Equity Analyst

Steve Zhou, CFA

Equity Bottom-Up

Sunac Services Holdings / Equity Bottom-Up

<ul>
<li>On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.</li>
<li>The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.</li>
<li>The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. </li>
</ul>


On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 


Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

Head of Asia, Lucror Analytics

Charles Macgregor

Head of Asia

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.<ul><li><a href='#lucror-entity-4160'>NagaCorp Ltd</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.NagaCorp LtdSunac China HoldingsVedanta Resources

Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sunac China's ESG as "Weak", in line with its Governance score. That said, the Environmental and Social pillars are "Adequate". Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Sunac China's ESG as "Weak", in line with its Governance score. That said, the Environmental and Social pillars are "Adequate". Controversies are "Immaterial" and Disclosure is "Adequate". 

Sunac China - ESG Report - 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-198'>Reliance Industries</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</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.Reliance IndustriesSunac China Holdings

Morning Views Asia: Reliance Industries, Sunac China Holdings

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-240'>Sunac China Holdings</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.Sunac China Holdings

China

Sunac China Holdings Limited is a real estate development company.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sunac China Holdings (1918 HK)

Sunac Services (1516 HK): Positive Development From Debt Restructuring Of Parent Company

Debt restructuring agreement for Sunac China reached on September 21 should improve sentiment and fundamentals for Sunac Services.

Steve Zhou, CFA

Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

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

Lucror Analytics

Sunac China - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sunac China's ESG as...

Lucror Analytics

Morning Views Asia: Reliance Industries, Sunac China Holdings

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

Lucror Analytics

Morning Views Asia: Sunac China Holdings

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

Lucror Analytics

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sunac Services (1516 HK): Positive Development From Debt Restructuring Of Parent Company

​Debt restructuring agreement for Sunac China reached on September 21 should improve sentiment and fundamentals for Sunac Services.

Steve Zhou, CFA

Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

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

Lucror Analytics

Sunac China - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Sunac China's ESG as...

Lucror Analytics

Morning Views Asia: Reliance Industries, Sunac China Holdings

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

Lucror Analytics

Morning Views Asia: Sunac China Holdings

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

Lucror Analytics

Debt restructuring agreement for Sunac China reached on September 21 should improve sentiment and fundamentals for Sunac Services.