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 Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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 trends in contracted sales and operations, as well as regulatory developments.    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 - Chinese Property Update - Lucror Analytics

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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Fantasia’s H1/19 results were in line with our expectations, particularly with revenue growth. We expect the top line to continue increasing in H2/19, given the robust contracted sales and undelivered portfolio. That said, cash collections and the pace of delivery still seem to be weak, possibly with JV contracted sales introducing some noise to our estimates. We like the company’s recurring income, particularly from property operations. The stable cash flow from this source is sufficient to cover interest expenses. Fantasia’s retirement of the 364-day USD Notes has improved its debt structure and eased the refinancing pressure. It appears that the company has limited its expansion expenditure, supporting deleveraging during the period.  We revise our Credit Bias to "Stable" from "Negative" and our recommendation on the FTHDGR curve to "Buy" from "Hold".

   Fantasia’s H1/19 results were in line with our expectations, particularly with revenue growth. We expect the top line to continue increasing in H2/19, given the robust contracted sales and undelivered portfolio. That said, cash collections and the pace of delivery still seem to be weak, possibly with JV contracted sales introducing some noise to our estimates. We like the company’s recurring income, particularly from property operations. The stable cash flow from this source is sufficient to cover interest expenses.    Fantasia’s retirement of the 364-day USD Notes has improved its debt structure and eased the refinancing pressure. It appears that the company has limited its expansion expenditure, supporting deleveraging during the period.     We revise our Credit Bias to "Stable" from "Negative" and our recommendation on the FTHDGR curve to "Buy" from "Hold". 

Fantasia - Earnings Flash - H1 FY 2019 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.

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 - 21 Aug 2019

Lucror Analytics - Morning Views Asia - 05 Aug 2019

China

Fantasia Holdings Group Company Ltd. is a property developer and provider of real estate agency and property management services in the Peoples Republic of China. The Company develops urban commercial complexes and residential properties in Chengdu-Chongqing Economic Zone, the Pearl River Delta region, the Yangtze River Delta region and the Beijing-Tianjin metropolitan region.

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Fantasia Holdings Group Co (1777 HK)

Asia HY Monthly - Chinese Property Update - Lucror Analytics

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

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

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

Lucror Analytics

Fantasia - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Fantasia’s H1/19 results were in line with our expectations, particularly with revenue growth. We expect the top line to continue increasing in...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 21 Aug 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 05 Aug 2019

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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