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 - 04 Sep 2019

In August, geopolitical risks increased. The escalation in the trade war and events in Argentina and Turkey were on emerging-market investors’ minds, leading to heightened risk aversion. On September 1st, the US placed tariffs on an additional USD 100 bn worth of Chinese goods, after which Beijing retaliated with imposts on USD 75 bn of US goods. In summary, the US now has tariffs on roughly USD 550 bn in Chinese imports, while China has duties on about USD 110 bn of its USD 120 bn in imports from the US.
In late August, President Donald Trump threatened to force American companies to exit China pursuant to the International Emergency Economic Powers Act (IEEPA), which he can trigger by declaring a national emergency. The effect would be to freeze Chinese assets in the US and to exclude Chinese institutions from the US financial system.

In August, geopolitical risks increased. The escalation in the trade war and events in Argentina and Turkey were on emerging-market investors’ minds, leading to heightened risk aversion. On September 1st, the US placed tariffs on an additional USD 100 bn worth of Chinese goods, after which Beijing retaliated with imposts on USD 75 bn of US goods. In summary, the US now has tariffs on roughly USD 550 bn in Chinese imports, while China has duties on about USD 110 bn of its USD 120 bn in imports from the US.
In late August, President Donald Trump threatened to force American companies to exit China pursuant to the International Emergency Economic Powers Act (IEEPA), which he can trigger by declaring a national emergency. The effect would be to freeze Chinese assets in the US and to exclude Chinese institutions from the US financial system.

Asia HY Monthly – Chinese Property Update (August 2019)

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Jingrui's latest results came in below our expectations again, with little improvement in the contracted sales, revenue and margins for H1/19. Moreover, debt continued to grow, owing to the company's increasing refinancing needs in the short term. While management noted that there are more deliveries scheduled for H2/19, we foresee that revenue recognition will remain soft. This is as the company has significant debt due within one year, and would be unlikely to free up more capital to fund construction. We change our Credit Bias on Jingrui to “Negative” from “Stable”, given the soft contracted sales, revenue and margins. We foresee that revenue recognition will remain soft, given that capital to fund construction should be limited. This is on account of: [1] refinancing pressure, with about half of the company's debt being due within one year; and [2] soft cash inflow from contracted sales, given the weak sales development.

   Jingrui's latest results came in below our expectations again, with little improvement in the contracted sales, revenue and margins for H1/19. Moreover, debt continued to grow, owing to the company's increasing refinancing needs in the short term.    While management noted that there are more deliveries scheduled for H2/19, we foresee that revenue recognition will remain soft. This is as the company has significant debt due within one year, and would be unlikely to free up more capital to fund construction.    We change our Credit Bias on Jingrui to “Negative” from “Stable”, given the soft contracted sales, revenue and margins. We foresee that revenue recognition will remain soft, given that capital to fund construction should be limited. This is on account of: [1] refinancing pressure, with about half of the company's debt being due within one year; and [2] soft cash inflow from contracted sales, given the weak sales development. 

Jingrui - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 30 Aug 2019

The Asia HY Trade Recommendations report for August 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 August 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 - August 2019 - 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)

Lucror Analytics - Morning Views Asia - 04 Sep 2019

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 – Chinese Property Update (August 2019)

In August, geopolitical risks increased. The escalation in the trade war and events in Argentina and Turkey were on emerging-market investors’...

Lucror Analytics

Jingrui - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Jingrui's latest results came in below our expectations again, with little improvement in the contracted sales, revenue and margins for H1/19....

Lucror Analytics

Lucror Analytics - Morning Views Asia - 30 Aug 2019

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 - August 2019 - Lucror Analytics

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

Lucror Analytics

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