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.

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 - 05 Mar 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Lifestyle International Holdings / Credit

Lifestyle International's FY 2018 results featured no surprises, with sound results from continuing operations. That said, profits were down due to a disposal last year and unrealised losses from the investment portfolio. The top-line growth may be challenging to sustain this year, given US-China trade tensions and the weakening CNY, which may led to reduced consumption by visitors from mainland China. Borrowings remained stable, although interest expenses rose in line with the HIBOR. The company's leverage may increase as the Kai Tak project progresses. We view the company’s increasingly aggressive dividend payouts (amounting to 61.5% of profits) as credit negative.

   Lifestyle International's FY 2018 results featured no surprises, with sound results from continuing operations. That said, profits were down due to a disposal last year and unrealised losses from the investment portfolio. The top-line growth may be challenging to sustain this year, given US-China trade tensions and the weakening CNY, which may led to reduced consumption by visitors from mainland China.    Borrowings remained stable, although interest expenses rose in line with the HIBOR. The company's leverage may increase as the Kai Tak project progresses. We view the company’s increasingly aggressive dividend payouts (amounting to 61.5% of profits) as credit negative. 

Lifestyle International - Earnings Flash - FY 2018 Results - 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 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

The Asia HY Trade Recommendations report for February 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 February 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 - February 2019 - Lucror Analytics

Lucror Analytics - Morning Views Asia - 13 Feb 2019

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)

Lucror Analytics - Morning Views Asia - 05 Mar 2019

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 - FY 2018 Results - Lucror Analytics

Lifestyle International's FY 2018 results featured no surprises, with sound results from continuing operations. That said, profits were down due...

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

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 13 Feb 2019

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)