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></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.

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

H&H International’s H1/21 results were soft but within our expectations. The company has been gradually recovering, but continues to face increasing competition in China and other territories. We have yet to observe a margin recovery, and remain cautious on whether the company will cut selling prices to boost revenue growth. Overall, H&H's financial risk profile is solid and liquidity is sound. The company has minimal short-term debt obligations. We foresee that revenue growth may remain under pressure, especially given intensifying competition for the Baby Nutrition & Care segment (due to the low birth rate in China). Income from the ANZ market could also continue to face pressure. H&H seems to have achieved promising results in other territories, which might make up for ANZ in terms of revenue contribution.

  H&H International’s H1/21 results were soft but within our expectations. The company has been gradually recovering, but continues to face increasing competition in China and other territories. We have yet to observe a margin recovery, and remain cautious on whether the company will cut selling prices to boost revenue growth. Overall, H&H's financial risk profile is solid and liquidity is sound. The company has minimal short-term debt obligations.   We foresee that revenue growth may remain under pressure, especially given intensifying competition for the Baby Nutrition & Care segment (due to the low birth rate in China). Income from the ANZ market could also continue to face pressure. H&H seems to have achieved promising results in other territories, which might make up for ANZ in terms of revenue contribution. 

H&H International - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

Health And Happiness (H&H) / Event-Driven

<a href="https://www.smartkarma.com/entities/health-and-happiness-h-h-int" target="_blank" data-smartkarma-citation="entities:20582:1" rel="noopener">Health And Happiness (H&amp;H) (1112 HK)</a> announced a USD 610 Mn acquisition of a privately-held US-based pet nutrition company, Zesty Paws. In this report, we discuss the acquisition details and significance of this deal for Health and Happiness both in terms of business outlook and impact on its financials.With China's long-term birth rate on a decline despite regulatory intervention ( <a href="https://www.smartkarma.com/insights/china-s-3-child-policy-unlikely-to-reverse-trend-child-care-stocks-can-derate-prefer-diverse-plays" target="_blank" data-smartkarma-citation="insights:52433" rel="noopener">China's 3-Child Policy Unlikely to Reverse Trend. Child-Care Stocks Can Derate, Prefer Diverse Plays</a>), companies with a dominant focus on the Baby &amp; children segment have to look elsewhere for growth. H&amp;H had forayed into the high-growth pet care segment in 2020 with its acquisition of "Solid Gold" - a US-based holistic pet food brand. With its Zesty Paws acquisition,  H&amp;H adds to its stable of pet care brands that could help the company diversify the product portfolio away from baby nutrition, and add a healthy dose of growth. Our earlier published Smartkarma original report <a href="https://www.smartkarma.com/insights/pet-care-sector-in-asia-saga-has-just-started-opportunities-galore" target="_blank" data-smartkarma-citation="insights:47000" rel="noopener">Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore.</a> discusses in detail the rapidly growing pet care sector in China.

Health And Happiness (H&amp;H) (1112 HK) announced a USD 610 Mn acquisition of a privately-held US-based pet nutrition company, Zesty Paws. In this report, we discuss the acquisition details and significance of this deal for Health and Happiness both in terms of business outlook and impact on its financials.With China's long-term birth rate on a decline despite regulatory intervention ( China's 3-Child Policy Unlikely to Reverse Trend. Child-Care Stocks Can Derate, Prefer Diverse Plays), companies with a dominant focus on the Baby &amp; children segment have to look elsewhere for growth. H&amp;H had forayed into the high-growth pet care segment in 2020 with its acquisition of "Solid Gold" - a US-based holistic pet food brand. With its Zesty Paws acquisition,  H&amp;H adds to its stable of pet care brands that could help the company diversify the product portfolio away from baby nutrition, and add a healthy dose of growth. Our earlier published Smartkarma original report Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore. discusses in detail the rapidly growing pet care sector in China.

Health & Happiness (1112 HK): Zesty Paws Acqsn. In Pursuit of Growth. At a Price.

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults. 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 Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults.   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 - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - July 2021 - Lucror Analytics

China

Health and Happiness H&H International Holdings Ltd provides health care supplements. The Company offers pediatric nutritional and baby care products. Health and Happiness H&H International Holdings serves nutrition and wellness industries worldwide.

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Health And Happiness (H&H) (1112 HK)

Morning Views Asia:

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

Lucror Analytics

H&H International - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

H&H International’s H1/21 results were soft but within our expectations. The company has been gradually recovering, but continues to face...

Lucror Analytics

Health & Happiness (1112 HK): Zesty Paws Acqsn. In Pursuit of Growth. At a Price.

Significance and impact of the deal on H&H's business outlook and financials. Deal basics and Valuation. H&H's stock Outlook and Valuation update....

Devi Subhakesan

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban...

Lucror Analytics

Asia HY Trade Book - July 2021 - Lucror Analytics

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

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