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 Land’s Q4/18 results were weaker than expected, owing to a sharp decline (-77% y-o-y) in GFA of properties delivered during the quarter. Consequently, total revenue plunged 79% to CNY 2.3 bn. For the full year, revenue and gross profit were slightly weaker, falling 3% and 5%, respectively. At FYE 2018, Yanlord’s total debt rose 26% y-o-y to CNY 41.8 bn, while cash balances declined 42% to CNY 10.3 bn. Leverage metrics deteriorated on account of the higher debt. Cash flows remain weak, albeit slightly improved from FY 2017. The surprisingly weak sales numbers in Q4/18 might be one-off in nature, as the company intends to launch seven new projects in Q1/19. Positively, Yanlord enjoys high gross margins. This provides a buffer against potential ASP declines if there is further regulatory tightening. The strong margins also help the company maintain higher interest coverage compared to peers. That said, we expect ASP and margins to weaken slightly going forward, as Yanlord increases its exposure outside Shanghai, and into other Tier-1 and -2 cities.

   Yanlord Land’s Q4/18 results were weaker than expected, owing to a sharp decline (-77% y-o-y) in GFA of properties delivered during the quarter. Consequently, total revenue plunged 79% to CNY 2.3 bn. For the full year, revenue and gross profit were slightly weaker, falling 3% and 5%, respectively.    At FYE 2018, Yanlord’s total debt rose 26% y-o-y to CNY 41.8 bn, while cash balances declined 42% to CNY 10.3 bn. Leverage metrics deteriorated on account of the higher debt. Cash flows remain weak, albeit slightly improved from FY 2017.    The surprisingly weak sales numbers in Q4/18 might be one-off in nature, as the company intends to launch seven new projects in Q1/19. Positively, Yanlord enjoys high gross margins. This provides a buffer against potential ASP declines if there is further regulatory tightening. The strong margins also help the company maintain higher interest coverage compared to peers. That said, we expect ASP and margins to weaken slightly going forward, as Yanlord increases its exposure outside Shanghai, and into other Tier-1 and -2 cities. 

Yanlord Land - Earnings Flash - FY 2018 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 - 28 Feb 2019

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

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. 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 look at agency ratings for Asian issuers.    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 - Agency Ratings For Asian Issuers - 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 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 - FY 2018 Results - Lucror Analytics

Yanlord Land’s Q4/18 results were weaker than expected, owing to a sharp decline (-77% y-o-y) in GFA of properties delivered during the quarter....

Lucror Analytics

Lucror Analytics - Morning Views Asia - 28 Feb 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 Trade Recommendations - February 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Agency Ratings For Asian Issuers - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

Asia HY Trade Recommendations - January 2019 - 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

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