Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao</li>
<li>UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.</li>
<li>The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&amp;P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.</li>
<li> </li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao
UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.
The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&amp;P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.
 


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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>’s IFA opines that the share buyback by way of a scheme at HK$0.62 is fair and reasonable. The vote is on 17 November. </li>
<li>While the offer implies a P/B of 0.29x, it is reasonable compared to peer multiples and historical trading ranges. No disinterested shareholder holds a blocking stake.</li>
<li>Nevertheless, there remains vote risk and caution is warranted. At the current price and for a 4 December payment, the gross/annualised spread is 8.8%/103.6%. </li>
</ul>



Joy City Property (207 HK)’s IFA opines that the share buyback by way of a scheme at HK$0.62 is fair and reasonable. The vote is on 17 November. 
While the offer implies a P/B of 0.29x, it is reasonable compared to peer multiples and historical trading ranges. No disinterested shareholder holds a blocking stake.
Nevertheless, there remains vote risk and caution is warranted. At the current price and for a 4 December payment, the gross/annualised spread is 8.8%/103.6%. 


Joy City Property (207 HK): Wide Spread Ahead of the 17 November Scheme Vote

Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, ReNew Energy</li>
<li>UST yields climbed 1-2 bps across the curve on Friday, albeit there were no new macro developments. The yield on the 2Y UST rose 1 bp to 3.57%, while that on the 10Y UST was up 2 bps at 4.13%. Equities continued to rally and notched fresh records, with the S&amp;P 500 and Nasdaq up 0.5% and 0.7% at 6,664 and 22,631, respectively.</li>
<li>US President Donald Trump wrote on Truth Social on Friday that he had a “very productive call” with Chinese leader Xi Jinping, including Beijing's approval of a deal on TikTok. Mr Trump added that he would meet Mr Xi at the APEC summit in South Korea (to be held from October 31st to November 1st), and would visit China in early 2026.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, ReNew Energy
UST yields climbed 1-2 bps across the curve on Friday, albeit there were no new macro developments. The yield on the 2Y UST rose 1 bp to 3.57%, while that on the 10Y UST was up 2 bps at 4.13%. Equities continued to rally and notched fresh records, with the S&amp;P 500 and Nasdaq up 0.5% and 0.7% at 6,664 and 22,631, respectively.
US President Donald Trump wrote on Truth Social on Friday that he had a “very productive call” with Chinese leader Xi Jinping, including Beijing's approval of a deal on TikTok. Mr Trump added that he would meet Mr Xi at the APEC summit in South Korea (to be held from October 31st to November 1st), and would visit China in early 2026.


<ul>
<li>The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.</li>
<li>Equities climbed on the back of upward revisions to the US Q2/25 GDP. </li>
</ul>


The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move.
The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
Equities climbed on the back of upward revisions to the US Q2/25 GDP. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group</li>
<li>Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.</li>
<li>Equities climbed, with the S&amp;P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group
Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.
Equities climbed, with the S&amp;P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.


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)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao

Lucror Analytics

Joy City Property (207 HK): Wide Spread Ahead of the 17 November Scheme Vote

While the offer is reasonable compared to peer multiples and historical trading ranges, there remains vote risk. For a 4 December payment, the...

Arun George

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, ReNew Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move. The yield on the 2Y UST rose 2 bps to 3.63%, while the yield...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

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