Head of Asia, Lucror Analytics

Charles Macgregor

Head of Asia

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

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-433'>Fosun International</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.Fosun International

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-433'>Fosun International</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.Fosun InternationalVedanta Resources

Morning Views Asia: Fosun International, Vedanta Resources

China Analyst - Equity Long-Short, Onshore Credit

Osbert Tang, CFA

Equity Bottom-Up

We find <a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang Group Co (3818 HK)</a> (CNDX) an interesting and deeply undervalued asset play - investors will miss the big picture if they still consider the company as a sportswear with a weak competitive position. The vast value of CNDX lies in its investment portfolio and net cash, and the current 0.38x P/B is too depressed for its quality investments and strong financial position. Through its investments, particularly PE investments, CNDX gains indirect interests to many superb names include <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group</a>, <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a>, Cainiao Network, <a href="https://www.smartkarma.com/entities/tsingtao-brewery-co-ltd-h" target="_blank" data-smartkarma-citation="entities:1296:1" rel="noopener">Tsingtao Brewery Co Ltd H (168 HK)</a>, JD Digital, MeWe etc. We see potential positive catalysts include a sale of Kappa, IPOs of the PE-owned ventures, increase in dividend payout and a privatisation of the company.

We find China Dongxiang Group Co (3818 HK) (CNDX) an interesting and deeply undervalued asset play - investors will miss the big picture if they still consider the company as a sportswear with a weak competitive position. The vast value of CNDX lies in its investment portfolio and net cash, and the current 0.38x P/B is too depressed for its quality investments and strong financial position. Through its investments, particularly PE investments, CNDX gains indirect interests to many superb names include Ant Financial Services Group, Alibaba Health Information Technology (241 HK), Cainiao Network, Tsingtao Brewery Co Ltd H (168 HK), JD Digital, MeWe etc. We see potential positive catalysts include a sale of Kappa, IPOs of the PE-owned ventures, increase in dividend payout and a privatisation of the company.

China Dongxiang (3818 HK): It's Not a Sportswear Company....It's a Cheap Investment Fund

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/road-king-infrastructure-limited' target='_blank' rel='noopener'>Road King Infrastructure</a></li><li><a href='/entities/yanlord-land-group-ltd' target='_blank' rel='noopener'>Yanlord Land</a></li><li><a href='/entities/azure-power-global-ltd' target='_blank' rel='noopener'>Azure Power Global Ltd</a></li><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Road King InfrastructureYanlord LandAzure Power Global LtdYankuang Energy GroupTata Motors Ltdand more...

China

Fosun International Limited operates diversified businesses. The Company manufactures steel, develops property, manufactures pharmaceuticals, and holds interests in retailers, financial services providers, and gold and iron mining.

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Fosun International (656 HK)

Morning Views Asia: Fosun International

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: Fosun International, Vedanta Resources

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

Lucror Analytics

China Dongxiang (3818 HK): It's Not a Sportswear Company....It's a Cheap Investment Fund

China Dongxiang is a deeply undervalued asset play, instead of a second-tier sportswear company in China. We believe focusing on the sportswear...

Osbert Tang, CFA

Weekly Wrap - 01 Dec 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Morning Views Asia: Fosun International

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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