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

Shui On Land's (SOL) H1/23 results were acceptable in our view, as the company reported improved revenue recognition from property sales and largely stable rental income. SOL's operations remained strong, with robust demand for its project launches. Still, management retained its guidance for a 52% y-o-y decline in FY 2023 contracted sales, largely due to the timing of sale launches. Negatively, net debt climbed 8% from FYE 2022, as the company acquired a project in Shanghai during April. SOL has tight liquidity. That said, it will likely have sufficient resources to repay the USD 500 mn bond coming due in November 2023. The company does not appear to be in immediate financial distress overall, despite negative news about its bondholder identification exercise last month.

  Shui On Land's (SOL) H1/23 results were acceptable in our view, as the company reported improved revenue recognition from property sales and largely stable rental income. SOL's operations remained strong, with robust demand for its project launches. Still, management retained its guidance for a 52% y-o-y decline in FY 2023 contracted sales, largely due to the timing of sale launches. Negatively, net debt climbed 8% from FYE 2022, as the company acquired a project in Shanghai during April.   SOL has tight liquidity. That said, it will likely have sufficient resources to repay the USD 500 mn bond coming due in November 2023. The company does not appear to be in immediate financial distress overall, despite negative news about its bondholder identification exercise last month. 

Shui On Land - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

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The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - July 2023 - Lucror Analytics

China

Shui On Land Limited engages principally in the development, sale, leasing, management and ownership of residential, office, retail, entertainment and cultural properties in the PRC.

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Shui On Land (272 HK)

Shui On Land - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Shui On Land's (SOL) H1/23 results were acceptable in our view, as the company reported improved revenue recognition from property sales and...

Lucror Analytics

Weekly Wrap - 18 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

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Weekly Wrap - 11 Aug 2023

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Weekly Wrap - 04 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Asia HY Monthly - July 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

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