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>UST yields climbed 2-4 bps across the curve yesterday, partly unwinding the yield declines in the prior two days.</li>
<li>The UST curve bear steepened, with the yield on the 2Y UST rising 2 bps to 3.76%, while that on the 10Y UST was up 4 bps at 4.29%.</li>
<li>Equities advanced, with the S&amp;P 500 increasing by 0.8% to close at a record high of 7,023. </li>
</ul>


UST yields climbed 2-4 bps across the curve yesterday, partly unwinding the yield declines in the prior two days.
The UST curve bear steepened, with the yield on the 2Y UST rising 2 bps to 3.76%, while that on the 10Y UST was up 4 bps at 4.29%.
Equities advanced, with the S&amp;P 500 increasing by 0.8% to close at a record high of 7,023. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group</li>
<li>Treasuries climbed (with UST yields falling 2-5 bps) yesterday, alongside a recovery in equities and a retreat in oil price. This was after US President Donald Trump appeared to indicate that the war with Iran would end soon. The yield on the 2Y and 10Y UST fell 2 bps and 4 bps to 3.54% and 4.10%, respectively. Meanwhile, the S&amp;P 500 and Nasdaq were up 0.8% and 1.4%, respectively.</li>
<li>In an interview with CBS News, Mr Trump said the US-Israeli assault was "very complete", as Iran has "nothing left in a military sense", adding that the US is "thinking about" taking over the Strait of Hormuz. Subsequently, Mr Trump said in a speech to Republican lawmakers in Miami that "we've already won in many ways, but we haven't won enough" and the "war will be finished pretty quickly".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group
Treasuries climbed (with UST yields falling 2-5 bps) yesterday, alongside a recovery in equities and a retreat in oil price. This was after US President Donald Trump appeared to indicate that the war with Iran would end soon. The yield on the 2Y and 10Y UST fell 2 bps and 4 bps to 3.54% and 4.10%, respectively. Meanwhile, the S&amp;P 500 and Nasdaq were up 0.8% and 1.4%, respectively.
In an interview with CBS News, Mr Trump said the US-Israeli assault was "very complete", as Iran has "nothing left in a military sense", adding that the US is "thinking about" taking over the Strait of Hormuz. Subsequently, Mr Trump said in a speech to Republican lawmakers in Miami that "we've already won in many ways, but we haven't won enough" and the "war will be finished pretty quickly".


Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>We are turning bullish on the sector.  We think there are several structural drivers that will improve the sector as a whole, both on demand and supply side</li>
<li>Continued low onshore rates will boost the property market as well as reduce funding cost for developers.  The decline in new start will also help support home prices</li>
<li>Valuation is still almost historical low, we think the downside is relatively limited</li>
</ul>


We are turning bullish on the sector.  We think there are several structural drivers that will improve the sector as a whole, both on demand and supply side
Continued low onshore rates will boost the property market as well as reduce funding cost for developers.  The decline in new start will also help support home prices
Valuation is still almost historical low, we think the downside is relatively limited


China Prop Short Note: Turning Bullish on “lower Rates for Longer” & Improving Sector Fundamentals

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

<ul>
<li>China's National Bureau of Statistics (NBS) released the Jan-Dec 2024 macro and property data today</li>
<li>In this brief note, we put together the key macro-property metrics for the full year 2024 vs the past several years</li>
<li>While the latest monthly and weekly data show improvements ('less negative'), the full year 2024 ended more negative vs 2023 for key macro-property metrics</li>
</ul>


China's National Bureau of Statistics (NBS) released the Jan-Dec 2024 macro and property data today
In this brief note, we put together the key macro-property metrics for the full year 2024 vs the past several years
While the latest monthly and weekly data show improvements ('less negative'), the full year 2024 ended more negative vs 2023 for key macro-property metrics


China Property: 4 Charts - Full Year 2024 In Context

<ul>
<li>The policy easing and the change in the base effect started to show some impact on new home sales y/y metrics turning '"less negative".</li>
<li>We highlight points from our Weekly New Home Sales Data Update Report, which looks at 16 major cities and the latest data for the week ending June 30.</li>
<li>Certain weekly metrics on a small sample of cities serve as a good gauge for what to expect directionally in the national NBS data released later.</li>
</ul>


The policy easing and the change in the base effect started to show some impact on new home sales y/y metrics turning '"less negative".
We highlight points from our Weekly New Home Sales Data Update Report, which looks at 16 major cities and the latest data for the week ending June 30.
Certain weekly metrics on a small sample of cities serve as a good gauge for what to expect directionally in the national NBS data released later.


China Property - Weekly New Home Sales Data Now Clearly "Less Negative" (To June 30, 2024)

China

Longfor Group Holdings Ltd. is an investment holding company primarily engaged in property development, investment property operation, and services. It develops and sells residential, office, and commercial properties, and leases shopping malls and rental housing. The company also provides property management, hotel operation, commercial investment, and smart construction services. Longfor Group was founded in 1993 and is headquartered in Beijing, China.

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Longfor (960 HK)

Lucror Analytics - Morning Views Asia

The UST curve bear steepened, with the yield on the 2Y UST rising 2 bps to 3.76%, while that on the 10Y UST was up 4 bps at 4.29%.

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 Treasuries climbed (with UST...

Lucror Analytics

China Prop Short Note: Turning Bullish on “lower Rates for Longer” & Improving Sector Fundamentals

We turn bullish on China property, on the back of several structural tailwinds: rates lower for longer to improve mortgage rate and funding cost,...

Jacob Cheng

China Property: 4 Charts - Full Year 2024 In Context

In this brief note, we put together the key China macro-property metrics for the full year 2024 vs the past several years, based on today's Jan-Dec...

Robert Ciemniak

China Property - Weekly New Home Sales Data Now Clearly "Less Negative" (To June 30, 2024)

China Property: The policy easing and the change in the base effect started to show some impact on new home sales y/y metrics turning '"less...

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)