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>US treasuries ended mixed yesterday, with the curve steepening materially amid concerns over the US budget deficit and President Donald Trump’s impending tax-cut bill.</li>
<li>The yield on the 2Y UST fell 1 bp to 3.97%, while the yield on the 10Y UST rose 4 bps to 4.49%.</li>
<li>US equities retreated after a six-day rally, with the S&amp;P 500 and Nasdaq both declining 0.4% to 5,940 and 19,143, respectively. </li>
</ul>


US treasuries ended mixed yesterday, with the curve steepening materially amid concerns over the US budget deficit and President Donald Trump’s impending tax-cut bill.
The yield on the 2Y UST fell 1 bp to 3.97%, while the yield on the 10Y UST rose 4 bps to 4.49%.
US equities retreated after a six-day rally, with the S&amp;P 500 and Nasdaq both declining 0.4% to 5,940 and 19,143, respectively. 


<ul>
<li>US President Donald Trump has announced a minimum 10% tariff on all exporters to the US, as well as additional reciprocal duties on c. 60 nations.</li>
<li>Vietnam faces one of the steepest tariff increases at 46%, while China will be subject to an additional tariff hike of 34% (on top of an existing 20% duty tied to fentanyl trafficking).</li>
<li>Meanwhile, India, South Korea and Japan have been hit with tariffs of 26%, 25% and 24%, respectively. </li>
</ul>


US President Donald Trump has announced a minimum 10% tariff on all exporters to the US, as well as additional reciprocal duties on c. 60 nations.
Vietnam faces one of the steepest tariff increases at 46%, while China will be subject to an additional tariff hike of 34% (on top of an existing 20% duty tied to fentanyl trafficking).
Meanwhile, India, South Korea and Japan have been hit with tariffs of 26%, 25% and 24%, respectively. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development</li>
<li>In the US, the February final demand PPI came in lower than expected at 0.0% m-o-m (0.3% e / 0.6% revised p) and 3.2% y-o-y (3.3% e / 3.7% revised p). PPI excluding food and energy fell 0.1% m-o-m, but was up 3.4% y-o-y (3.5% e / 3.8% revised p).</li>
<li>The PPI was weighed down by a 1% decline in trade services. That said, categories that go into the PCE price index (the Fed’s preferred measure of inflation) were largely firmer, which could contribute to a high PCE print (vs. the CPI) later this month.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development
In the US, the February final demand PPI came in lower than expected at 0.0% m-o-m (0.3% e / 0.6% revised p) and 3.2% y-o-y (3.3% e / 3.7% revised p). PPI excluding food and energy fell 0.1% m-o-m, but was up 3.4% y-o-y (3.5% e / 3.8% revised p).
The PPI was weighed down by a 1% decline in trade services. That said, categories that go into the PCE price index (the Fed’s preferred measure of inflation) were largely firmer, which could contribute to a high PCE print (vs. the CPI) later this month.


<ul>
<li>New World Development's (NWD) H1/24-25 results were weak.</li>
<li>The company reported another large net loss of HKD 6.6 bn (after a HKD 19.7 bn loss in FY 2023-24), mainly driven by impairment losses.</li>
<li>Moreover, the underlying business performance remained soft, as operating profit (excluding one-off items) fell 18% y-o-y.</li>
</ul>


New World Development's (NWD) H1/24-25 results were weak.
The company reported another large net loss of HKD 6.6 bn (after a HKD 19.7 bn loss in FY 2023-24), mainly driven by impairment losses.
Moreover, the underlying business performance remained soft, as operating profit (excluding one-off items) fell 18% y-o-y.


New World Development - Earnings Flash - H1 FY 2024-25 Results - Lucror Analytics

<p>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.</p><ul><li><a href='#lucror-entity-22722'>Pt Cikarang Listrindo Tbk</a></li><li><a href='#lucror-entity-7037'>New World Development</a></li></ul>

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.Pt Cikarang Listrindo TbkNew World Development

Morning Views Asia: Pt Cikarang Listrindo Tbk, New World Development

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

US treasuries ended mixed yesterday, with the curve steepening materially amid concerns over the US budget deficit and President Donald Trump’s...

Lucror Analytics

Lucror Analytics - Morning Views Asia

US President Donald Trump has announced a minimum 10% tariff on all exporters to the US, as well as additional reciprocal duties on c. 60 nations.

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

New World Development - Earnings Flash - H1 FY 2024-25 Results - Lucror Analytics

New World Development's (NWD) H1/24-25 results were weak. The company reported another large net loss of HKD 6.6 bn (after a HKD 19.7 bn loss...

Lucror Analytics

Morning Views Asia: Pt Cikarang Listrindo Tbk, New World Development

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)