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

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers 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 - China Property 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.

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 - 02 Apr 2019

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Asia HY Monthly – China Property Update (March 2019)

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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Jingrui’s 2018 results were weaker than we expected, though margins improved. The decline in revenues especially came as a surprise, given the prior year’s decent contracted sales. Jingrui's elevated debt, which mainly comprises bank loans, could point to a long delivery cycle, with substantial construction loans required to fund delivery. Margins may improve slightly or remain unchanged, as contracted ASP has been moderating while land costs increase.  We do not expect debt to decrease from the current level, as the company has significant need for refinancing and an increasingly aggressive appetite for expansion. The shift from lower-tier cities to T1/T2 cities may put further pressure on the credit profile, due to the higher capital needs for land acquisition and construction. We move to "Speculative Buy" on the JINGRU '21s, from "Hold".

   Jingrui’s 2018 results were weaker than we expected, though margins improved. The decline in revenues especially came as a surprise, given the prior year’s decent contracted sales. Jingrui's elevated debt, which mainly comprises bank loans, could point to a long delivery cycle, with substantial construction loans required to fund delivery. Margins may improve slightly or remain unchanged, as contracted ASP has been moderating while land costs increase.     We do not expect debt to decrease from the current level, as the company has significant need for refinancing and an increasingly aggressive appetite for expansion. The shift from lower-tier cities to T1/T2 cities may put further pressure on the credit profile, due to the higher capital needs for land acquisition and construction.    We move to "Speculative Buy" on the JINGRU '21s, from "Hold". 

Jingrui - Earnings Flash - FY 2018 Results - 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)

Asia HY Monthly - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 02 Apr 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 – China Property Update (March 2019)

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Jingrui - Earnings Flash - FY 2018 Results - Lucror Analytics

Jingrui’s 2018 results were weaker than we expected, though margins improved. The decline in revenues especially came as a surprise, given the...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

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