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 trends in contracted sales and operations, as well as regulatory developments. 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 trends in contracted sales and operations, as well as regulatory developments.    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 - 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.

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. 

Lucror Analytics - Morning Views Asia - 04 Sep 2019

Lucror Analytics - Morning Views Asia - 30 Aug 2019

Lucror Analytics - Morning Views Asia - 28 Aug 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Logan’s H1/19 results were in line with our expectations, with a strong increase in revenues but weaker margins. The top-line growth is likely to continue, given the robust contracted sales and sufficient saleable resources. However, margins could continue to deteriorate, as the ASP has been declining. The pace of land acquisition was more aggressive than FY 2018 and the unit land cost increased. The company participated in urban redevelopment projects, which could have higher margins but entail longer development cycles. Borrowings increased further during the period, since Logan has been active in debt financing and requires more bank loans to fund constructions as it delivers properties. However, leverage has improved on the back of the strong top line.

   Logan’s H1/19 results were in line with our expectations, with a strong increase in revenues but weaker margins. The top-line growth is likely to continue, given the robust contracted sales and sufficient saleable resources. However, margins could continue to deteriorate, as the ASP has been declining. The pace of land acquisition was more aggressive than FY 2018 and the unit land cost increased. The company participated in urban redevelopment projects, which could have higher margins but entail longer development cycles.    Borrowings increased further during the period, since Logan has been active in debt financing and requires more bank loans to fund constructions as it delivers properties. However, leverage has improved on the back of the strong top line. 

Logan Property - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

China

Redco Properties is a residential and commercial property developer primarily focused on residential property development in China. The company also provides property management, property investment, project management, and healthcare services. It was founded in 1992 and is headquartered in Shenzhen, China.

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Redco Properties (1622 HK)

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 04 Sep 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 30 Aug 2019

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 28 Aug 2019

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

Lucror Analytics

Logan Property - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Logan’s H1/19 results were in line with our expectations, with a strong increase in revenues but weaker margins. The top-line growth is likely to...

Lucror Analytics

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