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

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-28953'>Central China New Life</a></li><li><a href='#lucror-entity-26799'>Future Retail</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</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.Central China New LifeFuture RetailTata Motors LtdYanlord LandSuzhou Boamax Tech Group

Morning Views Asia: Central China New Life, Future Retail, Tata Motors Ltd, Yanlord Land

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players 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 Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players 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 - Indonesian Property Update (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Yuzhou Group’s H1/20 results were good, with strong contracted sales and revenue growth. However, borrowings also increased during the period, as a result of the new USD Notes issued during the period. The company might have done so in order to refinance the upcoming offshore maturities. The credit metrics were generally stable compared to FY 2019, as the top-line growth offset the increase in debt. Our key concern about Yuzhou is its large exposure to JVs. Based on the company's disclosed attributable cash collection of 90%, we estimate that only 33% of the contracted sales in H1/20 was attributable to Yuzhou. In April 2020, S&P downgraded its ratings on the company to B+ from BB-, suggesting that only 30% of Yuzhou’s projects were consolidated. One month after the downgrade, the agency withdrew its ratings at Yuzhou’s request.

  Yuzhou Group’s H1/20 results were good, with strong contracted sales and revenue growth. However, borrowings also increased during the period, as a result of the new USD Notes issued during the period. The company might have done so in order to refinance the upcoming offshore maturities. The credit metrics were generally stable compared to FY 2019, as the top-line growth offset the increase in debt.   Our key concern about Yuzhou is its large exposure to JVs. Based on the company's disclosed attributable cash collection of 90%, we estimate that only 33% of the contracted sales in H1/20 was attributable to Yuzhou. In April 2020, S&P downgraded its ratings on the company to B+ from BB-, suggesting that only 30% of Yuzhou’s projects were consolidated. One month after the downgrade, the agency withdrew its ratings at Yuzhou’s request. 

Yuzhou Group - Earnings Flash - H1 FY 2020 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.<ul><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</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.Guangzhou R&F PropertiesSuzhou Boamax Tech Group

Morning Views Asia: Guangzhou R&F Properties, Suzhou Boamax Tech Group

China

Yuzhou Group Holdings Company Limited develops residential properties in southern China.

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Yuzhou Group (1628 HK)

Morning Views Asia: Central China New Life, Future Retail, Tata Motors Ltd, Yanlord Land

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 (2020) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19...

Lucror Analytics

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

Yuzhou Group - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Yuzhou Group’s H1/20 results were good, with strong contracted sales and revenue growth. However, borrowings also increased during the period, as...

Lucror Analytics

Morning Views Asia: Guangzhou R&F Properties, Suzhou Boamax Tech Group

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

Lucror Analytics

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