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

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 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 - 18 Mar 2019

Lucror Analytics - Morning Views Asia - 13 Mar 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Times China has a simple build-to-sell business model, with the company's expansion funded extensively by debt. Sales growth and liquidity have been sound. Exposure to JVs is notable at around 10% of assets, but these have yet to generate profits for the company. Times China slowed its pace of expansion in 2018, although debt continued to rise. We expect the new borrowings to be used for refinancing, developments in 2019 and construction works. The contracted sales growth could slow, given the company’s exposure to lower tier cities. Still, revenue recognition will likely accelerate, considering the strong contracted sales in the past two years. Margins may be stable.

   Times China has a simple build-to-sell business model, with the company's expansion funded extensively by debt. Sales growth and liquidity have been sound. Exposure to JVs is notable at around 10% of assets, but these have yet to generate profits for the company.    Times China slowed its pace of expansion in 2018, although debt continued to rise. We expect the new borrowings to be used for refinancing, developments in 2019 and construction works.    The contracted sales growth could slow, given the company’s exposure to lower tier cities. Still, revenue recognition will likely accelerate, considering the strong contracted sales in the past two years. Margins may be stable. 

Times China - Earnings Flash - FY 2018 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 05 Mar 2019

China

Times China Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Times China Holdings markets its buildings throughout China.

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Times China (1233 HK)

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

Lucror Analytics - Morning Views Asia - 13 Mar 2019

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

Lucror Analytics

Times China - Earnings Flash - FY 2018 Results - Lucror Analytics

Times China has a simple build-to-sell business model, with the company's expansion funded extensively by debt. Sales growth and liquidity have...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 05 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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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)