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.<ul><li><a href='#lucror-entity-9423'>West China Cement</a></li></ul>

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.West China Cement

WCC's H1/23 results were softer than expected, as the company reported lower sales volumes and larger-than-expected ASP declines across its plants in Mainland China. In particular, sales volumes and ASP in the company's stronghold of Shaanxi fell 4% and 16% y-o-y, respectively. Positively, WCC's expansion in Africa has been progressing well, with overseas operations now accounting for 27% of revenue. The company's plants in Africa enjoy substantially higher margins than those in China. In our view, the key risk for WCC is uncertainty regarding the extent of its African expansion, with the company reportedly developing another USD 100 mn cement plant in Rwanda. We believe further expansion into Africa will fundamentally change WCC's risk profile.  We move our recommendation on the WESCHI 4.95 26 to "Buy" from "Hold".

  WCC's H1/23 results were softer than expected, as the company reported lower sales volumes and larger-than-expected ASP declines across its plants in Mainland China. In particular, sales volumes and ASP in the company's stronghold of Shaanxi fell 4% and 16% y-o-y, respectively. Positively, WCC's expansion in Africa has been progressing well, with overseas operations now accounting for 27% of revenue. The company's plants in Africa enjoy substantially higher margins than those in China.   In our view, the key risk for WCC is uncertainty regarding the extent of its African expansion, with the company reportedly developing another USD 100 mn cement plant in Rwanda. We believe further expansion into Africa will fundamentally change WCC's risk profile.    We move our recommendation on the WESCHI 4.95 26 to "Buy" from "Hold". 

West China Cement - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.</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 BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.


Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

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.<ul><li><a href='#lucror-entity-316'>ENN Energy</a></li><li><a href='#lucror-entity-16456'>ENN Natural Gas</a></li><li><a href='#lucror-entity-17651'>Indofood CBP Sukses</a></li><li><a href='#lucror-entity-9423'>West China Cement</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li></ul>

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.ENN EnergyENN Natural GasIndofood CBP SuksesWest China CementWynn Macau Ltd

Morning Views Asia: ENN Energy, ENN Natural Gas, Indofood CBP Sukses, West China Cement

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 12th.</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 China Mobile, Xiaomi, Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Xiaomi, Bank Of China.


Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

China

West China Cement Limited produces and distributes cement products.

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West China Cement (2233 HK)

Morning Views Asia: West China Cement

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 - H1 FY 2023 Results - Lucror Analytics

WCC's H1/23 results were softer than expected, as the company reported lower sales volumes and larger-than-expected ASP declines across its...

Lucror Analytics

Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou...

Ke Yan, CFA, FRM

Morning Views Asia: ENN Energy, ENN Natural Gas, Indofood CBP Sukses, West China Cement

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

Lucror Analytics

Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Xiaomi, Bank Of China.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)