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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Adani Ports, Adani Green Energy</li>
<li>UST yields were broadly stable yesterday. The yield on the 2Y UST rose 1 bp to 3.91%, while the yield on the 10Y UST was unchanged at 4.45%. Equities rallied, following the release of strong retail sales data. The S&amp;P 500 rose 0.5% to a new high of 6,297, while the Nasdaq was up 0.7% at 20,886.</li>
<li>Several Fed officials spoke yesterday. New York Fed President John Williams said it is “entirely appropriate” to maintain the current modestly restrictive monetary policy stance, as he expects inflation to increase in the coming months. Atlanta Fed President Raphael Bostic also said that he still supports holding interest rates steady, stating that inflation may be at an “inflection point” after several months of soft price increases.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Adani Ports, Adani Green Energy
UST yields were broadly stable yesterday. The yield on the 2Y UST rose 1 bp to 3.91%, while the yield on the 10Y UST was unchanged at 4.45%. Equities rallied, following the release of strong retail sales data. The S&amp;P 500 rose 0.5% to a new high of 6,297, while the Nasdaq was up 0.7% at 20,886.
Several Fed officials spoke yesterday. New York Fed President John Williams said it is “entirely appropriate” to maintain the current modestly restrictive monetary policy stance, as he expects inflation to increase in the coming months. Atlanta Fed President Raphael Bostic also said that he still supports holding interest rates steady, stating that inflation may be at an “inflection point” after several months of soft price increases.


<ul>
<li>US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release.</li>
<li>The yield on the 2Y UST rose 2 bps to 4.02%, while the yield on the 10Y UST was unchanged at 4.47%.</li>
<li>Equities climbed for the third straight day, supported by optimism over US-China trade talks.</li>
</ul>


US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release.
The yield on the 2Y UST rose 2 bps to 4.02%, while the yield on the 10Y UST was unchanged at 4.47%.
Equities climbed for the third straight day, supported by optimism over US-China trade talks.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Samvardhana Motherson</li>
<li>The US and China have agreed to significantly roll back tariffs for 90 days, in a major but temporary de-escalation of trade tensions. The US will reduce tariffs on Chinese goods to 30% from 145% (comprising a 10% reciprocal tariff and 20% tariffs related to fentanyl imposed in February and March) by May 14th, while China will reduce its levies on American imports to 10% (from 125%).</li>
<li>The two countries also agreed to establish a mechanism to continue discussions about economic and trade relations, led by Chinese VicePremier He Lifeng, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, according to a joint statement published by the White House. US President Donald Trump said that China will also “suspend and remove all non-monetary barriers”, but offered no specific details.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Samvardhana Motherson
The US and China have agreed to significantly roll back tariffs for 90 days, in a major but temporary de-escalation of trade tensions. The US will reduce tariffs on Chinese goods to 30% from 145% (comprising a 10% reciprocal tariff and 20% tariffs related to fentanyl imposed in February and March) by May 14th, while China will reduce its levies on American imports to 10% (from 125%).
The two countries also agreed to establish a mechanism to continue discussions about economic and trade relations, led by Chinese VicePremier He Lifeng, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, according to a joint statement published by the White House. US President Donald Trump said that China will also “suspend and remove all non-monetary barriers”, but offered no specific details.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China</li>
<li>
<p>In the US, the March CPI came in below estimates at negative 0.1% m-o-m (0.1% e / 0.2% p) and 2.4% y-o-y (2.5% e / 2.8% p). This was driven by lower energy costs, as well as a decline in discretionary spending such as airfares, used vehicles and hotels. Core CPI (excluding food and energy) slowed to 0.1% m-o-m (0.3% e / 0.2% p) and 2.8% y-o-y (3.0% e / 3.1% p).</p>
</li>
<li>
<p>The White House has clarified that US President Donald Trump's total tariffs on Chinese imports stands at 145%, comprising a 125% reciprocal tariff rate on top of the existing 20% duty imposed earlier in February and March.</p>
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

In the US, the March CPI came in below estimates at negative 0.1% m-o-m (0.1% e / 0.2% p) and 2.4% y-o-y (2.5% e / 2.8% p). This was driven by lower energy costs, as well as a decline in discretionary spending such as airfares, used vehicles and hotels. Core CPI (excluding food and energy) slowed to 0.1% m-o-m (0.3% e / 0.2% p) and 2.8% y-o-y (3.0% e / 3.1% p).


The White House has clarified that US President Donald Trump's total tariffs on Chinese imports stands at 145%, comprising a 125% reciprocal tariff rate on top of the existing 20% duty imposed earlier in February and March.



<ul>
<li>Longfor Group's FY 2024 results were acceptable.</li>
<li>The earnings decline was in line with expectations, driven by lower revenues and margins from the property development segment.</li>
<li>We project that Longfor's contracted sales will continue declining in FY 2025, given the company's slowdown in land bank replenishment.</li>
</ul>


Longfor Group's FY 2024 results were acceptable.
The earnings decline was in line with expectations, driven by lower revenues and margins from the property development segment.
We project that Longfor's contracted sales will continue declining in FY 2025, given the company's slowdown in land bank replenishment.


Longfor Group - Earnings Flash - FY 2024 Results

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

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Longfor Properties (960 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Adani Ports, Adani Green Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release. The yield on the 2Y UST rose 2...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Samvardhana Motherson

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

Lucror Analytics

Longfor Group - Earnings Flash - FY 2024 Results

We project that Longfor's contracted sales will continue declining in FY 2025, given the company's slowdown in land bank replenishment.

Lucror Analytics

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