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: 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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, China Vanke, Vedanta Resources</li>
<li>The US market was closed for the Martin Luther King Jr Day holiday yesterday.</li>
<li>In China, the one-year and five-year loan prime rates (quoted by commercial banks) have been maintained at 3.10% and 3.60%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, China Vanke, Vedanta Resources
The US market was closed for the Martin Luther King Jr Day holiday yesterday.
In China, the one-year and five-year loan prime rates (quoted by commercial banks) have been maintained at 3.10% and 3.60%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies</li>
<li>In the US, the December (preliminary) S&amp;P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).</li>
<li>The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies
In the US, the December (preliminary) S&amp;P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).
The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last month, a Cheng family vehicle with 24.06% of <strong><a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a></strong>, requisitioned an SGM to remove CEO Peter Lau, and install Colin Currie as CEO, plus three other NEDs/INEDs.</li>
<li>That SGM will be held on the 3rd April. The director resolutions - both the removal and appointments - are "ordinary", requiring a simple majority vote. </li>
<li>The outcome will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these shareholders are, with some surprising results.  </li>
</ul>


Last month, a Cheng family vehicle with 24.06% of Giordano (709 HK), requisitioned an SGM to remove CEO Peter Lau, and install Colin Currie as CEO, plus three other NEDs/INEDs.
That SGM will be held on the 3rd April. The director resolutions - both the removal and appointments - are "ordinary", requiring a simple majority vote. 
The outcome will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these shareholders are, with some surprising results.  


Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Hong Kong

New World Development Company Limited, through its subsidiaries, develops and invests in properties, provides contracting services, property management, and transportation services.  The Company also operates infrastructure business, telecommunication services, department stores, hotels and restaurants, and media and technology business.

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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: 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

Lucror Analytics - Morning Views Asia

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

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, Vedanta Resources,...

Lucror Analytics

Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Spilling the board will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these...

David Blennerhassett

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