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: Sands China, First Pacific, Sunny Optical, Nissan Motor, New World Development, Vedanta Resources</li>
<li>Treasury yields were stable, with front-end yields declining marginally amid risk aversion in the equities market. Yields on the 2Y and 10Y USTs fell 1 bp each to 3.56% and 4.23%, respectively. Tech stocks retreated yesterday. Microsoft Corp’s share price fell 10%, after the company reported slightly weaker Cloud growth, and amid concerns over its AI spending and concentration risk to OpenAI.</li>
<li>The S&amp;P 500 edged down 0.1% to 6,969, while the Nasdaq slumped 0.7% to 23,685.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, First Pacific, Sunny Optical, Nissan Motor, New World Development, Vedanta Resources
Treasury yields were stable, with front-end yields declining marginally amid risk aversion in the equities market. Yields on the 2Y and 10Y USTs fell 1 bp each to 3.56% and 4.23%, respectively. Tech stocks retreated yesterday. Microsoft Corp’s share price fell 10%, after the company reported slightly weaker Cloud growth, and amid concerns over its AI spending and concentration risk to OpenAI.
The S&amp;P 500 edged down 0.1% to 6,969, while the Nasdaq slumped 0.7% to 23,685.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development</li>
<li>UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.</li>
<li>In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.


<ul>
<li>UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.</li>
<li>The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.</li>
<li>Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations. </li>
</ul>


UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.
The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.
Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World Development, Softbank Group</li>
<li>UST yields declined yesterday, with the curve bull-flattening for the second day. The yield on the 2Y UST was stable at 3.46%, while the yield on the 10Y UST fell 2 bps to 3.96%.</li>
<li>Equities halted a two-day rally, while gold and silver retreated from near record-high levels. The S&amp;P 500 was unchanged at 6,735, while the Nasdaq declined 0.2% to 22,954.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World Development, Softbank Group
UST yields declined yesterday, with the curve bull-flattening for the second day. The yield on the 2Y UST was stable at 3.46%, while the yield on the 10Y UST fell 2 bps to 3.96%.
Equities halted a two-day rally, while gold and silver retreated from near record-high levels. The S&amp;P 500 was unchanged at 6,735, while the Nasdaq declined 0.2% to 22,954.


HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> is one of the best-performing <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> constituents YTD, but it is time to take some money off the table.</li>
<li>At 5%, its 12-month forward dividend yield is about the lowest in the last five years, implying limited share price upside. Valuations have run ahead of earnings momentum.</li>
<li>The recent recovery in Hong Kong jewellery retail sales is partly due to the low base effect. Additionally, a higher gold price will weigh on demand for gold products. </li>
</ul>



Chow Tai Fook Jewellery (1929 HK) is one of the best-performing Hang Seng Index (HSI INDEX) constituents YTD, but it is time to take some money off the table.
At 5%, its 12-month forward dividend yield is about the lowest in the last five years, implying limited share price upside. Valuations have run ahead of earnings momentum.
The recent recovery in Hong Kong jewellery retail sales is partly due to the low base effect. Additionally, a higher gold price will weigh on demand for gold products. 


Chow Tai Fook (1929 HK): A Lot Has Been Priced In

Hong Kong

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

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New World Development (17 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, First Pacific, Sunny Optical,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development

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, Bharti Airtel, New World...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World...

Lucror Analytics

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

CTF is a top-performing HSI constituent YTD, but with low dividend yield and high valuations, it may be time to sell. Recovery in HK jewellery...

Osbert Tang, CFA

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