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 Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 - China Property Update - 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 - 02 Apr 2019

Trung Nguyen

Yanzhou Coal’s FY 2018 results were strong. The company achieved robust revenue and EBITDA growth (+28% and 40% y-o-y, respectively), on the back of increased sales volumes and selling prices. Net borrowings declined slightly, which helped to drive a continued improvement in the financial profile. The company’s results will continue to be closely linked to the development of coal prices, as this business accounts for the lion's share of its earnings. During the earnings call, management forecast that Chinese coal prices will remain largely stable, fluctuating between CNY 570-630 per tonne this year. For FY 2019, the company expects sales volumes of self-produced coal to increase 7% y-o-y, supported by the ramp-up of existing mines. Yanzhou has set an annual capex target of CNY 9 bn, which is largely unchanged from FY 2018.

   Yanzhou Coal’s FY 2018 results were strong. The company achieved robust revenue and EBITDA growth (+28% and 40% y-o-y, respectively), on the back of increased sales volumes and selling prices. Net borrowings declined slightly, which helped to drive a continued improvement in the financial profile.    The company’s results will continue to be closely linked to the development of coal prices, as this business accounts for the lion's share of its earnings. During the earnings call, management forecast that Chinese coal prices will remain largely stable, fluctuating between CNY 570-630 per tonne this year. For FY 2019, the company expects sales volumes of self-produced coal to increase 7% y-o-y, supported by the ramp-up of existing mines. Yanzhou has set an annual capex target of CNY 9 bn, which is largely unchanged from FY 2018. 

Yanzhou Coal - Earnings Flash - FY 2018 Results - Lucror Analytics

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

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 - Oil & Gas Overview - 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 - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 02 Apr 2019

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

Lucror Analytics

Yanzhou Coal - Earnings Flash - FY 2018 Results - Lucror Analytics

Yanzhou Coal’s FY 2018 results were strong. The company achieved robust revenue and EBITDA growth (+28% and 40% y-o-y, respectively), on the back...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

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