Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

China South City's (CSC) H1/19-20 results were in line with our expectations. The company has become increasingly dependent on residential property sales, owing to its development cycle and the weak demand for trade centres. Recurring income has been growing gradually, on the back of the large investment property portfolio and management/logistics services. CSC's margins have been above average for years, thanks to its cheap land bank. The company seems to have adopted a more conservative approach of late, with slower land acquisitions, lower fair-value gains, and dividends to the controlling shareholder and Tencent being paid in new shares. We are very concerned over the ?change in CFO ?just before the results release, along with the high CFO ?turnover and the new appointee's apparent lack of experience.

  China South City's (CSC) H1/19-20 results were in line with our expectations. The company has become increasingly dependent on residential property sales, owing to its development cycle and the weak demand for trade centres. Recurring income has been growing gradually, on the back of the large investment property portfolio and management/logistics services. CSC's margins have been above average for years, thanks to its cheap land bank.   The company seems to have adopted a more conservative approach of late, with slower land acquisitions, lower fair-value gains, and dividends to the controlling shareholder and Tencent being paid in new shares.   We are very concerned over the ?change in CFO ?just before the results release, along with the high CFO ?turnover and the new appointee's apparent lack of experience. 

China South City - Earnings Flash - H1 FY 2019-20 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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-8205'>China South City</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</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 South CityTata Motors Ltd

Morning Views Asia: China South City, Tata Motors Ltd

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-20744" target="_blank" rel="noopener">361 degrees international</a></li><li><a href="#lucror-entity-20720" target="_blank" rel="noopener">Binhai Investment</a></li><li><a href="#lucror-entity-8205" target="_blank" rel="noopener">China South City</a></li><li><a href="#lucror-entity-20001" target="_blank" rel="noopener">International Container Term Services</a></li><li><a href="#lucror-entity-216" target="_blank" rel="noopener">Tata Motors Ltd</a></li><li><a href="#lucror-entity-14152" target="_blank" rel="noopener">Yanlord Land</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.361 degrees internationalBinhai InvestmentChina South CityInternational Container Term ServicesTata Motors LtdYanlord Land

Morning Views Asia: 361 degrees international, Binhai Investment, China South City

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system. 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 recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system.   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 And Corruption In Indonesia - Lucror Analytics

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

Hong Kong

China South City Holdings Ltd. owns and operates an integrated logistics and trade center of industrial materials in China. The trade center primarily features textile and clothing materials; leather and accessories; electronics accessories and products; metals;chemicals and plastic materials and products; and printing and packaging materials.

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China South City (1668 HK)

China South City - Earnings Flash - H1 FY 2019-20 Results - Lucror Analytics

China South City's (CSC) H1/19-20 results were in line with our expectations. The company has become increasingly dependent on residential...

Lucror Analytics

Morning Views Asia: China South City, Tata Motors Ltd

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: 361 degrees international, Binhai Investment, China South City

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 And Corruption In Indonesia - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor...

Lucror Analytics

Asia HY Trade Recommendations - October 2019 - Lucror Analytics

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

Lucror Analytics

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