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

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 - 09 Sep 2019

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

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

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

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Sino-Ocean's H1/19 results remained below our expectations. The decline in revenue from property development appears contradictory to the prior year's strong contracted sales, though this may be explained by the large portion of JV projects. Profit from JVs accounted for 12% of pre-tax profit. Margins weakened, even as land and construction cost decreased. We see little room for a recovery in margins, since the contracted ASP has remained soft so far this year. Contracted sales are still robust, while attributable contracted sales have not been disclosed. It is difficult to predict Sino-Ocean's revenue recognition and cash collection, as revenue and cash are reflected on an attributable basis, while contracted sales are not. Sino-Ocean has been active in debt financing, issuing both onshore and offshore bonds. Aggregate borrowings maintained stable in H1/19, as the company redeemed existing Notes with the proceeds of new issues.

   Sino-Ocean's H1/19 results remained below our expectations. The decline in revenue from property development appears contradictory to the prior year's strong contracted sales, though this may be explained by the large portion of JV projects. Profit from JVs accounted for 12% of pre-tax profit. Margins weakened, even as land and construction cost decreased. We see little room for a recovery in margins, since the contracted ASP has remained soft so far this year. Contracted sales are still robust, while attributable contracted sales have not been disclosed. It is difficult to predict Sino-Ocean's revenue recognition and cash collection, as revenue and cash are reflected on an attributable basis, while contracted sales are not.    Sino-Ocean has been active in debt financing, issuing both onshore and offshore bonds. Aggregate borrowings maintained stable in H1/19, as the company redeemed existing Notes with the proceeds of new issues. 

Sino-Ocean - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 12 Aug 2019

China

Sino-Ocean Group Holding Limited operates as a real estate holding company. The Company develops residential, office, and commercial real estate in the northern People's Republic of China.

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Sino-Ocean Group (3377 HK)

Lucror Analytics - Morning Views Asia - 09 Sep 2019

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 - 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

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for August includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Sino-Ocean - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Sino-Ocean's H1/19 results remained below our expectations. The decline in revenue from property development appears contradictory to the prior...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 12 Aug 2019

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)