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

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full coverage. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory developments, as well as an overview of the FY 2020 results of most developers under our full coverage.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

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.<ul><li><a href='#lucror-entity-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</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.China Aoyuan PropertyCIFI HoldingsLippo KarawaciSirtex MedicalSuzhou Boamax Tech Group

Morning Views Asia: China Aoyuan Property, CIFI Holdings, Lippo Karawaci, Sirtex Medical

Sritex’s FY 2020 results were slightly weak, but in line with expectations. Negatively, OCF remained poor, owing to sustained working capital outflows. As a result, debt continued to climb, with leverage rising further. Going forward, we believe any deleveraging will hinge on the company’s ability to improve its working capital management. That said, Sritex’s earnings were largely stable. The company did not face any order cancellations amid the pandemic, and even reported a pick-up in demand from Q3, which should support top-line growth. Sritex has proactively initiated a debt restructuring with its banks. In our view, a successful restructuring would be positive for the bonds, given the current distressed levels. We expect the company to be restructured as a going concern, as its operations and earnings are still sound. Hence, the bonds should retain some intrinsic value. That said, the restructuring process could be lengthy.

  Sritex’s FY 2020 results were slightly weak, but in line with expectations. Negatively, OCF remained poor, owing to sustained working capital outflows. As a result, debt continued to climb, with leverage rising further. Going forward, we believe any deleveraging will hinge on the company’s ability to improve its working capital management. That said, Sritex’s earnings were largely stable. The company did not face any order cancellations amid the pandemic, and even reported a pick-up in demand from Q3, which should support top-line growth.   Sritex has proactively initiated a debt restructuring with its banks. In our view, a successful restructuring would be positive for the bonds, given the current distressed levels. We expect the company to be restructured as a going concern, as its operations and earnings are still sound. Hence, the bonds should retain some intrinsic value. That said, the restructuring process could be lengthy.     

Sritex - Earnings Flash - FY 2020 Results - Lucror Analytics

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.<ul><li><a href='#lucror-entity-173'>First Pacific Co</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</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.First Pacific CoJSW Steel LtdSirtex Medical

Morning Views Asia: First Pacific Co, JSW Steel Ltd, Sirtex Medical

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.<ul><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-10365'>Sirtex Medical</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.Powerlong Commercial Management HoldingsSirtex Medical

Morning Views Asia: Powerlong Commercial Management Holdings, Sirtex Medical

Indonesia

PT Sri Rejeki Isman Tbk, also known as Sritex, is an Indonesia-based company primarily engaged in the integrated textile and garment industry. It manufactures yarn, greige, fabrics, and apparel through its spinning, weaving, dyeing/printing, and garment manufacturing processes. The company was founded in 1966 as a traditional trading company and established its first printing factory in 1968. Its headquarters are located in Sukoharjo, Central Java, Indonesia.

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Sri Rejeki Isman (SRIL IJ)

Asia HY Monthly - Chinese Property Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including operational trends and regulatory...

Lucror Analytics

Morning Views Asia: China Aoyuan Property, CIFI Holdings, Lippo Karawaci, Sirtex Medical

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

Lucror Analytics

Sritex - Earnings Flash - FY 2020 Results - Lucror Analytics

Sritex’s FY 2020 results were slightly weak, but in line with expectations. Negatively, OCF remained poor, owing to sustained working capital...

Lucror Analytics

Morning Views Asia: First Pacific Co, JSW Steel Ltd, Sirtex Medical

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

Lucror Analytics

Morning Views Asia: Powerlong Commercial Management Holdings, Sirtex Medical

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

Lucror Analytics

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