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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo</li>
<li>In the US, January personal spending unexpectedly declined 0.2% m-o-m (0.2% e / 0.8% revised p), driven by an outsized drop in motor vehicle purchases, as well as decreases in categories such as recreational goods amid the harsh winter weather. Meanwhile, personal income rose 0.9% m-o-m (0.4% e / 0.4% p).</li>
<li>Separately, the PCE inflation data for January was in line with estimates, showing a slight deceleration on a y-o-y basis. The PCE price index rose 2.5% y-o-y (2.5% e / 2.6% p) and 0.3% m-o-m (0.3% e / 0.3% p) in January, while the core PCE price index (the Fed's preferred measure of inflation) advanced 2.6% y-o-y (2.6% e / 2.9% revised p) and 0.3% mo-m (0.3% e / 0.2% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo
In the US, January personal spending unexpectedly declined 0.2% m-o-m (0.2% e / 0.8% revised p), driven by an outsized drop in motor vehicle purchases, as well as decreases in categories such as recreational goods amid the harsh winter weather. Meanwhile, personal income rose 0.9% m-o-m (0.4% e / 0.4% p).
Separately, the PCE inflation data for January was in line with estimates, showing a slight deceleration on a y-o-y basis. The PCE price index rose 2.5% y-o-y (2.5% e / 2.6% p) and 0.3% m-o-m (0.3% e / 0.3% p) in January, while the core PCE price index (the Fed's preferred measure of inflation) advanced 2.6% y-o-y (2.6% e / 2.9% revised p) and 0.3% mo-m (0.3% e / 0.2% p).


Yanlord Land’s H1/24 results were acceptable in our view. The company reported robust top-line growth, albeit margins weakened amid the difficult operating environment. Positively, Yanlord continued to reduce debt and maintain stable leverage. In addition, the company has successfully refinanced its borrowings using cheaper onshore secured debt, which has helped to improve interest costs. That said, Yanlord’s headroom to raise future secured debt has been reduced, as the bulk of its investment properties has already been pledged. Still, the company might be able to upsize its existing secured loans with higher LTV, or issue loans backed against new assets. Meanwhile, Yanlord continues to face sales pressure and a shrinking land bank in the absence of new land acquisitions.

  Yanlord Land’s H1/24 results were acceptable in our view. The company reported robust top-line growth, albeit margins weakened amid the difficult operating environment. Positively, Yanlord continued to reduce debt and maintain stable leverage. In addition, the company has successfully refinanced its borrowings using cheaper onshore secured debt, which has helped to improve interest costs.   That said, Yanlord’s headroom to raise future secured debt has been reduced, as the bulk of its investment properties has already been pledged. Still, the company might be able to upsize its existing secured loans with higher LTV, or issue loans backed against new assets. Meanwhile, Yanlord continues to face sales pressure and a shrinking land bank in the absence of new land acquisitions. 

Yanlord Land - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Link REIT's HK manager is starting a private funds venture in the market, showcasing a new area of investment and growth potential.</li><li>Yanlord is looking to sell a half-stake in an Anson Road project for $240M, indicating a strategic move in their property portfolio.</li><li>Weave Living is expanding its presence in Singapore with 2 new locations, adding a total of 330 units to their portfolio.</li></ul>

Link REIT's HK manager is starting a private funds venture in the market, showcasing a new area of investment and growth potential.Yanlord is looking to sell a half-stake in an Anson Road project for $240M, indicating a strategic move in their property portfolio.Weave Living is expanding its presence in Singapore with 2 new locations, adding a total of 330 units to their portfolio.

Asia Real Estate Tracker (13-Feb-2025): HK's Link REIT Manager Now Offers Private Funds.

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/longfor-properties' target='_blank' rel='noopener'>Longfor Properties</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/adani-green-energy-ltd' target='_blank' rel='noopener'>Adani Green Energy</a></li><li><a href='/entities/reliance-industries-ltd' target='_blank' rel='noopener'>Reliance Industries</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Vedanta ResourcesLongfor PropertiesAnton OilfieldAdani Green EnergyReliance Industriesand more...

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)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo

Lucror Analytics

Yanlord Land - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Yanlord Land’s H1/24 results were acceptable in our view. The company reported robust top-line growth, albeit margins weakened amid the difficult...

Lucror Analytics

Asia Real Estate Tracker (13-Feb-2025): HK's Link REIT Manager Now Offers Private Funds.

Link REIT's HK manager ventures into private funds, Yanlord sells half-stake in Anson Road for $240M, while Weave Living expands with 2 new...

Asia Real Estate Tracker

Weekly Wrap - 25 Oct 2024

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

Weekly Wrap - 18 Oct 2024

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

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