Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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: 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.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.


MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR, WEICHAI POWER, BIDU.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR, WEICHAI POWER, BIDU.


HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The HSI has already recovered to 2.2% above the pre-"reciprocal tariff" level, and the top 10 best-performing constituents have registered an average return of 15.6%.</li>
<li>Despite so, there are still 40 under-performing stocks, with 32 of them remain in the negative zone with an average of 4.8% loss. </li>
<li>Among them, <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman (2057 HK)</a>, <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> look well-positioned to catch up.</li>
</ul>


The HSI has already recovered to 2.2% above the pre-"reciprocal tariff" level, and the top 10 best-performing constituents have registered an average return of 15.6%.
Despite so, there are still 40 under-performing stocks, with 32 of them remain in the negative zone with an average of 4.8% loss. 
Among them, ZTO Express Cayman (2057 HK), Budweiser Brewing APAC (1876 HK), BYD Electronics (285 HK), and Meituan (3690 HK) look well-positioned to catch up.


HK Strategy: What Are Some of the HSI Laggards to Pick Up?

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources


China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 11-17, 2025

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Longfor (960 HK)

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

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

We analyzed HSI's consensus for Sep 2026 and highlighted changes of EPS in AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR,...

Ke Yan, CFA, FRM

HK Strategy: What Are Some of the HSI Laggards to Pick Up?

HSI has rebounded above pre-reciprocal tariff levels, with top stocks up 15.6%. However, 32 stocks remain negative, with ZTO Express, Budweiser...

Osbert Tang, CFA

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 11-17, 2025

This note is a weekly (Apr 11-17, 2025; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

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: Bukit Makmur Mandiri, Longfor Group

Lucror Analytics

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

We analyzed HSI's consensus for Sep 2026 and highlighted changes of EPS in AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR,...

Ke Yan, CFA, FRM

HK Strategy: What Are Some of the HSI Laggards to Pick Up?

​HSI has rebounded above pre-reciprocal tariff levels, with top stocks up 15.6%. However, 32 stocks remain negative, with ZTO Express, Budweiser...

Osbert Tang, CFA

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 11-17, 2025

This note is a weekly (Apr 11-17, 2025; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

HSI has rebounded above pre-reciprocal tariff levels, with top stocks up 15.6%. However, 32 stocks remain negative, with ZTO Express, Budweiser...