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

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/china-south-city-holdings' target='_blank' rel='noopener'>China South City</a></li><li><a href='/entities/panda-green-energy-group-ltd' target='_blank' rel='noopener'>Panda Green</a></li><li><a href='/entities/gcl-new-energy-holdings-ltd' target='_blank' rel='noopener'>Gcl New Energy Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Tata Motors LtdAnton OilfieldChina South CityPanda GreenGcl New Energy Holdingsand more...

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul>
<li>Capitaland Integrated Commercial Trust (CICT SP) to receive net proceeds of S$344.8m from One George Street’s 50% stake divestment</li>
<li>CanningHill Piers by CapitaLand Development and City Developments (CIT SP) launched at S$2,836psf</li>
<li>New private home sales rose 8.3% MoM in Oct21.</li>
</ul>


Capitaland Integrated Commercial Trust (CICT SP) to receive net proceeds of S$344.8m from One George Street’s 50% stake divestment
CanningHill Piers by CapitaLand Development and City Developments (CIT SP) launched at S$2,836psf
New private home sales rose 8.3% MoM in Oct21.


ASEAN Builder's Scoop (15Nov21) - CICT Divests 50% Stake of OGS

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/237/629/original/image_32975221321635260585172.png?1635260588" class="editor-image img-responsive" data-smartkarma-image-id="237629"></figure><h3><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 3Q21 Business Updates – Robust growth from acquisitions, healthy occupancy and collections</h3><ul><li>9M21 revenue and NPI increased by 34.8% and 36.8% YoY to S$162.2m (74.8% of BB est.) and S$129.4m (75.0% of BB est.), respectively. 9M21 DI was up 20.8% YoY to S$159.9m (83.3% of BB est.), mainly due to contributions from Victoria Police Centre, Pinnacle Office Park and Keppel Bay Tower. The increase in DI was partially offset by the impact of the divestment of 275 George Street in Jul21</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Keppel REIT (KREIT SP) 3Q21 Business Updates – Robust growth from acquisitions, healthy occupancy and collections9M21 revenue and NPI increased by 34.8% and 36.8% YoY to S$162.2m (74.8% of BB est.) and S$129.4m (75.0% of BB est.), respectively. 9M21 DI was up 20.8% YoY to S$159.9m (83.3% of BB est.), mainly due to contributions from Victoria Police Centre, Pinnacle Office Park and Keppel Bay Tower. The increase in DI was partially offset by the impact of the divestment of 275 George Street in Jul21

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Synergy Grid & Development Philippines / Equity Capital Markets

<p>Synergy Grid &amp; Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. </p><p>The company has been listed on the Phil Stock Exchange (PSE) for over a decade but has been more of an empty shell for most of its listed history. SGP’s two main shareholders, Henry Sy, Jr and Robert G. Coyiuto, recently entered into a share swap agreement leading to SGP indirectly controlling over 60% of National Grid Corporation of the Philippines (NGCP). SGP now aims to list at least 20% of its outstanding stock to meet PSE’s free-float requirement, as well as those set out at the time of grant of NGCP concession.</p><p>NGCP owns the concession rights for 50 years to operate the national power transmission network in the Phils and in that sense it enjoys a monopoly status.</p><p>In this note, we will talk about the deal background and the overall positive aspects of the deal.</p>

Synergy Grid &amp; Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. The company has been listed on the Phil Stock Exchange (PSE) for over a decade but has been more of an empty shell for most of its listed history. SGP’s two main shareholders, Henry Sy, Jr and Robert G. Coyiuto, recently entered into a share swap agreement leading to SGP indirectly controlling over 60% of National Grid Corporation of the Philippines (NGCP). SGP now aims to list at least 20% of its outstanding stock to meet PSE’s free-float requirement, as well as those set out at the time of grant of NGCP concession.NGCP owns the concession rights for 50 years to operate the national power transmission network in the Phils and in that sense it enjoys a monopoly status.In this note, we will talk about the deal background and the overall positive aspects of the deal.

Synergy Grid & Development Re-IPO - Deal Background and Positives

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Sep21 contracted pre-sales fell 47% YoY; 9M21 pre-sales fell 31% YoY</h3><p>In Sep21, total contracted pre-sales from residential and commercial units, and car parks amounted to ~RMB2.87bn on contracted GFA of 102,946sqm, a decrease of 47.1% and 35.3% YoY, respectively. For 9M21, total contracted pre-sales from residential and commercial units, and car parks was ~RMB36.77bn on contracted GFA of 1,184,291sqm, a decrease of 30.9% and 17.7% YoY, respectively. In addition, a total of ~RMB3.06bn of subscription sales was recorded as at 30Sep21 and is expected to be subsequently turned into contracted pre-sales in the following months</p><p>In Sep21, the total contracted pre-sales of other property development projects under the Group’s project management business was ~RMB348m on contracted GFA of 10,506sqm. For 9M21, the total contracted pre-sales of other property development projects under the Group’s project management business was ~RMB11.622bn on contracted GFA of 251,792sqm</p>

SingaporeYanlord Land (YLLG SP) Sep21 contracted pre-sales fell 47% YoY; 9M21 pre-sales fell 31% YoYIn Sep21, total contracted pre-sales from residential and commercial units, and car parks amounted to ~RMB2.87bn on contracted GFA of 102,946sqm, a decrease of 47.1% and 35.3% YoY, respectively. For 9M21, total contracted pre-sales from residential and commercial units, and car parks was ~RMB36.77bn on contracted GFA of 1,184,291sqm, a decrease of 30.9% and 17.7% YoY, respectively. In addition, a total of ~RMB3.06bn of subscription sales was recorded as at 30Sep21 and is expected to be subsequently turned into contracted pre-sales in the following monthsIn Sep21, the total contracted pre-sales of other property development projects under the Group’s project management business was ~RMB348m on contracted GFA of 10,506sqm. For 9M21, the total contracted pre-sales of other property development projects under the Group’s project management business was ~RMB11.622bn on contracted GFA of 251,792sqm

Philippines

Megaworld Corporation, through its subsidiaries, operates in the real estate and hotel businesses as well as provides marketing services. The Company provides a wide array of product from condominiums to subdivisions developments.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Megaworld Corp (MEG PM)

Weekly Wrap - 21 Nov 2021

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

ASEAN Builder's Scoop (15Nov21) - CICT Divests 50% Stake of OGS

CICT Divests 50% Stake of OGS; CanningHill Piers launches at S$2,836psf; ALLHC set to gain from warehouse boom; MEG bullish on hospitality in 2022;...

SCCM Asia Research

ASEAN Builder's Scoop (26Oct21)

KREIT healthy collections; KDCREIT boosted by acquisitions; MLT steady as she goes; CLCT record high NPI; ALLT EFR effect dilutes DPU; MEG raises...

SCCM Asia Research

Synergy Grid & Development Re-IPO - Deal Background and Positives

Synergy Grid & Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. SGP indirectly controls over 60% of National...

Sumeet Singh

ASEAN Builder's Scoop (7Oct21)

YLLG Sep21 presales fell 47% YoY; GCB sales on track to reach 10yr high; MEG earmarks PHP98bn for Bulacan biz district; Indo prop poised for...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)