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

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 - 19 Mar 2019

West China Cement (WCC) reported strong FY 2018 results, with robust earnings growth and lower debt. ASP continued to increase at a decent pace (+27% y-o-y), as producers were able to maintain voluntary production cuts amid ongoing oversupply in Shaanxi. That said, overall sales volumes declined 5%, on account of weaker demand. WCC is among the companies with the strongest credit metrics within our coverage, with Debt/EBITDA of 1.3x and EBIT/Interest of 6.9x for FY 2018. The company has carried out a partial redemption of its USD Notes using excess cash flow. Dividend payments were also conservative. We expect WCC to refinance its maturing USD Notes. We also expect the company will continue generating positive free cash flow, as it has no expansionary capex plans in view of the current state of overcapacity. We continue to view the new financial leasing business cautiously, given the associated counterparty credit risks. That said, the company's foray into this segment will allow it to generate returns from surplus cash.

   West China Cement (WCC) reported strong FY 2018 results, with robust earnings growth and lower debt. ASP continued to increase at a decent pace (+27% y-o-y), as producers were able to maintain voluntary production cuts amid ongoing oversupply in Shaanxi. That said, overall sales volumes declined 5%, on account of weaker demand.    WCC is among the companies with the strongest credit metrics within our coverage, with Debt/EBITDA of 1.3x and EBIT/Interest of 6.9x for FY 2018. The company has carried out a partial redemption of its USD Notes using excess cash flow. Dividend payments were also conservative.    We expect WCC to refinance its maturing USD Notes. We also expect the company will continue generating positive free cash flow, as it has no expansionary capex plans in view of the current state of overcapacity. We continue to view the new financial leasing business cautiously, given the associated counterparty credit risks. That said, the company's foray into this segment will allow it to generate returns from surplus cash. 

West China Cement - Earnings Flash - FY 2018 Results - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers 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 - Oil & Gas Overview - Lucror Analytics

The Asia HY Trade Recommendations report for February 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 February 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 - February 2019 - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. 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 look at agency ratings for Asian issuers.    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 - Agency Ratings For Asian Issuers - Lucror Analytics

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 - 19 Mar 2019

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

Lucror Analytics

West China Cement - Earnings Flash - FY 2018 Results - Lucror Analytics

West China Cement (WCC) reported strong FY 2018 results, with robust earnings growth and lower debt. ASP continued to increase at a decent pace...

Lucror Analytics

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for February includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - Agency Ratings For Asian Issuers - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

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