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-433'>Fosun International</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-112'>Lifestyle International Holdings</a></li><li><a href='#lucror-entity-15142'>Pan Brothers</a></li><li><a href='#lucror-entity-2667'>Soechi Lines</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.Fosun InternationalHopson DevelopmentLifestyle International HoldingsPan BrothersSoechi LinesVedanta Resources

Morning Views Asia: Fosun International, Hopson Development, Lifestyle International Holdings

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Lifestyle International Holdings / Credit

Lifestyle International's (LIHL) H1/20 results were very weak, as we had expected. This was on account of the multiple external shocks in the past 12 months. We expect sales to remain soft in FY 2020, as the Hong Kong economy has been and will likely continue to be affected by the pandemic. It should also take some time for visitor arrivals to pick up, even after the re-opening of borders. That said, LIHL’s retail operations have weathered industry downturns better than the average retailer in the past. Our concerns about the company mainly involve: [1] its ability to withstand external shocks for the rest of the year; [2] the uncertainty in financial performance caused by its growing financial investments; [3] the slow progress for the Kai Tak project; and [4] LIHL’s commitment to transparency.

  Lifestyle International's (LIHL) H1/20 results were very weak, as we had expected. This was on account of the multiple external shocks in the past 12 months. We expect sales to remain soft in FY 2020, as the Hong Kong economy has been and will likely continue to be affected by the pandemic. It should also take some time for visitor arrivals to pick up, even after the re-opening of borders. That said, LIHL’s retail operations have weathered industry downturns better than the average retailer in the past.   Our concerns about the company mainly involve: [1] its ability to withstand external shocks for the rest of the year; [2] the uncertainty in financial performance caused by its growing financial investments; [3] the slow progress for the Kai Tak project; and [4] LIHL’s commitment to transparency. 

Lifestyle International - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe. 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 LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe.   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 - LARA And Credit Bias Study (2020 Update) - 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.<ul><li><a href='#lucror-entity-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-112'>Lifestyle International Holdings</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-27527'>Studio City International Holdings Limited</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</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.361 Degrees InternationalAlam Sutera RealtyLifestyle International HoldingsRonshine China HoldingsStudio City International Holdings LimitedYanlord Land

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Lifestyle International Holdings

The Asia HY Trade Recommendations report 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 Recommendations report 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 Recommendations - July 2020 - Lucror Analytics

Hong Kong

Lifestyle International Holdings Limited, through its subsidiaries, operates lifestyle department store and other retail outlets.  The Company also owns most of the properties at which its department store is situated.  At present, Lifestyle International operates the Sogo store, Nufront, and Daiso Land Ten-dollar Shop in Hong Kong.

Lifestyle International Holdings (1212 HK)

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Lifestyle International Holdings (1212 HK)

Morning Views Asia: Fosun International, Hopson Development, Lifestyle International Holdings

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

Lucror Analytics

Lifestyle International - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Lifestyle International's (LIHL) H1/20 results were very weak, as we had expected. This was on account of the multiple external shocks in the past...

Lucror Analytics

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years,...

Lucror Analytics

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Lifestyle International Holdings

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

Lucror Analytics

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)