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

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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Xinyi Energy Holdings  / Equity Capital Markets

Xinyi Energy, the solar farm asset holding company of the Hong Kong-listed <a href="https://www.smartkarma.com/entities/318" target="_blank" data-smartkarma-citation="entities:318:1">Xinyi Solar Holdings (968 HK)</a>, is looking to list via a spin-off. Proceeds from the IPO will be used to acquire an additional solar farm portfolio from Xinyi Solar. In this insight, we will look at the following topics:
<ul>
<li>The company's solar farm assets</li>
<li>Revenue model</li>
<li>Target acquisition from the parent</li>
<li>The solar industry in China and recent development</li>
<li>Financial analysis of the portfolio</li>
<li>Our thoughts on valuation</li>
</ul>

Xinyi Energy, the solar farm asset holding company of the Hong Kong-listed Xinyi Solar Holdings (968 HK), is looking to list via a spin-off. Proceeds from the IPO will be used to acquire an additional solar farm portfolio from Xinyi Solar. In this insight, we will look at the following topics:

The company's solar farm assets
Revenue model
Target acquisition from the parent
The solar industry in China and recent development
Financial analysis of the portfolio
Our thoughts on valuation


Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection

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

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 - 24 Oct 2018

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Debt Capital Markets

GCL New Energy Holdings  / Debt Capital Markets

GCL New Energy (Ba2/BB- /NR) are issuing USD 300 mn 3-year Senior Notes. The use of proceeds is mainly for debt refinancing onshore. The IPT is at 7.5%. GCL is a leading producer of solar power in China, where the industry landscape is favourable. We see fair value for the proposed Notes in the low 7% range.

GCL New Energy (Ba2/BB- /NR) are issuing USD 300 mn 3-year Senior Notes. The use of proceeds is mainly for debt refinancing onshore. The IPT is at 7.5%.  GCL is a leading producer of solar power in China, where the industry landscape is favourable. We see fair value for the proposed Notes in the low 7% range. 

GCL New Energy - New Issue Assessment - Lucror Analytics

China

GCL New Energy Holdings Ltd., through its subsidiaries, offers solar plant operation and maintenance. The Company also offers energy storage technology, micro-grid and intelligent integration capabilities.

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GCL New Energy Holdings (451 HK)

Asia HY Trade Recommendations - January 2019 - Lucror Analytics

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

Lucror Analytics

Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection

Xinyi Energy, the solar farm asset holding company of the Hong Kong-listed Xinyi Solar Holdings (968 HK), is looking to list via a spin-off....

Ke Yan, CFA, FRM

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

Lucror Analytics - Morning Views Asia - 24 Oct 2018

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

Lucror Analytics

GCL New Energy - New Issue Assessment - Lucror Analytics

GCL New Energy (Ba2/BB- /NR) are issuing USD 300 mn 3-year Senior Notes. The use of proceeds is mainly for debt refinancing onshore. The IPT is at...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)