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.

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 - 07 Nov 2018

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance. 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 Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance.    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 - Corporate Governance In Chinese Companies - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

This is a new H/A Spread monitor project which attempts to give a brief look at recent changes in H-Share and A-Share spreads based on various influences and sector patterns, Southbound flow, and where the spreads are trading within their own historical ranges.
There are four sets of data for now:
<ol>
<li>Top 20 Net Southbound buys and sells over the last 5 days</li>
<li>H-Share/A-Share Discounts, Changes in Discount over 1 and 4 weeks, Changes in Southbound Flow</li>
<li>Southbound Flow as a Percentage of Volume and…</li>
</ol>

This is a new H/A Spread monitor project which attempts to give a brief look at recent changes in H-Share and A-Share spreads based on various influences and sector patterns, Southbound flow, and where the spreads are trading within their own historical ranges.
There are four sets of data for now:

Top 20 Net Southbound buys and sells over the last 5 days
H-Share/A-Share Discounts, Changes in Discount over 1 and 4 weeks, Changes in Southbound Flow
Southbound Flow as a Percentage of Volume and…


Quiddity Weekly H/​A: Share Discounts & Southbound Flows 20180119

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/3474" target="_blank" data-smartkarma-citation="entities:3474:1">Yuzhou Properties Co (1628 HK)</a> is raising approximately US$205m through the issuance of 300m shares and an upsize option of another 50m share.The deal scores well on our framework owing to its strong earnings and price momentum.  The company's recent 1Q2017 results have beaten consensus estimates with core profit up 40% YoY. The placement should not come at a big surprise since it was brought up by the company during an NDR not long ago. While leverage is higher than listed property peers, the…

Yuzhou Properties Co (1628 HK) is raising approximately US$205m through the issuance of 300m shares and an upsize option of another 50m share.The deal scores well on our framework owing to its strong earnings and price momentum.  The company's recent 1Q2017 results have beaten consensus estimates with core profit up 40% YoY. The placement should not come at a big surprise since it was brought up by the company during an NDR not long ago. While leverage is higher than listed property peers, the…

Yuzhou Properties Placement - Equity Raise Should Not Be a Surprise

China Jinmao Holdings / Equity Capital Markets

Earn Max Enterprises is selling 280.7m shares of <a href="https://www.smartkarma.com/entities/35" target="_blank" data-smartkarma-citation="entities:35:1">China Jinmao Holdings Group (817 HK)</a> worth approximately US$108m. The stake sale represents about 2.5% of the company's total shares outstanding.The deal scores marginally positive on our framework owing to the large deal size relative to its three-month ADV. The company has projects in Tier 1 and 2 cities which are less susceptible to price fluctuations due to the tight supply. However, positivity in the company might have been priced in after…

Earn Max Enterprises is selling 280.7m shares of China Jinmao Holdings Group (817 HK) worth approximately US$108m. The stake sale represents about 2.5% of the company's total shares outstanding.The deal scores marginally positive on our framework owing to the large deal size relative to its three-month ADV. The company has projects in Tier 1 and 2 cities which are less susceptible to price fluctuations due to the tight supply. However, positivity in the company might have been priced in after…

China Jinmao Placement - Poor Track Record and A Possible Overhang on Share Price

Hong Kong

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Jinmao Holdings (817 HK)

Lucror Analytics - Morning Views Asia - 07 Nov 2018

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 - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Yuzhou Properties Placement - Equity Raise Should Not Be a Surprise

Yuzhou Properties Co (1628 HK) is raising approximately US$205m through the issuance of 300m shares and an upsize option of another 50m share.The...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia - 07 Nov 2018

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 - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Quiddity Weekly H/​A: Share Discounts & Southbound Flows 20180119

This is a new H/A Spread monitor project which attempts to give a brief look at recent changes in H-Share and A-Share spreads based on various...

Travis Lundy

Yuzhou Properties Placement - Equity Raise Should Not Be a Surprise

Yuzhou Properties Co (1628 HK) is raising approximately US$205m through the issuance of 300m shares and an upsize option of another 50m share.The...

Zhen Zhou, Toh

China Jinmao Placement - Poor Track Record and A Possible Overhang on Share Price

Earn Max Enterprises is selling 280.7m shares of China Jinmao Holdings Group (817 HK) worth approximately US$108m. The stake sale represents about...

Zhen Zhou, Toh

Quiddity Weekly H/A: Share Discounts & Southbound Flows 20180119