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>In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H), West China Cement, China Hongqiao, Xiaomi Corp</li>
<li>UST yields declined yesterday, led by the front end, following soft data from the ADP’s weekly employment gauge. The UST curve bull steepened, with the yields on the 2Y UST and 10Y UST decreasing 4 bps to 3.57% and 3 bps to 4.11%, respectively. Equities slumped on a sell-off in large tech stocks. The S&amp;P 500 fell for a fourth straight day, dropping 0.8% to 6,617.</li>
<li>Richmond Fed President Tom Barkin (who is a non-voting member this year) said that the labour market may be weaker than the data suggested, adding that he believes “inflation remains somewhat elevated but isn’t likely to increase much”.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H), West China Cement, China Hongqiao, Xiaomi Corp
UST yields declined yesterday, led by the front end, following soft data from the ADP’s weekly employment gauge. The UST curve bull steepened, with the yields on the 2Y UST and 10Y UST decreasing 4 bps to 3.57% and 3 bps to 4.11%, respectively. Equities slumped on a sell-off in large tech stocks. The S&amp;P 500 fell for a fourth straight day, dropping 0.8% to 6,617.
Richmond Fed President Tom Barkin (who is a non-voting member this year) said that the labour market may be weaker than the data suggested, adding that he believes “inflation remains somewhat elevated but isn’t likely to increase much”.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.


HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

<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: Seazen Group, Shui On Land, West China Cement</li>
<li>Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&amp;P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement
Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.
The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&amp;P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.


China

West China Cement is a leading manufacturer and supplier of cement and cement products, including ordinary Portland, oil well, and specialized cements, as well as aggregates and commercial concrete. Its products are primarily used in infrastructure projects and housing construction across China, Africa, and Central Asia. The company was incorporated in 2006 and is headquartered in Xi'an, Shaanxi province, China.

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West China Cement (2233 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), West China...

Lucror Analytics

HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics,...

Ke Yan, CFA, FRM

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: Seazen Group, Shui On Land, West China Cement

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)