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

Shui On Land's H1/20 results were weaker than expected. The company reported minimal revenue from property sales, as construction and property deliveries were halted amid the COVID-19 pandemic. Moreover, recurring income from rentals and property management declined 13% y-o-y. Positively, net debt was stable, and the 3% decline in the investment property valuation was less severe than predicted. Liquidity is sound, following Shui On's offshore bond issuance in August. Still, leverage weakened slightly compared to FYE 2019. The company did not declare any interim dividend, in order to conserve cash.

  Shui On Land's H1/20 results were weaker than expected. The company reported minimal revenue from property sales, as construction and property deliveries were halted amid the COVID-19 pandemic. Moreover, recurring income from rentals and property management declined 13% y-o-y. Positively, net debt was stable, and the 3% decline in the investment property valuation was less severe than predicted. Liquidity is sound, following Shui On's offshore bond issuance in August. Still, leverage weakened slightly compared to FYE 2019. The company did not declare any interim dividend, in order to conserve cash. 

Shui On Land - Earnings Flash - H1 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-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

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-18561'>JSW Steel Ltd</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-216'>Tata Motors 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.JSW Steel LtdModernland RealtyPowerlong Commercial Management HoldingsSeazen (Formerly Future Land)Shui On LandTata Motors Ltd

Morning Views Asia: JSW Steel Ltd, Modernland Realty, Powerlong Commercial Management Holdings

China

Shui On Land is a leading urban solution provider primarily engaged in property development, investment, and management, as well as construction services. The company specializes in urban regeneration and developing sustainable premium urban communities, offering residential and commercial properties, and leasing offices and malls. Shui On Land was founded in 2004 and is headquartered in Shanghai, People's Republic of China.

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Shui On Land (272 HK)

Shui On Land - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Shui On Land's H1/20 results were weaker than expected. The company reported minimal revenue from property sales, as construction and property...

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

Morning Views Asia: JSW Steel Ltd, Modernland Realty, Powerlong Commercial Management Holdings

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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