Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

Seazen’s H1/20 results were weaker than we expected, despite its strong revenue growth. Contracted sales had yet to show any signs of recovery by July 2020. In addition, margins were weak, though we expected this given the downward trend in contracted ASP. We remain concerned over the company’s access to financing, which has been recovering from H2/19. Notably, the cost of borrowing has been growing and the use of trust financing has increased. After a pause in H2/19, Seazen has resumed its rapid expansion, which has been funded by debt, at a high cost.

  Seazen’s H1/20 results were weaker than we expected, despite its strong revenue growth. Contracted sales had yet to show any signs of recovery by July 2020. In addition, margins were weak, though we expected this given the downward trend in contracted ASP.   We remain concerned over the company’s access to financing, which has been recovering from H2/19. Notably, the cost of borrowing has been growing and the use of trust financing has increased. After a pause in H2/19, Seazen has resumed its rapid expansion, which has been funded by debt, at a high cost.     

Seazen - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-942'>Car Inc</a></li><li><a href='#lucror-entity-28953'>Central China New Life</a></li><li><a href='#lucror-entity-10675'>Honghua Group</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-4153'>Shui On Land</a></li><li><a href='#lucror-entity-8898'>Sino Ocean Land</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</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.Agung Podomoro LandCar IncCentral China New LifeHonghua GroupModernland RealtyPowerlong Commercial Management HoldingsSeazen (Formerly Future Land)Shui On LandSino Ocean LandWynn Macau Ltd

Morning Views Asia: Agung Podomoro Land, Car Inc, Central China New Life, Honghua Group

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe. 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 discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe.   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 - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Ganglong China Property Group / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/ganglong-china-property-group" target="_blank" data-smartkarma-citation="entities:29149:1" rel="noopener">Ganglong China Property Group (6968 HK)</a> (GCPG), a real estate developer in the Yangtze River Delta Region with a focus on development and sales of residential properties, raised around  US$233m (including over-allotment) in its Hong Kong listing.I had looked at the company background in my previous note, <a href="https://www.smartkarma.com/insights/ganglong-china-property-ipo-rapid-earnings-growth-has-been-putting-balance-sheet-under-stress" target="_blank" rel="noopener">Ganglong China Property IPO - Rapid Earnings Growth Has Been Putting Balance Sheet Under Stress</a>.In those note, I'll run through the deal dynamics and provide a table with the implied p/e at different share price levels.

Ganglong China Property Group (6968 HK) (GCPG), a real estate developer in the Yangtze River Delta Region with a focus on development and sales of residential properties, raised around  US$233m (including over-allotment) in its Hong Kong listing.I had looked at the company background in my previous note, Ganglong China Property IPO - Rapid Earnings Growth Has Been Putting Balance Sheet Under Stress.In those note, I'll run through the deal dynamics and provide a table with the implied p/e at different share price levels. 

Ganglong China Property IPO Trading - Tepid Demand, Concentrated Shareholding

China

Seazen is a property developer in the Yangtze River Delta, focusing primarily on the development of residential properties and mixed-use complex projects.

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Seazen (Formerly Future Land) (1030 HK)

Seazen - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Seazen’s H1/20 results were weaker than we expected, despite its strong revenue growth. Contracted sales had yet to show any signs of recovery by...

Lucror Analytics

Morning Views Asia: Agung Podomoro Land, Car Inc, Central China New Life, Honghua Group

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

Lucror Analytics

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years,...

Lucror Analytics

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

Ganglong China Property IPO Trading - Tepid Demand, Concentrated Shareholding

Ganglong China Property Group (6968 HK) (GCPG), a real estate developer in the Yangtze River Delta Region with a focus on development and sales of...

Sumeet Singh

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