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

Greenland HK’s FY 2018 results were satisfactory, supported by decent y-o-y growth in contracted sales (+26%) and revenue (+6%). The gross margin also expanded, thanks to the higher ASP of properties delivered. Leverage metrics improved, as the rate of growth in debt slowed. The company has a high level of related-party transactions, as Greenland HK periodically engages JV subsidiaries or entities related to its parent (Greenland Holdings) to undertake the construction of projects. In FY 2018, receivables due from related parties surged 65% y-o-y to CNY 11 bn (75% of total receivables). That said, the proportion of past-due receivables was low. Payables to related parties stood at CNY 14 bn, representing 46% of total payables. In our view, the risks from related-party transactions are mitigated by the parent's SOE status. Greenland Holdings is 46% owned by the Shanghai SASAC.  .

   Greenland HK’s FY 2018 results were satisfactory, supported by decent y-o-y growth in contracted sales (+26%) and revenue (+6%). The gross margin also expanded, thanks to the higher ASP of properties delivered. Leverage metrics improved, as the rate of growth in debt slowed.    The company has a high level of related-party transactions, as Greenland HK periodically engages JV subsidiaries or entities related to its parent (Greenland Holdings) to undertake the construction of projects. In FY 2018, receivables due from related parties surged 65% y-o-y to CNY 11 bn (75% of total receivables). That said, the proportion of past-due receivables was low. Payables to related parties stood at CNY 14 bn, representing 46% of total payables. In our view, the risks from related-party transactions are mitigated by the parent's SOE status. Greenland Holdings is 46% owned by the Shanghai SASAC.  . 

Greenland HK - Earnings Flash - FY 2018 Results - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Navitas, Harbin Electric, Yungtay, Kosaido, Ophir, Tesla/CATL, Ecopro

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - 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 - 12 Mar 2019

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage. 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 look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage.    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 - Oil & Gas Overview - Lucror Analytics

China

Greenland (Hong Kong) Holdings Limited develops real estate in mainland China. The Company focuses primarily on residential properties for the mid- to upper-class segment of the market.

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Greenland Hong Kong Holdings (337 HK)

Greenland HK - Earnings Flash - FY 2018 Results - Lucror Analytics

Greenland HK’s FY 2018 results were satisfactory, supported by decent y-o-y growth in contracted sales (+26%) and revenue (+6%). The gross margin...

Lucror Analytics

Last Week in Event SPACE: Navitas, Harbin Electric, Yungtay, Kosaido, Ophir, Tesla/CATL, Ecopro

Last Week in Event SPACE ... Agreed deal with no rival bidders coming, expect Navitas Ltd (NVT AU) to trade tight. The risk/reward is simply not...

David Blennerhassett

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 12 Mar 2019

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 - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

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