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

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>UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.</li>
<li>Equities edged up slightly towards record high levels. The S&amp;P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China
UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.
Equities edged up slightly towards record high levels. The S&amp;P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Aspen Group is a property company specializing in the investment, ownership and management of high yielding commercial properties including tourism and caravan parks.  The Group also provides fund management services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.</li>
<li>Estimated passive buying in <a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> is U$21m and positioning in the stock could continue to build in the next few days.</li>
<li>Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.</li>
</ul>



Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.


Aspen Group (APZ AU): Global Sector Index Inclusion

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Stockland is a diversified Australian property group. The Group develops and manages Retail centers, Residential Communities and Retirement Living assets with a focus on regional centers and outer metropolitan. Stockland also owns a portfolio of Office and Industrial assets.

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/gpt-group" target="_blank" data-smartkarma-citation="entities:168:1" rel="noopener">GPT Group (GPT AU)</a> vs. <a href="https://www.smartkarma.com/entities/stockland" target="_blank" data-smartkarma-citation="entities:661:1" rel="noopener">Stockland (SGP AU)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Stockland (SGP AU) and short The GPT Group (GPT AU) targets a 4% return, with Stockland (SGP AU) supported by a lower P/E multiple.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Stockland (SGP AU) and short The GPT Group (GPT AU) targets a 4% return, with Stockland (SGP AU) supported by a lower P/E multiple.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Stockland (SGP AU) Vs. The GPT Group (GPT AU): Valuation Supports Long/Short Stat Arb Opportunity

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

First Property Group plc is a real estate investment firm. It provides fund management, financial, and technical services to the property industry in the United Kingdom and other European countries. The firm manages commercial properties of various fund investors, as well as involves in property investment and trading, property equity finance, and online activities. It also engages in the facilities management of properties, which include contract installation and maintenance of air conditioning and ventilation systems for office working environments. The firm prefers to invest in offices that can be converted into flats . First Property Group plc is based in London, the United Kingdom.

<ul>
<li>The end-to-end solutions provider for branded merchandise reports interims to September.</li>
<li>Revenue improved 18% to $21.6m with an 8% increase in operating profit to $1.6m while net debt increased 188% to $2.3m.</li>
<li>The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base.</li>
</ul>


The end-to-end solutions provider for branded merchandise reports interims to September.
Revenue improved 18% to $21.6m with an 8% increase in operating profit to $1.6m while net debt increased 188% to $2.3m.
The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base.


Hybridan Small Cap Feast: 27 November 2025

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

Thematic (Sector/Industry)

<ul><li>Arch Capital has sold its stake in a $500 million shopping mall located in Taiwan.</li><li>Singapore has initiated applications for the construction of new data centers totaling 200MW.</li><li>City Developments Limited (CDL) has purchased the Holiday Inn in Central London for $370 million.</li></ul>

Arch Capital has sold its stake in a $500 million shopping mall located in Taiwan.Singapore has initiated applications for the construction of new data centers totaling 200MW.City Developments Limited (CDL) has purchased the Holiday Inn in Central London for $370 million.

Asia Real Estate Tracker (04-Dec-2025): Arch Capital exits $500M stake in Taiwan mall.

Real Estate
Real Estate Insights

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China UST yields rose 2-4 bps...

Lucror Analytics

Aspen Group (APZ AU): Global Sector Index Inclusion

Aspen Group will be added to a global sector index this month. Then there could be a global index inclusion in March. Positioning has increased but...

Brian Freitas

Stockland (SGP AU) Vs. The GPT Group (GPT AU): Valuation Supports Long/Short Stat Arb Opportunity

Pair Trade: Stockland vs. The GPT Group price ratio signals a ~4% relative value trade to the one-standard-deviation line, ideal for quant traders...

Gaudenz Schneider

Hybridan Small Cap Feast: 27 November 2025

The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in...

Hybridan

Asia Real Estate Tracker (04-Dec-2025): Arch Capital exits $500M stake in Taiwan mall.

Arch Capital has sold its $500 million Taiwan mall investment, while Singapore opens applications for 200MW of new data centers, and CDL buys...

Asia Real Estate Tracker