Senior Credit Analyst, Lucror Analytics

Tanvi Arora

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: Greenko Energy, New World Development, Softbank Group</li>
<li>In the US, treasuries climbed slightly yesterday, amid a lack of macro news and as President Donald Trump held back from implementing tariffs on his first day in office. The UST curve bull flattened, with the yield on the 1Y UST declining 1 bp to 4.28%, while the 10Y fell 5 bps to 4.58%. Similarly, equities rose on the back of optimism that Mr Trump’s policies will boost US corporations.</li>
<li>This came after he unveiled a new investment push for artificial intelligence led by Softbank Group, Open AI and Oracle Corp (see comment below). The S&amp;P 500 climbed 0.9% to 6,049, while the Nasdaq was up 0.6% at 19,757.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development, Softbank Group
In the US, treasuries climbed slightly yesterday, amid a lack of macro news and as President Donald Trump held back from implementing tariffs on his first day in office. The UST curve bull flattened, with the yield on the 1Y UST declining 1 bp to 4.28%, while the 10Y fell 5 bps to 4.58%. Similarly, equities rose on the back of optimism that Mr Trump’s policies will boost US corporations.
This came after he unveiled a new investment push for artificial intelligence led by Softbank Group, Open AI and Oracle Corp (see comment below). The S&amp;P 500 climbed 0.9% to 6,049, while the Nasdaq was up 0.6% at 19,757.


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Gordon Tang increases buyout offer for Suntec REIT in response to investor dissatisfaction with original bid.</li><li>Texas teachers ramp up real estate investments, committing 61% more funds totaling $1.6 billion by 2024.</li><li>The Cheng family of Hong Kong faces challenges as an Australian casino operator experiences a cash shortage, impacting their holdings.</li></ul>

Gordon Tang increases buyout offer for Suntec REIT in response to investor dissatisfaction with original bid.Texas teachers ramp up real estate investments, committing 61% more funds totaling $1.6 billion by 2024.The Cheng family of Hong Kong faces challenges as an Australian casino operator experiences a cash shortage, impacting their holdings.

Asia Real Estate Tracker (10-Jan-2025): Gordon Tang raises bid for Suntec REIT.

Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Shimao Group, Guangzhou R&amp;F, New World Development</li>
<li>In the US, the FOMC has voted 11-1 to reduce the Fed funds target rate by 25 bps to 4.25-4.50%, a move in line with market expectations. Cleveland Fed President Beth Hammack voted against the decision, in favour of keeping rates steady instead.</li>
<li>Fed Chairman Jerome Powell noted during a press conference that the central bank has lowered the policy rate by a full percentage point from its peak, adding that interest rates are still meaningfully restraining economic activity and that the Fed remains on track to further reduce rates.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Shimao Group, Guangzhou R&amp;F, New World Development
In the US, the FOMC has voted 11-1 to reduce the Fed funds target rate by 25 bps to 4.25-4.50%, a move in line with market expectations. Cleveland Fed President Beth Hammack voted against the decision, in favour of keeping rates steady instead.
Fed Chairman Jerome Powell noted during a press conference that the central bank has lowered the policy rate by a full percentage point from its peak, adding that interest rates are still meaningfully restraining economic activity and that the Fed remains on track to further reduce rates.


HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>With the US interest rate heading lower, the HSI constituent companies with the highest gearing levels are the prime beneficiaries as their interest burden will lessen.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a>, while it has the highest leverage, is not a near-term gain. This is because its debt structure with 100% fixed rate borrowings. </li>
<li>Based on the gearing level, floating rate proportion, and YTD performance, <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> and <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> are the two potential best bets.</li>
</ul>


With the US interest rate heading lower, the HSI constituent companies with the highest gearing levels are the prime beneficiaries as their interest burden will lessen.

Sands China (1928 HK), while it has the highest leverage, is not a near-term gain. This is because its debt structure with 100% fixed rate borrowings. 
Based on the gearing level, floating rate proportion, and YTD performance, New World Development (17 HK) and Hang Lung Properties (101 HK) are the two potential best bets.


HK Strategy: Rate Cut Beneficiaries - Fixed & Floating Rate Debt Analysis

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Indofood CBP, Azure Power, Adani Green Energy, Meituan</li>
<li>In the US, treasuries climbed in a holiday-shortened session on Friday, with yields falling 8-10 bps across the curve. The yield on the 2Y UST dropped 8 bps to 4.15%, while that on the 10Y UST declined 10 bps to 4.17%.</li>
<li>Equities rallied, with the S&amp;P 500 rising 0.6% to a new record high of 6,032.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Indofood CBP, Azure Power, Adani Green Energy, Meituan
In the US, treasuries climbed in a holiday-shortened session on Friday, with yields falling 8-10 bps across the curve. The yield on the 2Y UST dropped 8 bps to 4.15%, while that on the 10Y UST declined 10 bps to 4.17%.
Equities rallied, with the S&amp;P 500 rising 0.6% to a new record high of 6,032.


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: Greenko Energy, New World Development,...

Lucror Analytics

Asia Real Estate Tracker (10-Jan-2025): Gordon Tang raises bid for Suntec REIT.

Gordon Tang improves Suntec REIT buyout offer, Texas teachers' real estate commitments rise, Cheng family faces crisis over cash shortage at Aussie...

Asia Real Estate Tracker

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Shimao Group, Guangzhou R&F, New World...

Lucror Analytics

HK Strategy: Rate Cut Beneficiaries - Fixed & Floating Rate Debt Analysis

With the Fed hinting at a slower rate cut path, the beneficiaries mentioned in this Insight will turn to suffer more. The names with the highest...

Osbert Tang, CFA

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

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Market Cap (USDm)

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