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

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with the associated drivers.  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 Oil & Gas sector, including oil price development and projections, along with the associated drivers.    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 - Oil & Gas Update (2021) - Lucror Analytics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tsingtao Brewery Co Ltd H / Equity Capital Markets

<div><a href="https://www.smartkarma.com/entities/fosun-international-ltd" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a> aims to raise around US$300m via selling 1.8% of <a href="https://www.smartkarma.com/entities/tsingtao-brewery-co-ltd-h" target="_blank" data-smartkarma-citation="entities:1296:1" rel="noopener">Tsingtao Brewery Co Ltd H (168 HK)</a>.</div><div>
This is not the first selldown by Fosun, we covered the Dec 2020 selldown in <a href="https://www.smartkarma.com/insights/tsingtao-brewery-placement-friday-evening-is-always-a-good-time-for-a-beer-maybe-not-this-one" target="_blank" rel="noopener">Tsingtao Brewery Placement - Friday Evening Is Always a Good Time for a Beer, Maybe Not This One.</a>
This will be the third selldown by Fosun in a little over six months, therefore, its hard to say that it will come as a surprise to the market.
</div>

Fosun International (656 HK) aims to raise around US$300m via selling 1.8% of Tsingtao Brewery Co Ltd H (168 HK).
This is not the first selldown by Fosun, we covered the Dec 2020 selldown in Tsingtao Brewery Placement - Friday Evening Is Always a Good Time for a Beer, Maybe Not This One.
This will be the third selldown by Fosun in a little over six months, therefore, its hard to say that it will come as a surprise to the market.


Tsingtao Brewery Placement - Fosun Is Back Again, Settling into a Pattern

The Asia HY Trade Book for the month of April 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 Book for the month of April 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 Book - April 2021 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full 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 - Chinese Property Update (2021) - Lucror Analytics

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 05.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/sunac-services-holdings" target="_blank" data-smartkarma-citation="entities:29239:1" rel="noopener">Sunac Services Holdings (1516 HK)</a> (HKD 70.3 million worth of buybacks), <a href="https://www.smartkarma.com/entities/fosun-international-ltd" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a> (HKD 34.9 million worth of buybacks), Dynam Japan (6889 HK) (HKD 8.7 million worth of buybacks).In the past 30 days, the top 3 companies that repurchased the most shares from the market were Fosun International Limited (656 HK) (HKD 280.9 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 274.4 million worth of buybacks), China Jinmao Holdings Group Limited (817 HK) (HKD 75.3 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Fosun International Limited (656 HK) (HKD 742.4 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 577.4 million worth of buybacks), New World Development Co Ltd (17 HK) (HKD 378.0 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were China Evergrande Group (3333 HK) (HKD 4,656.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 1,644.6 million worth of buybacks), Fosun International Limited (656 HK) (HKD 1,471.2 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 05.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunac Services Holdings (1516 HK) (HKD 70.3 million worth of buybacks), Fosun International (656 HK) (HKD 34.9 million worth of buybacks), Dynam Japan (6889 HK) (HKD 8.7 million worth of buybacks).In the past 30 days, the top 3 companies that repurchased the most shares from the market were Fosun International Limited (656 HK) (HKD 280.9 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 274.4 million worth of buybacks), China Jinmao Holdings Group Limited (817 HK) (HKD 75.3 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Fosun International Limited (656 HK) (HKD 742.4 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 577.4 million worth of buybacks), New World Development Co Ltd (17 HK) (HKD 378.0 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were China Evergrande Group (3333 HK) (HKD 4,656.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 1,644.6 million worth of buybacks), Fosun International Limited (656 HK) (HKD 1,471.2 million worth of buybacks).

Hong Kong Buybacks League Table: Want Want Bought Back 6% of Free-Float in the past Year

China

Fosun International Limited operates diversified businesses. The Company manufactures steel, develops property, manufactures pharmaceuticals, and holds interests in retailers, financial services providers, and gold and iron mining.

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Fosun International (656 HK)

Asia HY Monthly - Oil & Gas Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with...

Lucror Analytics

Tsingtao Brewery Placement - Fosun Is Back Again, Settling into a Pattern

Fosun International (656 HK) aims to raise around US$300m via selling 1.8% of Tsingtao Brewery Co Ltd H (168 HK). This is not the first selldown by...

Sumeet Singh

Asia HY Trade Book - April 2021 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory...

Lucror Analytics

Hong Kong Buybacks League Table: Want Want Bought Back 6% of Free-Float in the past Year

In the past week, the top 3 companies that repurchased the most shares from the market were Sunac Services Holdings (1516 HK), Fosun International...

Ke Yan, CFA, FRM

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