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 Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. 

Lucror Analytics - Morning Views Asia - 02 Sep 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Panda Green’s H1/19 operations were good, with sound top-line growth and improved margins. The company turned its net loss position to profit during the period, and put its acquisitive expansion on hold. Moreover, it began to divest projects in order to ease its financial burden.   Still, key challenges remain. As of end-June 2019, the company had CNY 6.2 bn short-term borrowings and CNY 211 mn in capital commitments. It also requires additional capital for potential acquisitions and concession rights. In addition, there are difficulties arising from the large tariff receivables and long receivables cycle.

   Panda Green’s H1/19 operations were good, with sound top-line growth and improved margins. The company turned its net loss position to profit during the period, and put its acquisitive expansion on hold. Moreover, it began to divest projects in order to ease its financial burden.      Still, key challenges remain. As of end-June 2019, the company had CNY 6.2 bn short-term borrowings and CNY 211 mn in capital commitments. It also requires additional capital for potential acquisitions and concession rights. In addition, there are difficulties arising from the large tariff receivables and long receivables cycle. 

Panda Green Energy - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

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

DZT Research

DZT 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

In our weekly HK Connect Snippet series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine, and highlight interesting observations. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight the proposed changes to the Hong Kong Connect rule that signals a step forward for the inclusion of <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan Dianping (3690 HK)</a> into the Hong Kong Connect that enables mainland investors to trade without strict capital control.

In our weekly HK Connect Snippet series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine, and highlight interesting observations. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight the proposed changes to the Hong Kong Connect rule that signals a step forward for the inclusion of Xiaomi Corp (1810 HK) and Meituan Dianping (3690 HK) into the Hong Kong Connect that enables mainland investors to trade without strict capital control. 

HK Connect Ideas: One Step Closer to Xiaomi/Meituan Inclusion (2019-08-02)

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

Hong Kong

Beijing Energy International is primarily engaged in the investment, development, operation, and management of clean energy projects, including solar, wind, and hydropower, as well as integrated energy and gas turbine businesses. The company also actively expands into emerging sectors like green hydrogen. It designs and installs solar power systems and conducts research and development in solar technology. The company was incorporated in 2000 and is headquartered in Central, Hong Kong.

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Beijing Energy International (686 HK)

Lucror Analytics - Morning Views Asia - 02 Sep 2019

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Panda Green Energy - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Panda Green’s H1/19 operations were good, with sound top-line growth and improved margins. The company turned its net loss position to profit...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

HK Connect Ideas: One Step Closer to Xiaomi/Meituan Inclusion (2019-08-02)

In our weekly HK Connect Snippet series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as...

Ke Yan, CFA, FRM

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)