore

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

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52-week Range

Market Cap (USDm)

P/E

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