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

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - 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.<ul><li><a href='#lucror-entity-20720'>Binhai Investment</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li><li><a href='#lucror-entity-7845'>Road King Infrastructure</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li></ul>

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.Binhai InvestmentChina Jinmao HoldingsCIFI HoldingsLenovoLippo KarawaciLogan Property HoldingsRoad King InfrastructureSeazen (Formerly Future Land)Tata Motors Ltd

Morning Views Asia: Binhai Investment, China Jinmao Holdings, CIFI Holdings, Lenovo, Lippo Karawaci

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and 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 2020 includes a summary of our recommendations and 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 2020 - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 - Chinese Offshore Bond Defaults - Lucror Analytics

Hong Kong

Binhai Investment is an investment holding company primarily engaged in the sales of piped natural gas to industrial, commercial, and residential users through its pipeline networks. It also provides construction and installation services for gas pipelines, gas transmission services, and sells liquefied petroleum gas. The company was founded in 1994 and is headquartered in Hong Kong.

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Binhai Investment (2886 HK)

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Morning Views Asia: Binhai Investment, China Jinmao Holdings, CIFI Holdings, Lenovo, Lippo Karawaci

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

Lucror Analytics

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)