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

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-8954'>Greentown China</a></li><li><a href='#lucror-entity-20844'>Medco Energi</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.Greentown ChinaMedco Energi

Morning Views Asia: Greentown China, Medco Energi

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)

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources


China Property Developers In Distress - Weekly News & Announcements Tracker | August 23-29, 2024

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-6544'>AAC Technologies Holdings</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li><li><a href='#lucror-entity-35408'>JSW Infrastructure</a></li><li><a href='#lucror-entity-40676'>Citicore Renewable Energy</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.AAC Technologies HoldingsChina Jinmao HoldingsGreentown ChinaJSW InfrastructureCiticore Renewable Energy

Morning Views Asia: AAC Technologies Holdings, China Jinmao Holdings, Greentown China

Greentown's H1/24 results were acceptable, given the above-industry sales and top-line growth. While gross profit declined, the property development gross margin was stable from FY 2023, and remained robust relative to peers. In addition, net debt was stable from FYE 2023. More importantly, the company's access to onshore financing appears healthy, and liquidity is adequate. The company remains active in land acquisitions and has a good quality land bank, mostly in high-tier cities in the Yangtze River Delta. Although Greentown is considered a pure-play developer (as its recurring income businesses are small), the company appears to have navigated the industry downturn well, thanks to its cautious approach towards land investments and operating efficiency to support a fast-churn model.

  Greentown's H1/24 results were acceptable, given the above-industry sales and top-line growth. While gross profit declined, the property development gross margin was stable from FY 2023, and remained robust relative to peers. In addition, net debt was stable from FYE 2023. More importantly, the company's access to onshore financing appears healthy, and liquidity is adequate.   The company remains active in land acquisitions and has a good quality land bank, mostly in high-tier cities in the Yangtze River Delta. Although Greentown is considered a pure-play developer (as its recurring income businesses are small), the company appears to have navigated the industry downturn well, thanks to its cautious approach towards land investments and operating efficiency to support a fast-churn model. 

Greentown China - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Monetary / Caixin Explains: Why and how China’s overhauling monetary policy (Part 2)</li><li>Housing /: Guangzhou district uses quasi-Hukou to lure new homebuyers</li><li>Land /: Shanghai plot in high-end district breaks 2016 price record</li></ul>

Monetary / Caixin Explains: Why and how China’s overhauling monetary policy (Part 2)Housing /: Guangzhou district uses quasi-Hukou to lure new homebuyersLand /: Shanghai plot in high-end district breaks 2016 price record

CX Daily: Why and How China’s Overhauling Monetary Policy (Part 2) 

China

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

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Greentown China (3900 HK)

Morning Views Asia: Greentown China, Medco Energi

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

Lucror Analytics

China Property Developers In Distress - Weekly News & Announcements Tracker | August 23-29, 2024

This note is a weekly (23-29 August 2024; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

Morning Views Asia: AAC Technologies Holdings, China Jinmao Holdings, Greentown China

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

Lucror Analytics

Greentown China - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Greentown's H1/24 results were acceptable, given the above-industry sales and top-line growth. While gross profit declined, the property...

Lucror Analytics

CX Daily: Why and How China’s Overhauling Monetary Policy (Part 2)

TOP STORY Monetary / Caixin Explains: Why and how China’s overhauling monetary policy (Part 2) China’s central bank is starting a major overhaul...

Caixin Global

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