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

Jinmao’s H1/19 results were weaker than expected, owing to low revenue recognition despite the strong contracted sales in prior years. As a result, earnings-based leverage metrics and interest coverage remained poor relative to peers. At 30 June 2019, the company had CNY 177 bn worth of contracted sales pending delivery. Management expects earnings growth to accelerate in FY 2020, when it will deliver more projects according to schedule. During the earnings presentation, management highlighted its aim to achieve CNY 200 bn of contracted sales in FY 2020. This represents 33% growth from its FY 2019 target. In addition, management affirmed that Sinochem will remain the company's largest shareholder and will continue to consolidate Jinmao on its balance sheet (by retaining a stake of at least 33%). The company also expressed optimism that synergies with Ping An could be achieved in areas such as property investment and financing.

   Jinmao’s H1/19 results were weaker than expected, owing to low revenue recognition despite the strong contracted sales in prior years. As a result, earnings-based leverage metrics and interest coverage remained poor relative to peers. At 30 June 2019, the company had CNY 177 bn worth of contracted sales pending delivery. Management expects earnings growth to accelerate in FY 2020, when it will deliver more projects according to schedule.    During the earnings presentation, management highlighted its aim to achieve CNY 200 bn of contracted sales in FY 2020. This represents 33% growth from its FY 2019 target. In addition, management affirmed that Sinochem will remain the company's largest shareholder and will continue to consolidate Jinmao on its balance sheet (by retaining a stake of at least 33%). The company also expressed optimism that synergies with Ping An could be achieved in areas such as property investment and financing. 

China Jinmao - Earnings Flash - H1 FY 2019 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.

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 - 30 Aug 2019

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

Lucror Analytics - Morning Views Asia - 07 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

Hong Kong

China Jinmao is a leading city operator primarily engaged in real estate development, including high-end residential, commercial, and mixed-use properties, alongside hotel and retail operations. The company also provides property management and construction technology services. It was founded in 2004 and is headquartered in Hong Kong.

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China Jinmao (817 HK)

China Jinmao - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Jinmao’s H1/19 results were weaker than expected, owing to low revenue recognition despite the strong contracted sales in prior years. As a...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 30 Aug 2019

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 - August 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 07 Aug 2019

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

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

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