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

This month, we undertake a study of movements in the Lucror Analytics Risk Assessment (LARA) for issuers in the Lucror Asia HY index over the last five years. 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.

  This month, we undertake a study of movements in the Lucror Analytics Risk Assessment (LARA) for issuers in the Lucror Asia HY index over the last five years.   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 - LARA Transition Study - Lucror Analytics

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/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li><li><a href='/entities/yanzhou-coal-mining-company-limited-h' target='_blank' rel='noopener'>Yanzhou Coal Mining Company Limited H</a></li><li><a href='/entities/indika-energy-tbk-pt' target='_blank' rel='noopener'>Indika Energy</a></li><li><a href='/entities/lippo-karawaci-tbk-pt' target='_blank' rel='noopener'>Lippo Karawaci</a></li><li><a href='/entities/agile-property-holdings-ltd' target='_blank' rel='noopener'>Agile Property 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:First Pacific CoYanzhou Coal Mining Company Limited HIndika EnergyLippo KarawaciAgile Property Holdingsand more...

Central China Real Estate's (CCRE) FY 2021 results remained weaker than expected, albeit slightly improved from H1. The company's net debt deteriorated y-o-y, and it has now breached all of the regulator's Three Red Lines thresholds. Moreover, liquidity is inadequate and Cash/ST Debt has fallen below 1x. Going forward, we expect CCRE to focus on reducing leverage and increasing cash flows. We view positively Chairman Wu Po Sum's intention to receive his dividends in shares instead of cash, as well as management's improved transparency and disclosures over the last six months. CCRE is optimistic that it can generate sufficient cash collections to repay the USD 500 mn bonds due in August, on the back of supportive measures recently implemented by the Henan government.

  Central China Real Estate's (CCRE) FY 2021 results remained weaker than expected, albeit slightly improved from H1. The company's net debt deteriorated y-o-y, and it has now breached all of the regulator's Three Red Lines thresholds. Moreover, liquidity is inadequate and Cash/ST Debt has fallen below 1x.   Going forward, we expect CCRE to focus on reducing leverage and increasing cash flows. We view positively Chairman Wu Po Sum's intention to receive his dividends in shares instead of cash, as well as management's improved transparency and disclosures over the last six months. CCRE is optimistic that it can generate sufficient cash collections to repay the USD 500 mn bonds due in August, on the back of supportive measures recently implemented by the Henan government. 

Central China - Earnings Flash - FY 2021 Results - Lucror Analytics

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/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/adaro-energy-tbk-pt' target='_blank' rel='noopener'>Adaro Energy</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/sino-ocean-land-holdings' target='_blank' rel='noopener'>Sino Ocean Land</a></li><li><a href='/entities/powerlong-real-estate-holdings-limited' target='_blank' rel='noopener'>Powerlong Real Estate 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:Sunac China HoldingsAdaro EnergyLogan Property HoldingsSino Ocean LandPowerlong Real Estate Holdingsand more...

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - 25 March 2022 - Lucror Analytics

China

Central China Real Estate Ltd. develops property in the Peoples Republic of China.

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Central China Real Estate (832 HK)

Asia HY Monthly - LARA Transition Study - Lucror Analytics

This month, we undertake a study of movements in the Lucror Analytics Risk Assessment (LARA) for issuers in the Lucror Asia HY index over the...

Lucror Analytics

Weekly Wrap - 01 Apr 2022

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

Central China - Earnings Flash - FY 2021 Results - Lucror Analytics

Central China Real Estate's (CCRE) FY 2021 results remained weaker than expected, albeit slightly improved from H1. The company's net debt...

Lucror Analytics

Weekly Wrap - 25 Mar 2022

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

Chinese Property Weekly - 25 March 2022 - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

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