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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Fosun International, Softbank Group</li>
<li>Front-end UST yields fell marginally on Friday (with the 2Y falling 2 bps to 3.56%), following the release of weaker than expected February nonfarm payroll numbers. The rest of the curve was largely steady, as the soft labour data offset inflation concerns stemming from a sustained rise in oil prices.</li>
<li>The yield on the 10Y UST was unchanged at 4.14%. Equities slumped, on worries of a prolonged conflict in Iran after US President Donald Trump demanded unconditional surrender from Tehran. Moreover, the weak jobs report and higher oil price reignited stagflation concerns, while worries over private credit persisted. The S&amp;P 500 and Nasdaq fell 1.3% and 1.6% to 6,740 and 22,388, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Fosun International, Softbank Group
Front-end UST yields fell marginally on Friday (with the 2Y falling 2 bps to 3.56%), following the release of weaker than expected February nonfarm payroll numbers. The rest of the curve was largely steady, as the soft labour data offset inflation concerns stemming from a sustained rise in oil prices.
The yield on the 10Y UST was unchanged at 4.14%. Equities slumped, on worries of a prolonged conflict in Iran after US President Donald Trump demanded unconditional surrender from Tehran. Moreover, the weak jobs report and higher oil price reignited stagflation concerns, while worries over private credit persisted. The S&amp;P 500 and Nasdaq fell 1.3% and 1.6% to 6,740 and 22,388, respectively.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 6th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Geely Automobile (175 HK), Xiaomi (1810 HK), Yidu Tech (2158 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 6th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Geely Automobile (175 HK), Xiaomi (1810 HK), Yidu Tech (2158 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).


Hong Kong Buybacks Weekly (Mar 6th): Geely Automobile, Xiaomi, Yidu Tech

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Softbank Group, Fosun International</li>
<li>UST yields fell 5-7 bps across the curve on Friday, as haven demand continued for a second day amid an equity market sell-off and uncertainty over US-Iran talks. This was despite the release of higher-than-expected core PPI data. The yield on the 2Y UST fell 6 bps to 3.37%, while the yield on the 10Y UST was down 7 bps at 3.94%.</li>
<li>Equities retreated, driven by anxiety over the AI bubble after OpenAI raised another USD 110 bn in funding, as well as geopolitical and private credit concerns. The S&amp;P 500 and Nasdaq fell 0.4% and 0.9% to 6,879 and 22,668, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Softbank Group, Fosun International
UST yields fell 5-7 bps across the curve on Friday, as haven demand continued for a second day amid an equity market sell-off and uncertainty over US-Iran talks. This was despite the release of higher-than-expected core PPI data. The yield on the 2Y UST fell 6 bps to 3.37%, while the yield on the 10Y UST was down 7 bps at 3.94%.
Equities retreated, driven by anxiety over the AI bubble after OpenAI raised another USD 110 bn in funding, as well as geopolitical and private credit concerns. The S&amp;P 500 and Nasdaq fell 0.4% and 0.9% to 6,879 and 22,668, respectively.


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International</li>
<li>UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International
UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.
The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.


China

Fosun International Limited is a Chinese multinational conglomerate operating across four primary business segments: Health, Happiness, Wealth, and Intelligent Manufacturing. The company's diverse portfolio includes pharmaceuticals, healthcare services, tourism, fashion, insurance, banking, and intelligent manufacturing. It was founded in 1992 and is headquartered in Shanghai, China.

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Fosun International (656 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Fosun...

Lucror Analytics

Hong Kong Buybacks Weekly (Mar 6th): Geely Automobile, Xiaomi, Yidu Tech

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Geely Automobile...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Softbank Group, Fosun International

Lucror Analytics

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Fosun...

Lucror Analytics

Hong Kong Buybacks Weekly (Mar 6th): Geely Automobile, Xiaomi, Yidu Tech

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Geely Automobile...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Softbank Group, Fosun International

Lucror Analytics

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....