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-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</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.Evergrande Real Estate GroupJingrui Holdings

Morning Views Asia: Evergrande Real Estate Group, Jingrui Holdings

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

We had a call with Jingrui’s management yesterday. In our view, the company's business and financial profiles have remained stable in H2/20. The credit profile is likely to remain highly levered, considering that there are no signs of a decrease in debt or a significant top-line improvement. Contracted sales have been recovering, albeit with growth still mild. We remain cautious on the pace of the company's expansion, which has been increasingly aggressive since September. Jingrui's refinancing needs are substantial but manageable. As of end-June 2020, 45% of the company's debt was due within one year, with another 23% due in the following year. We take some comfort from: [1] the USD 300 mn unused USD Notes quota (expiring July 2021); [2] the domestic corporate bond issuance in the pipeline; [3] the recent exchange offer; and [4] the several open-market bond repurchases completed this year.

  We had a call with Jingrui’s management yesterday. In our view, the company's business and financial profiles have remained stable in H2/20. The credit profile is likely to remain highly levered, considering that there are no signs of a decrease in debt or a significant top-line improvement. Contracted sales have been recovering, albeit with growth still mild. We remain cautious on the pace of the company's expansion, which has been increasingly aggressive since September.   Jingrui's refinancing needs are substantial but manageable. As of end-June 2020, 45% of the company's debt was due within one year, with another 23% due in the following year. We take some comfort from: [1] the USD 300 mn unused USD Notes quota (expiring July 2021); [2] the domestic corporate bond issuance in the pipeline; [3] the recent exchange offer; and [4] the several open-market bond repurchases completed this year. 

Jingrui - Event Flash - Management Call - 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-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</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.Agung Podomoro LandGuangzhou R&F PropertiesIndika EnergyJingrui HoldingsRonshine China HoldingsTata Motors Ltd

Morning Views Asia: Agung Podomoro Land, Guangzhou R&F Properties, Indika Energy, Jingrui Holdings

In this month’s “In-Focus” section, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies 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 provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies 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 - Macau Gaming Update - Lucror Analytics

The Asia HY Trade Book for the month of November 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 November 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 - November 2020 - Lucror Analytics

China

Logan Property Holdings Company Limited is a real estate development company. The Company focuses on residential property projects.

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Logan Property Holdings (3380 HK)

Morning Views Asia: Evergrande Real Estate Group, Jingrui Holdings

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

Lucror Analytics

Jingrui - Event Flash - Management Call - Lucror Analytics

We had a call with Jingrui’s management yesterday. In our view, the company's business and financial profiles have remained stable in H2/20. The...

Lucror Analytics

Morning Views Asia: Agung Podomoro Land, Guangzhou R&F Properties, Indika Energy, Jingrui 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 Monthly - Macau Gaming Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Asia HY Trade Book - November 2020 - Lucror Analytics

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)