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

Toward the end of November, bond market traders seemed to reassess the Fed’s pace of rate tightening, with signs emerging of a sputtering in global economic growth. Last month, the IMF downgraded its forecast for world growth, and recently warned that the outlook may have deteriorated.Minutes from the last FOMC meeting indicated that Fed officials discussed the modification of language on "further gradual" hikes, as well as the need for a flexible approach on rates. This approach seems realistic, given the falling oil prices and indications of a cooling in the medium-term prospects for US inflation (the core PCE deflator for October missed expectations at 1.8%).

Toward the end of November, bond market traders seemed to reassess the Fed’s pace of rate tightening, with signs emerging of a sputtering in global economic growth. Last month, the IMF downgraded its forecast for world growth, and recently warned that the outlook may have deteriorated.Minutes from the last FOMC meeting indicated that Fed officials discussed the modification of language on "further gradual" hikes, as well as the need for a flexible approach on rates. This approach seems realistic, given the falling oil prices and indications of a cooling in the medium-term prospects for US inflation (the core PCE deflator for October missed expectations at 1.8%).

Lucror Asia HY Monthly – Chinese Macro Overview (November 2018)

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

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual deceleration in price growth overall on a year-on-year basis from +12.2% in January to +11.8% in February, though the month-on-month growth actually picked up from +0.2% to +0.3%.Top risers on a 12-month basis now show some of the more significant declines on the month-on-month basis, while there are more cities with house prices rising.The biggest…

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual deceleration in price growth overall on a year-on-year basis from +12.2% in January to +11.8% in February, though the month-on-month growth actually picked up from +0.2% to +0.3%.Top risers on a 12-month basis now show some of the more significant declines on the month-on-month basis, while there are more cities with house prices rising.The biggest…

China Property: What's Going On With House Prices... Based On The Latest NBS Data

The charts below illustrate what has happened in China in terms of primary land sales for residential or mixed-use development in 40 major cities.In 2016, the land sales declined slightly in Gross Floor Area (GFA) terms (despite <a href="https://www.smartkarma.com/insights/china-property-2017-forecast-summary" target="_blank">strong property sales volumes</a>) but increased significantly in terms of RMB Value, i.e. the average price of land on that basis went up.Such average calculations don't take into account the change in the type of locations where land is being sold - recent sales are more…

The charts below illustrate what has happened in China in terms of primary land sales for residential or mixed-use development in 40 major cities.In 2016, the land sales declined slightly in Gross Floor Area (GFA) terms (despite strong property sales volumes) but increased significantly in terms of RMB Value, i.e. the average price of land on that basis went up.Such average calculations don't take into account the change in the type of locations where land is being sold - recent sales are more…

China Property: Land Sales In 2016 - Less Supply, Higher Prices

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)

Lucror Asia HY Monthly – Chinese Macro Overview (November 2018)

Toward the end of November, bond market traders seemed to reassess the Fed’s pace of rate tightening, with signs emerging of a sputtering in global...

Lucror Analytics

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

China Property: What's Going On With House Prices... Based On The Latest NBS Data

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual...

Robert Ciemniak

China Property: Land Sales In 2016 - Less Supply, Higher Prices

The charts below illustrate what has happened in China in terms of primary land sales for residential or mixed-use development in 40...

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)