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

<ul>
<li>West China Cement (WCC) has reported improved H1/25 numbers.</li>
<li>Earnings from Mainland China rebounded y-o-y, after declining in FY 2023 and FY 2024.</li>
<li>This was supported by higher ASP (amid industry-wide supply controls) and lower costs, which offset the impact from weaker sales volumes.</li>
</ul>


West China Cement (WCC) has reported improved H1/25 numbers.
Earnings from Mainland China rebounded y-o-y, after declining in FY 2023 and FY 2024.
This was supported by higher ASP (amid industry-wide supply controls) and lower costs, which offset the impact from weaker sales volumes.


West China Cement - Earnings Flash - H1 FY 2025 Results - Lucror Analytics

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, SK Hynix</li>
<li>US treasuries fell yesterday, with yields rising after three straight days of declines. That said, the sell-off in longer-dated treasuries moderated during the day, following strong demand for an auction of 20Y notes.</li>
<li>The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.88%, while the yield on the 10Y UST was up 4 bps at 4.38%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, SK Hynix
US treasuries fell yesterday, with yields rising after three straight days of declines. That said, the sell-off in longer-dated treasuries moderated during the day, following strong demand for an auction of 20Y notes.
The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.88%, while the yield on the 10Y UST was up 4 bps at 4.38%.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi</li>
<li>The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.</li>
<li>In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi
The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.
In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy</li>
<li>In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.</li>
<li>Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)


<ul>
<li>West China Cement's (WCC) FY 2024 results remained weak, albeit slightly improved from H1.</li>
<li>Sales volumes and ASP in Mainland China continued to decline, amid poor demand from the real estate and infrastructure sectors.</li>
<li>Meanwhile, performance in Africa was mixed, as rising sales volumes were offset by softer ASP.</li>
</ul>


West China Cement's (WCC) FY 2024 results remained weak, albeit slightly improved from H1.
Sales volumes and ASP in Mainland China continued to decline, amid poor demand from the real estate and infrastructure sectors.
Meanwhile, performance in Africa was mixed, as rising sales volumes were offset by softer ASP.


West China Cement - Deterioration in Earnings and Leverage Continues

China

West China Cement Limited produces and distributes cement products.

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West China Cement (2233 HK)

West China Cement - Earnings Flash - H1 FY 2025 Results - Lucror Analytics

West China Cement (WCC) has reported improved H1/25 numbers. Earnings from Mainland China rebounded y-o-y, after declining in FY 2023 and FY 2024.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, SK Hynix

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy

Lucror Analytics

West China Cement - Deterioration in Earnings and Leverage Continues

Sales volumes and ASP in Mainland China continued to decline, amid poor demand from the real estate and infrastructure sectors. Meanwhile,...

Lucror Analytics

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)