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

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

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 - 21 Mar 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

TVB’s FY 2018 results were soft, and implied sequentially weaker H2 performance. The focus was on the impairment of the group's bond holdings, which were acquired only in H1 with the cash originally earmarked for the cancelled share repurchase plan. In FY 2019, we expect relatively stable performance, with the overhang challenges of traditional TV weighing down on the key business and therefore overall profitability. That said, it is hard to foresee whether other bonds in TVB's holdings will default. In our view, there is a misalignment of interests between the controlling shareholders and creditors. It is unclear if TVB will be able to consistently generate profits from its investments, to repay the USD Notes, as it recognised losses on these investments in FY 2018. We are also sceptical on TVB's ability to issue new Notes for refinancing purposes. We maintain "Not Recommended" on the Notes, owing to the corporate governance issues.

   TVB’s FY 2018 results were soft, and implied sequentially weaker H2 performance. The focus was on the impairment of the group's bond holdings, which were acquired only in H1 with the cash originally earmarked for the cancelled share repurchase plan. In FY 2019, we expect relatively stable performance, with the overhang challenges of traditional TV weighing down on the key business and therefore overall profitability. That said, it is hard to foresee whether other bonds in TVB's holdings will default.    In our view, there is a misalignment of interests between the controlling shareholders and creditors. It is unclear if TVB will be able to consistently generate profits from its investments, to repay the USD Notes, as it recognised losses on these investments in FY 2018. We are also sceptical on TVB's ability to issue new Notes for refinancing purposes. We maintain "Not Recommended" on the Notes, owing to the corporate governance issues. 

Television Broadcasts - Earnings Flash - FY 2018 Results - 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

Lucror Analytics - Morning Views Asia - 18 Mar 2019

Hong Kong

Television Broadcasts Limited broadcasts and produces television programs. The Company also licenses and distributes satellite and subscription television programs, and provides services such as animation, videotape rental, film studio leasing, and advertising.

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Television Broadcasts (511 HK)

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

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

Television Broadcasts - Earnings Flash - FY 2018 Results - Lucror Analytics

TVB’s FY 2018 results were soft, and implied sequentially weaker H2 performance. The focus was on the impairment of the group's bond holdings,...

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

Lucror Analytics - Morning Views Asia - 18 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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