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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China</li>
<li>UST yields rose yesterday, with the curve bear flattening for a second day as the market pared expectations for Fed rate cuts. The yield on the 2Y UST increased by 4 bps to 3.92%, while that on the 10Y UST was up 1 bp at 4.40%.</li>
<li>Equities closed at fresh record highs, with the S&amp;P 500 and Nasdaq advancing 0.1% and 0.2%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China
UST yields rose yesterday, with the curve bear flattening for a second day as the market pared expectations for Fed rate cuts. The yield on the 2Y UST increased by 4 bps to 3.92%, while that on the 10Y UST was up 1 bp at 4.40%.
Equities closed at fresh record highs, with the S&amp;P 500 and Nasdaq advancing 0.1% and 0.2%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, UPL Limited</li>
<li>US treasury yields ended slightly lower in a holiday-shortened session on Friday. The decline in yields was supported by Treasury Secretary Scott Bessent’s remarks that regulators may be “very close” to easing the supplementary leverage ratio, which could support banks’ trading of treasuries.</li>
<li>That said, larger yield declines earlier in the day were pared after President Donald Trump issued new tariff threats against the EU and Apple Inc. The yield on the 2Y UST was unchanged at 3.99% (after dropping as much as 9 bps in the day), while the yield on the 10Y UST ended 2 bps lower at 4.51% (after declining up to 8 bps).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, UPL Limited
US treasury yields ended slightly lower in a holiday-shortened session on Friday. The decline in yields was supported by Treasury Secretary Scott Bessent’s remarks that regulators may be “very close” to easing the supplementary leverage ratio, which could support banks’ trading of treasuries.
That said, larger yield declines earlier in the day were pared after President Donald Trump issued new tariff threats against the EU and Apple Inc. The yield on the 2Y UST was unchanged at 3.99% (after dropping as much as 9 bps in the day), while the yield on the 10Y UST ended 2 bps lower at 4.51% (after declining up to 8 bps).


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong tech sector leads the market higher with increased momentum and lower volatility.  Short selling has abated with unwind of HKD carry trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> had a breakout from a Falling Wedge pattern. The share price broke above its short-term averages with increasing momentum.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a> broke out from its downtrend with a Reversal from its U-Shaped Bottom.  <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> broke out to a new YTD high.
</li>
</ul>


Hong Kong tech sector leads the market higher with increased momentum and lower volatility.  Short selling has abated with unwind of HKD carry trade.

Sands China (1928 HK) had a breakout from a Falling Wedge pattern. The share price broke above its short-term averages with increasing momentum.


China Feihe (6186 HK) broke out from its downtrend with a Reversal from its U-Shaped Bottom.  Techtronic Industries (669 HK) broke out to a new YTD high.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 23)

<ul>
<li>Although Hong Kong markets have slumped after Trump's election, mainland China's markets have gained.  Southbound net buying of HK stocks hit a 2024 high on the day Trump won.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> had a breakout from a double top as Macau recorded good Golden Week arrivals.  <a href="https://www.smartkarma.com/entities/blue-moon-group-holdings" target="_blank" data-smartkarma-citation="entities:29179:1" rel="noopener">Blue Moon Group Holdings (6993 HK)</a> had a breakout after 3 years.
</li>
<li>
<a href="https://www.smartkarma.com/entities/cansino-biologics-inc" target="_blank" data-smartkarma-citation="entities:27739:1" rel="noopener">CanSino Biologics (6185 HK)</a> formed a breakout after a new vaccine was approved and it reported better results.  <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> share price advanced as it expands stores.
</li>
</ul>


Although Hong Kong markets have slumped after Trump's election, mainland China's markets have gained.  Southbound net buying of HK stocks hit a 2024 high on the day Trump won.

Sands China (1928 HK) had a breakout from a double top as Macau recorded good Golden Week arrivals.  Blue Moon Group Holdings (6993 HK) had a breakout after 3 years.


CanSino Biologics (6185 HK) formed a breakout after a new vaccine was approved and it reported better results.  Haidilao International Holding (6862 HK) share price advanced as it expands stores.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

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-182" target="_blank" rel="noopener">Sands China</a></li>
<li><a href="#lucror-entity-16955" target="_blank" rel="noopener">SK Hynix</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.

Sands China
SK Hynix


Morning Views Asia: Sands China, SK Hynix

Hong Kong

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

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