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: West China Cement, Meituan, New World Development</li>
<li>UST yields rose for the third straight day, ending 3-4 bps higher across the curve. There appeared to be no major new catalysts, with oil prices stabilising after a two-day surge. Yields on the 2Y and 10Y UST rose 4 bps each to 3.55% and 4.10%, respectively. Equities recovered from Tuesday’s losses, with the S&amp;P 500 and Nasdaq up 0.8% and 1.3%, respectively.</li>
<li>In the US, the February ISM services index climbed to 56.1 (53.5 e / 53.8 p), the highest reading since mid-2022. The new orders subindex jumped to 58.6 (53.5 e / 56.1 p), while the employment sub-index increased to 51.8 (50.6 e / 50.3 p).</li>
<li>The prices paid sub-index eased to 63.0 (68.3 e / 66.6 p), the lowest reading since March 2025. Meanwhile, the February 2026 (final) S&amp;P services PMI fell to 51.7 (52.7 p), and the composite PMI declined to 51.9 (53.0 p). Separately, the ADP employment report showed that private sector payrolls rose 63 k in February (50 k e / 11 k revised p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development
UST yields rose for the third straight day, ending 3-4 bps higher across the curve. There appeared to be no major new catalysts, with oil prices stabilising after a two-day surge. Yields on the 2Y and 10Y UST rose 4 bps each to 3.55% and 4.10%, respectively. Equities recovered from Tuesday’s losses, with the S&amp;P 500 and Nasdaq up 0.8% and 1.3%, respectively.
In the US, the February ISM services index climbed to 56.1 (53.5 e / 53.8 p), the highest reading since mid-2022. The new orders subindex jumped to 58.6 (53.5 e / 56.1 p), while the employment sub-index increased to 51.8 (50.6 e / 50.3 p).
The prices paid sub-index eased to 63.0 (68.3 e / 66.6 p), the lowest reading since March 2025. Meanwhile, the February 2026 (final) S&amp;P services PMI fell to 51.7 (52.7 p), and the composite PMI declined to 51.9 (53.0 p). Separately, the ADP employment report showed that private sector payrolls rose 63 k in February (50 k e / 11 k revised p).


Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

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Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

Country Garden Holdings / Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of March.</li>
<li>The top 10 provide an average ~6.9% premium with a potential ~9.8% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of March.
The top 10 provide an average ~6.9% premium with a potential ~9.8% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong March 2026 Monthly Covered Call Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Sun Hung Kai Properties / Equity Bottom-Up

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/sun-hung-kai-properties-ltd" target="_blank" data-smartkarma-citation="entities:111:1" rel="noopener">Sun Hung Kai Properties (16 HK)</a></strong>, Hong Kong's top property dog, announced 2026 interim net profit of HK$10.2bn, a 36.2% year-on-year increase. </li>
<li>The bottom line benefit from a reduction in fair-value changes in investment properties; and material decreases in selling/marketing, and finance expenses. Gross margins declined to 30.4% from 38.8% in 1H25. </li>
<li>SHK is up an impressive 44% YTD. Forward P/B of 0.63x is in line with its five-year average <em>preceding</em> Covid. Metrics look full.</li>
</ul>



Sun Hung Kai Properties (16 HK), Hong Kong's top property dog, announced 2026 interim net profit of HK$10.2bn, a 36.2% year-on-year increase. 
The bottom line benefit from a reduction in fair-value changes in investment properties; and material decreases in selling/marketing, and finance expenses. Gross margins declined to 30.4% from 38.8% in 1H25. 
SHK is up an impressive 44% YTD. Forward P/B of 0.63x is in line with its five-year average preceding Covid. Metrics look full.


On Sun Hung Kai (16 HK)'s Interim Results

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, First Pacific, Sunny Optical, Nissan Motor, New World Development, Vedanta Resources</li>
<li>Treasury yields were stable, with front-end yields declining marginally amid risk aversion in the equities market. Yields on the 2Y and 10Y USTs fell 1 bp each to 3.56% and 4.23%, respectively. Tech stocks retreated yesterday. Microsoft Corp’s share price fell 10%, after the company reported slightly weaker Cloud growth, and amid concerns over its AI spending and concentration risk to OpenAI.</li>
<li>The S&amp;P 500 edged down 0.1% to 6,969, while the Nasdaq slumped 0.7% to 23,685.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, First Pacific, Sunny Optical, Nissan Motor, New World Development, Vedanta Resources
Treasury yields were stable, with front-end yields declining marginally amid risk aversion in the equities market. Yields on the 2Y and 10Y USTs fell 1 bp each to 3.56% and 4.23%, respectively. Tech stocks retreated yesterday. Microsoft Corp’s share price fell 10%, after the company reported slightly weaker Cloud growth, and amid concerns over its AI spending and concentration risk to OpenAI.
The S&amp;P 500 edged down 0.1% to 6,969, while the Nasdaq slumped 0.7% to 23,685.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development</li>
<li>UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.</li>
<li>In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.


Hong Kong

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

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New World Development (17 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development

Lucror Analytics

EQD | Hong Kong March 2026 Monthly Covered Call Report

March's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 9.8% upside if exercised, allowing...

Nicholas Pezolano

On Sun Hung Kai (16 HK)'s Interim Results

A lot of optimism baked into SHK's share price here. Short interest has been ticking up. That would also be my approach here.

David Blennerhassett

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, First Pacific, Sunny Optical,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development

Lucror Analytics

EQD | Hong Kong March 2026 Monthly Covered Call Report

​March's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 9.8% upside if exercised, allowing...

Nicholas Pezolano

On Sun Hung Kai (16 HK)'s Interim Results

A lot of optimism baked into SHK's share price here. Short interest has been ticking up. That would also be my approach here.

David Blennerhassett

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, First Pacific, Sunny Optical,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development

Lucror Analytics

March's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 9.8% upside if exercised, allowing...