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

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

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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Yahoo Japan/ASKUL, Hanjin Kal, BTS, Reliance Nippon, Harbin, Sembcorp

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.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/zhongliang-holdings" target="_blank" data-smartkarma-citation="entities:28009:1" rel="noopener">Zhongliang Holdings (2772 HK)</a> is a Chinese real estate developer based in the Yangtze River Delta Economic Region. It announced its IPO price range of HK$5.20-6.68 per share. At the mid-point of the IPO price range, Zhongliang will raise net IPO proceeds of HK$2.9 billion ($374 million), resulting in a market cap of HK$21.0 billion ($2.7 billion).<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/zhongliang-holdings-ipo-initiation-a-below-par-start-to-the-year" target="_blank" rel="noopener">our IPO initiation note</a>, we stated that Zhongliang’s fundamentals over the track record period are solid but are tempered with a below-par start to the year. Overall, our valuation analysis suggests that the Zhongliang’s IPO is attractive up to the mid-point of the proposed IPO price range. </div>

Zhongliang Holdings (2772 HK) is a Chinese real estate developer based in the Yangtze River Delta Economic Region. It announced its IPO price range of HK$5.20-6.68 per share. At the mid-point of the IPO price range, Zhongliang will raise net IPO proceeds of HK$2.9 billion ($374 million), resulting in a market cap of HK$21.0 billion ($2.7 billion).In our IPO initiation note, we stated that Zhongliang’s fundamentals over the track record period are solid but are tempered with a below-par start to the year. Overall, our valuation analysis suggests that the Zhongliang’s IPO is attractive up to the mid-point of the proposed IPO price range. 

Zhongliang Holdings IPO: Price Range Worth a Look at the Low-End

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war. 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” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war.    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 - Vulnerability Of Asian Credit Market To External Shocks (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)

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

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

Last Week in Event SPACE: Yahoo Japan/ASKUL, Hanjin Kal, BTS, Reliance Nippon, Harbin, Sembcorp

Last Week in Event SPACE ... Yahoo Japan (4689 JP) has said it will vote against the reappointment of ASKUL Corp (2678 JP) CEO Iwata-san at the...

David Blennerhassett

Zhongliang Holdings IPO: Price Range Worth a Look at the Low-End

Zhongliang Holdings (2772 HK) is a Chinese real estate developer based in the Yangtze River Delta Economic Region. It announced its IPO price range...

Arun George

Asia HY Monthly - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the...

Lucror Analytics

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