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

<p><br/> The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty.<br/><br/> 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.<br/></p>

  The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and equity markets were buoyed by central bank stimulus and more positive headlines on the pandemic. This month, we consider the effect of this unprecedented event on the investor psyche, which could heighten risk aversion for some time and weigh heavily on Asian HY corporate credit. We also present a trade idea for Chinese property bonds, where we see promise amid the current uncertainty.   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 - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

<p>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.</p><ul><li><a href='#lucror-entity-28953'>Central China New Life</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-17690'>Tunas Baru Lampung</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.Central China New LifeJingrui HoldingsTunas Baru Lampung

Morning Views Asia: Central China New Life, Jingrui Holdings, Tunas Baru Lampung

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Central China New Life / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/central-china-new-life" target="_blank" data-smartkarma-citation="entities:28953:1" rel="noopener">Central China New Life (9983 HK)</a> is looking to raise up to US$279m in its IPO. </p><p>We have covered the company previously in:</p><ul><li dir="ltr"><p><a href="https://www.smartkarma.com/insights/central-china-new-life-pre-ipo-expanding-focus-beyond-property-management" target="_blank" data-smartkarma-citation="insights:38862" rel="noopener">Central China New Life (建业新生活) Pre-IPO - Expanding Focus Beyond Property Management</a> </p></li></ul><p>In this note, we will compare CCNL to listed property management service companies in Hong Kong, share our thoughts on valuation, and run the deal through our ECM framework.</p>

Central China New Life (9983 HK) is looking to raise up to US$279m in its IPO. We have covered the company previously in:Central China New Life (建业新生活) Pre-IPO - Expanding Focus Beyond Property Management In this note, we will compare CCNL to listed property management service companies in Hong Kong, share our thoughts on valuation, and run the deal through our ECM framework.

Central China New Life (建业新生活) IPO - More than Just a Property Management Service Provider

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/central-china-new-life" target="_blank" data-smartkarma-citation="entities:28953:1" rel="noopener">Central China New Life (9983 HK)</a>/CCNL is a Chinese property management company. CCNL has launched its IPO at an indicative price range of HK$5.60-7.20 per share to raise HK$1.68-2.16 billion ($217-279 million). Hillhouse Capital, the cornerstone investor, will subscribe for $75 million of the offer shares.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/central-china-new-life-ipo-initiation-through-the-roof" target="_blank" rel="noopener">our initiation note</a>, we stated that despite the negative impact from the covid-19 outbreak, CCNL notes that its revenues grew a respectable 20% YoY in 1Q20. A key attraction of the property management sector is its asset-light and long-term recurring business model. Overall, CCNL’s fundamentals over the track record period are solid and compare well to its listed peers. Our valuation analysis suggests that the IPO price range is attractive and we would participate in the IPO.</p></div></div></div>

Central China New Life (9983 HK)/CCNL is a Chinese property management company. CCNL has launched its IPO at an indicative price range of HK$5.60-7.20 per share to raise HK$1.68-2.16 billion ($217-279 million). Hillhouse Capital, the cornerstone investor, will subscribe for $75 million of the offer shares.In our initiation note, we stated that despite the negative impact from the covid-19 outbreak, CCNL notes that its revenues grew a respectable 20% YoY in 1Q20. A key attraction of the property management sector is its asset-light and long-term recurring business model. Overall, CCNL’s fundamentals over the track record period are solid and compare well to its listed peers. Our valuation analysis suggests that the IPO price range is attractive and we would participate in the IPO.

Central China New Life IPO: Attractive Valuation

<p><a href="https://www.smartkarma.com/entities/central-china-new-life" target="_blank" data-smartkarma-citation="entities:28953:1" rel="noopener">Central China New Life (CCNL HK)</a> is a Chinese property management company. The controlling shareholder with a 94.2% stake is Mr Wu, who has a 74.4% stake in <a href="https://www.smartkarma.com/entities/central-china-real-estate-ltd" target="_blank" data-smartkarma-citation="entities:513:1" rel="noopener">Central China Real Estate (832 HK)</a>/CCRE Group. CCNL is pre-marketing a Hong Kong IPO to raise $200-300 million, according to press reports. </p><div class="content-highlight"><p>Despite the negative impact from the covid-19 outbreak, CCNL notes that its revenues grew 20% YoY in 1Q20. A key attraction of the property management sector is its asset-light and long-term recurring business model. Overall, CCNL’s fundamentals over the track record period are solid and compare well to its listed peers.</p></div>

Central China New Life (CCNL HK) is a Chinese property management company. The controlling shareholder with a 94.2% stake is Mr Wu, who has a 74.4% stake in Central China Real Estate (832 HK)/CCRE Group. CCNL is pre-marketing a Hong Kong IPO to raise $200-300 million, according to press reports. Despite the negative impact from the covid-19 outbreak, CCNL notes that its revenues grew 20% YoY in 1Q20. A key attraction of the property management sector is its asset-light and long-term recurring business model. Overall, CCNL’s fundamentals over the track record period are solid and compare well to its listed peers.

Central China New Life IPO Initiation: Through the Roof

China

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Central China Real Estate (832 HK)

Asia HY Monthly - Impact Of COVID-19 On Investment Strategy - Lucror Analytics

The global economic impact of COVID-19 deepened in April, with many countries now expected to see GDP contract in 2020. That said, credit and...

Lucror Analytics

Morning Views Asia: Central China New Life, Jingrui Holdings, Tunas Baru Lampung

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

Lucror Analytics

Central China New Life (建业新生活) IPO - More than Just a Property Management Service Provider

Central China New Life (9983 HK) is looking to raise up to US$279m in its IPO. We have covered the company previously in:Central China New Life...

Zhen Zhou, Toh

Central China New Life IPO: Attractive Valuation

Central China New Life (9983 HK)/CCNL is a Chinese property management company. CCNL has launched its IPO at an indicative price range of...

Arun George

Central China New Life IPO Initiation: Through the Roof

Central China New Life (CCNL HK) is a Chinese property management company. The controlling shareholder with a 94.2% stake is Mr Wu, who has a 74.4%...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)