Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Health and Happiness (H&amp;H)</li>
<li>UST yields ended 2-3 bps higher across the curve yesterday, after rising as much as 7-12 bps earlier in the day. Losses in treasuries and equities were pared, as oil stabilised after US President Donald Trump said the government would provide insurance guarantees and naval escorts for ships passing through the Strait of Hormuz.</li>
<li>The S&amp;P 500 and Nasdaq declined 0.9% and 1.0%, respectively, paring declines of as much as 2.5% earlier in the day.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Health and Happiness (H&amp;H)
UST yields ended 2-3 bps higher across the curve yesterday, after rising as much as 7-12 bps earlier in the day. Losses in treasuries and equities were pared, as oil stabilised after US President Donald Trump said the government would provide insurance guarantees and naval escorts for ships passing through the Strait of Hormuz.
The S&amp;P 500 and Nasdaq declined 0.9% and 1.0%, respectively, paring declines of as much as 2.5% earlier in the day.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.


HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.


HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sainte Nutritional / Equity Capital Markets

<ul>
<li>Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it's not enough to offset the decline in demand caused by the decrease in newborns.</li>
<li>Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.</li>
<li>Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.</li>
</ul>


Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it's not enough to offset the decline in demand caused by the decrease in newborns.
Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.
Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.


Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

Hong Kong

Health and Happiness (H&H) is a global family nutrition company that manufactures and sells premium nutrition and wellness products across adult, baby, and pet segments. Its offerings include infant formulas, probiotic supplements, vitamins, health supplements, and pet nutrition. The company is headquartered in Hong Kong and was founded in 1999.

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Health and Happiness (1112 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Health and Happiness (H&H)

Lucror Analytics

HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

The decline in newborns is impacting the demand for allergy prevention products. Non-infant FSMP market is challenging due to lack of...

Xinyao (Criss) Wang

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