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.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property </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.China Jinmao HoldingsYuexiu Property 

Morning Views Asia: China Jinmao Holdings, Yuexiu Property  

China Jinmao has released FY 2023 numbers that were weak in our view, as the company reported a lower top line and reduced margins. However, the earnings decline was in line with expectations, as it reflected industry trends and the company had issued a profit warning in March 2024. Negatively, leverage further deteriorated to a very weak level. In addition, we are concerned about whether Jinmao would be able to maintain access to domestic bond markets. This is as the company has seemingly stopped issuing domestic notes since July 2023. Instead, it issued perpetual bonds to immediate parent Sinochem HK in December. Going forward, Jinmao may have to increase its reliance on Sinochem for financing.

  China Jinmao has released FY 2023 numbers that were weak in our view, as the company reported a lower top line and reduced margins. However, the earnings decline was in line with expectations, as it reflected industry trends and the company had issued a profit warning in March 2024.   Negatively, leverage further deteriorated to a very weak level. In addition, we are concerned about whether Jinmao would be able to maintain access to domestic bond markets. This is as the company has seemingly stopped issuing domestic notes since July 2023. Instead, it issued perpetual bonds to immediate parent Sinochem HK in December. Going forward, Jinmao may have to increase its reliance on Sinochem for financing. 

China Jinmao - Earnings Flash - FY 2023 Results - 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-6061'>Adaro Energy</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</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.Adaro EnergyChina Jinmao Holdings

Morning Views Asia: Adaro Energy, China Jinmao Holdings

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-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-182'>Sands China</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property </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.China Jinmao HoldingsJSW Steel LtdSands ChinaYuexiu Property 

Morning Views Asia: China Jinmao Holdings, JSW Steel Ltd, Sands China, Yuexiu Property  

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-35'>China Jinmao Holdings</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.China Jinmao Holdings

Morning Views Asia: China Jinmao Holdings

Hong Kong

China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

China Jinmao Holdings (817 HK)

Morning Views Asia: China Jinmao Holdings, Yuexiu Property

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

Lucror Analytics

China Jinmao - Earnings Flash - FY 2023 Results - Lucror Analytics

China Jinmao has released FY 2023 numbers that were weak in our view, as the company reported a lower top line and reduced margins. However, the...

Lucror Analytics

Morning Views Asia: Adaro Energy, China Jinmao Holdings

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

Lucror Analytics

Morning Views Asia: China Jinmao Holdings, JSW Steel Ltd, Sands China, Yuexiu Property

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

Lucror Analytics

Morning Views Asia: China Jinmao Holdings

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

Lucror Analytics