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

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/nameson-holdings-ltd' target='_blank' rel='noopener'>Nameson Holdings</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/genting-bhd' target='_blank' rel='noopener'>Genting Bhd</a></li><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Nameson HoldingsSunny Optical Technology GroupGenting BhdShui On LandHealth And Happiness (H&H)and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li><li><a href='/entities/agung-podomoro-land-tbk-pt' target='_blank' rel='noopener'>Agung Podomoro Land</a></li><li><a href='/entities/hopson-development-holdings' target='_blank' rel='noopener'>Hopson Development</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Central China Real EstateAnton OilfieldSeazen (Formerly Future Land)Agung Podomoro LandHopson Developmentand more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/greentown-china-holdings' target='_blank' rel='noopener'>Greentown China</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Greentown ChinaFirst Pacific CoVedanta ResourcesChina Jinmao HoldingsLifestyle International Holdingsand more...

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 - June 2023 - Lucror Analytics

China South City's (CSC) FY 2022-23 results were as weak as expected. Revenue decreased 58% y-o-y to HKD 4.1 bn, with property sales declining 65% to HKD 2.4 bn and recurring income down 26% to HKD 1.7 bn. Earnings-based credit metrics deteriorated substantially, as adjusted EBITDA turned negative. Liquidity stood at a very weak 16% at end-March 2023, while Net Debt/Net Property Assets was sound at 39%, thanks to CSC's sizeable investment property portfolio. Given the sustained weakness in CSC's property sales, we do not expect the company to be able to generate adequate FCF organically. We believe asset disposals will remain key to debt repayment. CSC has been leveraging its new state ties by selling key assets to its SOE parent and accessing more onshore bank funding. Therefore, we maintain our "Hold" recommendation on the CSCHCN curve.

  China South City's (CSC) FY 2022-23 results were as weak as expected. Revenue decreased 58% y-o-y to HKD 4.1 bn, with property sales declining 65% to HKD 2.4 bn and recurring income down 26% to HKD 1.7 bn. Earnings-based credit metrics deteriorated substantially, as adjusted EBITDA turned negative. Liquidity stood at a very weak 16% at end-March 2023, while Net Debt/Net Property Assets was sound at 39%, thanks to CSC's sizeable investment property portfolio.   Given the sustained weakness in CSC's property sales, we do not expect the company to be able to generate adequate FCF organically. We believe asset disposals will remain key to debt repayment. CSC has been leveraging its new state ties by selling key assets to its SOE parent and accessing more onshore bank funding. Therefore, we maintain our "Hold" recommendation on the CSCHCN curve. 

China South City - Earnings Flash - FY 2022-23 Results - Lucror Analytics

Hong Kong

China South City Holdings Limited develops and operates large-scale integrated logistics and trade centers across China, providing a comprehensive trading platform for wholesale suppliers, buyers, manufacturers, distributors, and end-users. Its services include property development, investment, and management, e-commerce platforms, warehousing, and exhibition services. The company was founded in 2002 and is headquartered in Tsim Sha Tsui, Hong Kong.

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China South City (1668 HK)

Weekly Wrap - 21 Jul 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

Weekly Wrap - 14 Jul 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

Weekly Wrap - 07 Jul 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 - June 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

China South City - Earnings Flash - FY 2022-23 Results - Lucror Analytics

China South City's (CSC) FY 2022-23 results were as weak as expected. Revenue decreased 58% y-o-y to HKD 4.1 bn, with property sales declining...

Lucror Analytics

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