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

Yanlord’s results remained weaker than expected in Q2/19, owing to a sharp decline (-66% y-o-y) in the GFA of properties delivered during the quarter. This was partly offset by the higher ASP (+11% to CNY 28.5 k per sqm). Quarterly revenue dropped 58% y-o-y, while for H1, revenue and gross profit were both down 54%. According to the company, its H1/19 consolidated contracted sales (including JVs and associates) soared 78% y-o-y to CNY 21 bn. This might boost future revenue recognition and earnings. At end-June 2019, Yanlord’s total debt was 7% lower relative to FYE 2018 at CNY 39 bn, while cash balances increased by CNY 6.6 bn to CNY 16.9 bn. That said, the drop in debt might be due to the deconsolidation of certain debt-bearing subsidiaries. We revise our fundamental Credit Bias on Yanlord to "Negative" from "Stable".

   Yanlord’s results remained weaker than expected in Q2/19, owing to a sharp decline (-66% y-o-y) in the GFA of properties delivered during the quarter. This was partly offset by the higher ASP (+11% to CNY 28.5 k per sqm). Quarterly revenue dropped 58% y-o-y, while for H1, revenue and gross profit were both down 54%.    According to the company, its H1/19 consolidated contracted sales (including JVs and associates) soared 78% y-o-y to CNY 21 bn. This might boost future revenue recognition and earnings. At end-June 2019, Yanlord’s total debt was 7% lower relative to FYE 2018 at CNY 39 bn, while cash balances increased by CNY 6.6 bn to CNY 16.9 bn. That said, the drop in debt might be due to the deconsolidation of certain debt-bearing subsidiaries.    We revise our fundamental Credit Bias on Yanlord to "Negative" from "Stable". 

Yanlord Land - Earnings Flash - H1 FY 2019 Results - 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.

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. 

Lucror Analytics - Morning Views Asia - 14 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for July 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 July 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 - July 2019 - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war. 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 discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war.    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 - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

Yanlord Land - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Yanlord’s results remained weaker than expected in Q2/19, owing to a sharp decline (-66% y-o-y) in the GFA of properties delivered during the...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 14 Aug 2019

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the...

Lucror Analytics

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