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

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.     The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - China Property Update - Lucror Analytics

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 - 01 Apr 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Beijing Energy International Holding / Credit

Panda Green’s FY 2018 operations were decent, with a stronger top line and improved margins y-o-y. The net loss was mainly a result of non-cash items (lower bargain purchases, amortisation and fair value loss). While the company slowed its pace of expansion in 2018, this was still aggressive, especially given the financial difficulties encountered towards year-end. As of FYE 2018, other than the CNY 5.5 bn short-term borrowings, the company still had CNY 369 mn in capital commitments for construction of power plants and CNY 543 mn in considerations payable for acquisitions. Panda Green plans to meet these obligations by divesting projects, securing short-term borrowings from onshore banks, issuing corporate bonds, obtaining financial support from CMNEG and generating OCF. Panda Green has also issued new shares to its existing and new shareholders, many of which are SOEs.

   Panda Green’s FY 2018 operations were decent, with a stronger top line and improved margins y-o-y. The net loss was mainly a result of non-cash items (lower bargain purchases, amortisation and fair value loss). While the company slowed its pace of expansion in 2018, this was still aggressive, especially given the financial difficulties encountered towards year-end.    As of FYE 2018, other than the CNY 5.5 bn short-term borrowings, the company still had CNY 369 mn in capital commitments for construction of power plants and CNY 543 mn in considerations payable for acquisitions. Panda Green plans to meet these obligations by divesting projects, securing short-term borrowings from onshore banks, issuing corporate bonds, obtaining financial support from CMNEG and generating OCF. Panda Green has also issued new shares to its existing and new shareholders, many of which are SOEs. 

Panda Green Energy - Earnings Flash - FY 2018 Results - Lucror Analytics

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - Lucror Analytics

Lucror Analytics - Morning Views Asia - 06 Mar 2019

Hong Kong

Beijing Energy International Holding Co., Ltd. provides eco development solutions. The Company engages in the development, investment, operation, and management of solar power plants and other renewable energy projects. Beijing Energy International Holding serves clients worldwide.

Beijing Energy International Holding (686 HK)

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Beijing Energy International Holding (686 HK)

Asia HY Monthly - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 01 Apr 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 - FY 2018 Results - Lucror Analytics

Panda Green’s FY 2018 operations were decent, with a stronger top line and improved margins y-o-y. The net loss was mainly a result of non-cash...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 06 Mar 2019

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)