Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

Yestarآ Healthcareâ€™sآ FY 2019 results did not contain many surprises. Revenue growth was in line with market development for in-vitro diagnostic devicesآ and the expansion of theآ company's distribution network. Margins weakened y-o-y while borrowings increased. The companyâ€™s liquidity could be strained if it has to fulfil the purchase options outstanding (just overآ CNY 950 mn)آ usingآ internal funds. Yestar wasآ in negotiations for one of these for more than a year, and now faces claims in arbitration from the vendor. It recently settled another option, with a new purchase agreement replacing the original one. It has agreed to take another 20% stake in the acquiree company at a discounted price of CNY 77 mn (the original agreement was to purchase 30% for CNY 270 mn). This transaction will not be settled in cash, but with the transferآ of one business segment to the minority shareholder. If Yestarآ were to settle the rest of the options in cash, it would have to raise additional debt.

  Yestarآ Healthcareâ€™sآ FY 2019 results did not contain many surprises. Revenue growth was in line with market development for in-vitro diagnostic devicesآ and the expansion of theآ company's distribution network. Margins weakened y-o-y while borrowings increased.   The companyâ€™s liquidity could be strained if it has to fulfil the purchase options outstanding (just overآ CNY 950 mn)آ usingآ internal funds. Yestar wasآ in negotiations for one of these for more than a year, and now faces claims in arbitration from the vendor. It recently settled another option, with a new purchase agreement replacing the original one. It has agreed to take another 20% stake in the acquiree company at a discounted price of CNY 77 mn (the original agreement was to purchase 30% for CNY 270 mn). This transaction will not be settled in cash, but with the transferآ of one business segment to the minority shareholder. If Yestarآ were to settle the rest of the options in cash, it would have to raise additional debt. 

Yestar Healthcare - Earnings Flash - FY 2019 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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-20720'>Binhai Investment</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li><li><a href='#lucror-entity-7845'>Road King Infrastructure</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</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.Binhai InvestmentChina Jinmao HoldingsCIFI HoldingsLenovoLippo KarawaciLogan Property HoldingsRoad King InfrastructureSeazen (Formerly Future Land)Tata Motors Ltd

Morning Views Asia: Binhai Investment, China Jinmao Holdings, CIFI Holdings, Lenovo, Lippo Karawaci

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and 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 2020 includes a summary of our recommendations and 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 2020 - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 Offshore Bond Defaults - Lucror Analytics

China

Yestar Healthcare Holdings Company Limited provides color photographic paper in the PRC and a provider of a broad range of imaging products in the PRC.  The Company processes color photographic paper, various image printing films and medical imaging films into ready-to-use form by cutting and slitting master rolls into customized sizes.

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Yestar Healthcare Holdings (2393 HK)

Yestar Healthcare - Earnings Flash - FY 2019 Results - Lucror Analytics

Yestarآ Healthcareâ€™sآ FY 2019 results did not contain many surprises. Revenue growth was in line with market development for in-vitro diagnostic...

Lucror Analytics

Morning Views Asia: Binhai Investment, China Jinmao Holdings, CIFI Holdings, Lenovo, Lippo Karawaci

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 - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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