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

We noted in February that the proverbial can was being kicked down the road on a number of major issues. Unfortunately, this trend continued in April, with a decision on Brexit being delayed by up to six months after the UK Parliament decided (with a one-vote margin) to extend the date for a hard exit. The other major issues still up in the air are the US-Sino trade war, the Fed’s rate policy and deleveraging in China. Interestingly, this has done little to impact investor sentiment, with the S&amp;P 500 hitting a new high during the month and Asian HY returns continuing to be positive.

We noted in February that the proverbial can was being kicked down the road on a number of major issues. Unfortunately, this trend continued in April, with a decision on Brexit being delayed by up to six months after the UK Parliament decided (with a one-vote margin) to extend the date for a hard exit. The other major issues still up in the air are the US-Sino trade war, the Fed’s rate policy and deleveraging in China. Interestingly, this has done little to impact investor sentiment, with the S&amp;P 500 hitting a new high during the month and Asian HY returns continuing to be positive.

Asia HY Monthly – Asia Ex-India 2018 Results Overview (April 2019)

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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

In our Discover HK Connect series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by mainland investors in the past seven days.We split the stocks eligible for the Hong Kong Connect trade into three groups: component stocks in the HSCEI index, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight Air China and Great Wall Motor.

In our Discover HK Connect series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by mainland investors in the past seven days.We split the stocks eligible for the Hong Kong Connect trade into three groups: component stocks in the HSCEI index, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight Air China and Great Wall Motor. 

HK Connect Discovery Weekly: Air China and Great Wall Motor (2019-04-04)

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.  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 provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.     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 - China Property Update - Lucror Analytics

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Asia HY Monthly – China Property Update (March 2019)

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 – Asia Ex-India 2018 Results Overview (April 2019)

We noted in February that the proverbial can was being kicked down the road on a number of major issues. Unfortunately, this trend continued in...

Lucror Analytics

Asia HY Trade Recommendations - April 2019 - Lucror Analytics

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

Lucror Analytics

HK Connect Discovery Weekly: Air China and Great Wall Motor (2019-04-04)

In our Discover HK Connect series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by...

Ke Yan, CFA, FRM

Asia HY Monthly - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Asia HY Monthly – China Property Update (March 2019)

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)