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

West China Cement Limited produces and distributes cement products.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy</li>
<li>In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.</li>
<li>Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)


Seazen Holdings Co., Ltd. operates as a real estate development company. The Company develops residential buildings, office buildings, commercial buildings, infrastructure facilities, and more. Seazen Holdings also provides market research, information consulting, and other services.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group</li>
<li>In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.</li>
<li>Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.
Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.


Country Garden Holdings Company Limited is a real estate developer.  The Company builds villas, townhouses and apartments in Mainland China. Country Gardens also develops large-scale community facilities such as schools, hotels, hospitals, and theme parks.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Country Garden</li>
<li>In the US, the 1-year New York Fed inflation expectations edged up to 3.58% (3.26% e / 3.13% p).</li>
<li>Treasuries rallied yesterday, unwinding part of last week’s decline, after the Trump administration granted a temporary tariff reprieve on smartphones and consumer electronics.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Country Garden
In the US, the 1-year New York Fed inflation expectations edged up to 3.58% (3.26% e / 3.13% p).
Treasuries rallied yesterday, unwinding part of last week’s decline, after the Trump administration granted a temporary tariff reprieve on smartphones and consumer electronics.


Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China</li>
<li>
<p>In the US, the March CPI came in below estimates at negative 0.1% m-o-m (0.1% e / 0.2% p) and 2.4% y-o-y (2.5% e / 2.8% p). This was driven by lower energy costs, as well as a decline in discretionary spending such as airfares, used vehicles and hotels. Core CPI (excluding food and energy) slowed to 0.1% m-o-m (0.3% e / 0.2% p) and 2.8% y-o-y (3.0% e / 3.1% p).</p>
</li>
<li>
<p>The White House has clarified that US President Donald Trump's total tariffs on Chinese imports stands at 145%, comprising a 125% reciprocal tariff rate on top of the existing 20% duty imposed earlier in February and March.</p>
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

In the US, the March CPI came in below estimates at negative 0.1% m-o-m (0.1% e / 0.2% p) and 2.4% y-o-y (2.5% e / 2.8% p). This was driven by lower energy costs, as well as a decline in discretionary spending such as airfares, used vehicles and hotels. Core CPI (excluding food and energy) slowed to 0.1% m-o-m (0.3% e / 0.2% p) and 2.8% y-o-y (3.0% e / 3.1% p).


The White House has clarified that US President Donald Trump's total tariffs on Chinese imports stands at 145%, comprising a 125% reciprocal tariff rate on top of the existing 20% duty imposed earlier in February and March.



Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China</li>
<li>In the US, the NFIB small business optimism index declined to 97.4 (99.0 e / 100.7 p), just below the 51-year average of 98.</li>
<li>US President Donald Trump’s tariffs are set to take effect from midnight ET today, according to the US Customs and Border Protection.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China
In the US, the NFIB small business optimism index declined to 97.4 (99.0 e / 100.7 p), just below the 51-year average of 98.
US President Donald Trump’s tariffs are set to take effect from midnight ET today, according to the US Customs and Border Protection.


Based in Singapore, Leonard covers Asian high yield and crossover corporate credits. Prior to joining Lucror in 2017, he was an Associate Analyst with Moody’s Investors Service for three years, where he was responsible for credit analysis and research for a portfolio of South and Southeast Asian corporates. Previously, Leonard spent two years in ANZ Banking Group’s graduate program, where he held a number of roles, including credit risk.

Leonard holds a Bachelor of Business Administration from the National University of Singapore and is a Chartered Financial Analyst.

Leonard Law, CFA
Senior Credit Analyst
• Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group In the US, the import price...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Country Garden In the US, the 1-year New York...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China In the US, the NFIB small...

Lucror Analytics