Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>The Paradigm Shift: Evergrande’s liquidation permanently destroys the debt-fueled development model, initiating a structural transition into a classic balance sheet recession and altering global macroeconomics.</li>
<li>Sector Bifurcation: The market dictates a terminal divergence, heavily favoring state-owned developers with premium land banks while privately-owned enterprises face irreversible liquidity traps and structural shrinkage.</li>
<li>Valuation Re-rating: Equity frameworks must permanently abandon net asset value models, transitioning to utility-based pricing that prioritizes operational cash flow, balance sheet solvency, and recurring yields.</li>
</ul>


The Paradigm Shift: Evergrande’s liquidation permanently destroys the debt-fueled development model, initiating a structural transition into a classic balance sheet recession and altering global macroeconomics.
Sector Bifurcation: The market dictates a terminal divergence, heavily favoring state-owned developers with premium land banks while privately-owned enterprises face irreversible liquidity traps and structural shrinkage.
Valuation Re-rating: Equity frameworks must permanently abandon net asset value models, transitioning to utility-based pricing that prioritizes operational cash flow, balance sheet solvency, and recurring yields.


Terminal Deflation: Evergrande's Collapse and the Structural Reset of Chinese Real Estate

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: Longfor Group, SJM Holdings, SK Hynix</li>
<li>UST yields were steady yesterday, after the December core CPI data came in below estimates. The UST curve steepened marginally, with yields on the 2Y and 10Y stable at 3.53% and 4.18%, respectively, while the yield on the 30Y rose 1 bp to 4.84%.</li>
<li>Equities retreated from peak levels, led by a slump in bank stocks, after JPMorgan Chase reported lower investment banking fees. The S&amp;P 500 and Nasdaq declined 0.2% and 0.1% to 6,964 and 23,710, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix
UST yields were steady yesterday, after the December core CPI data came in below estimates. The UST curve steepened marginally, with yields on the 2Y and 10Y stable at 3.53% and 4.18%, respectively, while the yield on the 30Y rose 1 bp to 4.84%.
Equities retreated from peak levels, led by a slump in bank stocks, after JPMorgan Chase reported lower investment banking fees. The S&amp;P 500 and Nasdaq declined 0.2% and 0.1% to 6,964 and 23,710, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries</li>
<li>UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).</li>
<li>The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries
UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).
The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.


<ul>
<li>UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.</li>
<li>The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.</li>
<li>Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations. </li>
</ul>


UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.
The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.
Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations. 


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Bukit Makmur Mandiri, Longfor Group</li>
<li>UST yields declined yesterday, led by the long end. The yield on the 2Y UST was stable at 3.46%, while that on the 10Y UST fell 3 bps to 3.98%.</li>
<li>Equities climbed for a second day, on the back of generally strong Q3/25 earnings releases from US corporates. The S&amp;P 500 rose 1.1% to 6,735, and the Nasdaq was up 1.4% at 22,991.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Bukit Makmur Mandiri, Longfor Group
UST yields declined yesterday, led by the long end. The yield on the 2Y UST was stable at 3.46%, while that on the 10Y UST fell 3 bps to 3.98%.
Equities climbed for a second day, on the back of generally strong Q3/25 earnings releases from US corporates. The S&amp;P 500 rose 1.1% to 6,735, and the Nasdaq was up 1.4% at 22,991.


China

Longfor Group Holdings Ltd. is an investment holding company primarily engaged in property development, investment property operation, and services. It develops and sells residential, office, and commercial properties, and leases shopping malls and rental housing. The company also provides property management, hotel operation, commercial investment, and smart construction services. Longfor Group was founded in 1993 and is headquartered in Beijing, China.

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Longfor (960 HK)

Terminal Deflation: Evergrande's Collapse and the Structural Reset of Chinese Real Estate

The Paradigm Shift: Evergrande’s liquidation permanently destroys the debt-fueled development model, initiating a structural transition into...

Jacob Cheng

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Bharti Airtel, New World...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Bukit Makmur Mandiri, Longfor Group

Lucror Analytics

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