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

<p>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.</p><ul><li><a href='#lucror-entity-13363'>Sunny Optical Technology Group</a></li><li><a href='#lucror-entity-24409'>Xiaomi Corp</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.Sunny Optical Technology GroupXiaomi Corp

Morning Views Asia: Sunny Optical Technology Group, Xiaomi Corp

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>SE Asia &amp; India deploying semi supply chains for efficiency &amp; cost reduction, with focus shifting to automotive &amp; mobile ventures.</li><li>Taiwan leveraging strong semiconductor industry to attract foreign students &amp; enhance industry leadership. </li><li>Wiwynn suing Musk's X over unpaid server bills, UK reassessing semiconductor strategy amid US &amp; China influence. Apple's Foxconn to manufacture iPhone Pro in India, AMD entering AI market with $4.9 billion investment. TSMC building EUR10B fab in Dresden to boost semiconductor industry.</li></ul>

SE Asia &amp; India deploying semi supply chains for efficiency &amp; cost reduction, with focus shifting to automotive &amp; mobile ventures.Taiwan leveraging strong semiconductor industry to attract foreign students &amp; enhance industry leadership. Wiwynn suing Musk's X over unpaid server bills, UK reassessing semiconductor strategy amid US &amp; China influence. Apple's Foxconn to manufacture iPhone Pro in India, AMD entering AI market with $4.9 billion investment. TSMC building EUR10B fab in Dresden to boost semiconductor industry.

Tech Supply Chain Tracker (22-Aug-2024): SE Asia & India semi supply chains deployment

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Excluding the new business electrical vehicle, total revenue increased by 23% YoY in 2Q24.</li>
<li>Smartphone shipments grew faster than Samsung and Apple in 2Q24.</li>
<li>We believe electrical vehicle will bring significant gross profit in following two years.</li>
</ul>


Excluding the new business electrical vehicle, total revenue increased by 23% YoY in 2Q24.
Smartphone shipments grew faster than Samsung and Apple in 2Q24.
We believe electrical vehicle will bring significant gross profit in following two years.


Xiaomi (1810 HK): 2Q24, Revenue up by 32%, Electric Vehicle Profit to Follow, Buy

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>LKNCY US: The drink "Tengyun American" coffee package jointly launched by Luckin and "Black Myth: Wukong" game was sold out in its first day （/）</li>
<li>1519 HK/ZTO US: Weekly parcel volume grew ~29% y-o-y (+)</li>
<li>Consumer Industry update:China's Retail Industry Prosperity Index moderate rebound in August, mainly from offline retail recovery. (+)</li>
</ul>


LKNCY US: The drink "Tengyun American" coffee package jointly launched by Luckin and "Black Myth: Wukong" game was sold out in its first day （/）
1519 HK/ZTO US: Weekly parcel volume grew ~29% y-o-y (+)
Consumer Industry update:China's Retail Industry Prosperity Index moderate rebound in August, mainly from offline retail recovery. (+)


[Blue Lotus Daily]:LKNCY US/1519 HK/ZTO US/BZ US/1810 HK/981 HK/AAPL US

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>As expected, <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> will replace <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> at the close on 6 September.</li>
<li>Estimated one-way turnover at the rebalance is 3.2% resulting in a round-trip trade of HK$6.5bn. Passives need to buy over 7x ADV in <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>. </li>
<li>Positioning appears light in both stocks. Expect <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> to move up and <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a> to move lower near-term.</li>
</ul>


As expected, ASM Pacific Technology (522 HK) will replace Ping An Healthcare and Technol (1833 HK) in the Hang Seng TECH Index (HSTECH INDEX) at the close on 6 September.
Estimated one-way turnover at the rebalance is 3.2% resulting in a round-trip trade of HK$6.5bn. Passives need to buy over 7x ADV in ASM Pacific Technology (522 HK). 
Positioning appears light in both stocks. Expect ASM Pacific Technology (522 HK) to move up and Ping An Healthcare and Technol (1833 HK) to move lower near-term.


HSTECH Index Rebalance: ASMPT (522 HK) Replaces Ping An Healthcare (1833 HK)

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xiaomi (1810 HK)

Morning Views Asia: Sunny Optical Technology Group, Xiaomi Corp

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

Lucror Analytics

Tech Supply Chain Tracker (22-Aug-2024): SE Asia & India semi supply chains deployment

SE Asia, India, Taiwan, UK, and US focus on semiconductor industry growth and competition, with companies like Xiaomi, Foxconn, AMD, TSMC, and...

Tech Supply Chain Tracker

Xiaomi (1810 HK): 2Q24, Revenue up by 32%, Electric Vehicle Profit to Follow, Buy

Excluding electrical vehicle, total revenue increased by 23% YoY in 2Q24. Smartphone shipments grew faster than Samsung and Apple. We believe...

Ming Lu

[Blue Lotus Daily]:LKNCY US/1519 HK/ZTO US/BZ US/1810 HK/981 HK/AAPL US

Luckin and "Black Myth: Wukong" game's coffee collaboration sells out in first day, parcel volume grows 29% y-o-y, China's Retail Industry sees...

Blue Lotus Research Institute

HSTECH Index Rebalance: ASMPT (522 HK) Replaces Ping An Healthcare (1833 HK)

ASMPT will replace Ping An Healthcare in the HSTECH at the close on 6 Sep. Changes were expected but positioning appears light. With 6.5% of float...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Morning Views Asia: Sunny Optical Technology Group, Xiaomi Corp

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

Lucror Analytics

Tech Supply Chain Tracker (22-Aug-2024): SE Asia & India semi supply chains deployment

SE Asia, India, Taiwan, UK, and US focus on semiconductor industry growth and competition, with companies like Xiaomi, Foxconn, AMD, TSMC, and...

Tech Supply Chain Tracker

Xiaomi (1810 HK): 2Q24, Revenue up by 32%, Electric Vehicle Profit to Follow, Buy

Excluding electrical vehicle, total revenue increased by 23% YoY in 2Q24. Smartphone shipments grew faster than Samsung and Apple. We believe...

Ming Lu

[Blue Lotus Daily]:LKNCY US/1519 HK/ZTO US/BZ US/1810 HK/981 HK/AAPL US

​Luckin and "Black Myth: Wukong" game's coffee collaboration sells out in first day, parcel volume grows 29% y-o-y, China's Retail Industry sees...

Blue Lotus Research Institute

HSTECH Index Rebalance: ASMPT (522 HK) Replaces Ping An Healthcare (1833 HK)

ASMPT will replace Ping An Healthcare in the HSTECH at the close on 6 Sep. Changes were expected but positioning appears light. With 6.5% of float...

Brian Freitas

Luckin and "Black Myth: Wukong" game's coffee collaboration sells out in first day, parcel volume grows 29% y-o-y, China's Retail Industry sees...