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 impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players 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 Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players 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 - Indonesian Property Update (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

China SCE’s H1/20 results were satisfactory, with moderate contracted sales growth and strong revenue growth, albeit margins weakened. The property delivery pace has not slowed despite the COVID-19 pandemic, reflecting the company's efficient execution and good access to financing to support construction works. The margin contraction was not significant, and was a result of the price-control policies. Profitability could recover, given the uptrend in contracted ASP. SCE has been using JV structures extensively, as is the case for many medium-sized developers. We note that more than half of the company's contracted sales was generated from JVs, while only two thirds of the land reserves were attributable to the company. However, the JVs' contribution to profit was very thin. Borrowings continued to rise, in order to support SCE's expansion. However, credit metrics improved on the back of the strong top-line growth. Still, we remain cautious on the company’s debt-funded expansion.

  China SCE’s H1/20 results were satisfactory, with moderate contracted sales growth and strong revenue growth, albeit margins weakened. The property delivery pace has not slowed despite the COVID-19 pandemic, reflecting the company's efficient execution and good access to financing to support construction works. The margin contraction was not significant, and was a result of the price-control policies. Profitability could recover, given the uptrend in contracted ASP.   SCE has been using JV structures extensively, as is the case for many medium-sized developers. We note that more than half of the company's contracted sales was generated from JVs, while only two thirds of the land reserves were attributable to the company. However, the JVs' contribution to profit was very thin.   Borrowings continued to rise, in order to support SCE's expansion. However, credit metrics improved on the back of the strong top-line growth. Still, we remain cautious on the company’s debt-funded expansion. 

China SCE - Earnings Flash - H1 FY 2020 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.<ul><li><a href='#lucror-entity-6159'>China SCE</a></li></ul>

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.China SCE

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.<ul><li><a href='#lucror-entity-27942'>Agility</a></li><li><a href='#lucror-entity-6159'>China SCE</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-8375'>Shimao Property Holdings</a></li><li><a href='#lucror-entity-2667'>Soechi Lines</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</a></li></ul>

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.AgilityChina SCEFantasia Holdings Group CoShimao Property HoldingsSoechi LinesSuzhou Boamax Tech Group

Morning Views Asia: Agility, China SCE, Fantasia Holdings Group Co, Shimao Property Holdings

China

China SCE Group Holdings Limited operates as a real estate development company. The Company develops and markets high-rise residential buildings, low-rise apartments, villas, commercial facilities, office buildings, and other related areas. China SCE Group Holdings also provides property management services.

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China SCE (1966 HK)

Asia HY Monthly - Indonesian Property Update (2020) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19...

Lucror Analytics

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

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

Lucror Analytics

China SCE - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

China SCE’s H1/20 results were satisfactory, with moderate contracted sales growth and strong revenue growth, albeit margins weakened. The...

Lucror Analytics

Morning Views Asia: China SCE

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

Lucror Analytics

Morning Views Asia: Agility, China SCE, Fantasia Holdings Group Co, Shimao Property Holdings

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

Lucror Analytics

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