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 - 12 Apr 2019

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our 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 contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our 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 - China Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for March 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 March 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 - March 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Sino-Ocean's FY 2018 results were below our expectations. The decline in revenue appears contradictory to the prior year's strong contracted sales, though the company did say it experienced construction delays in 2018. Margins weakened, with ASP soft as land and construction costs increased. We see little room for a recovery in margins, as the contracted ASP has remained soft so far this year. Contracted sales are still robust, albeit this includes sales from JVs and associates. 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 onshore and offshore bonds. Its aggregate borrowings surged in FY 2018 in support of its expansion, especially in higher-tier cities. The company’s leverage spiked, with the credit profile weakening.

   Sino-Ocean's FY 2018 results were below our expectations. The decline in revenue appears contradictory to the prior year's strong contracted sales, though the company did say it experienced construction delays in 2018. Margins weakened, with ASP soft as land and construction costs increased. We see little room for a recovery in margins, as the contracted ASP has remained soft so far this year. Contracted sales are still robust, albeit this includes sales from JVs and associates. 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 onshore and offshore bonds. Its aggregate borrowings surged in FY 2018 in support of its expansion, especially in higher-tier cities. The company’s leverage spiked, with the credit profile weakening. 

Sino-Ocean - Earnings Flash - FY 2018 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 21 Mar 2019

China

Sino-Ocean Group is an investment holding company primarily engaged in property investment and development, including residential, commercial, and logistics projects. The company also offers property management, senior living, and environmental technology services. It was founded in 1993 and is headquartered in Beijing, China.

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Sino-Ocean Group (3377 HK)

Lucror Analytics - Morning Views Asia - 12 Apr 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 - China Property Update - Lucror Analytics

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

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Sino-Ocean - Earnings Flash - FY 2018 Results - Lucror Analytics

Sino-Ocean's FY 2018 results were below our expectations. The decline in revenue appears contradictory to the prior year's strong contracted...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 21 Mar 2019

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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