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: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics</li>
<li>UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.</li>
<li>Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&amp;P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics
UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.
Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&amp;P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.


SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.</li><li>The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.</li><li>In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.</li></ul>

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF 

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land</li>
<li>On Friday, Moody's downgraded the US sovereign rating to Aa1 (stable) from Aaa (negative). The downgrade reflects the increase in US government debt and interest payment ratios for more than a decade to levels significantly higher than similarly rated sovereigns, according to the agency.</li>
<li>Moody's does not believe that current fiscal proposals under consideration will lead to material multi-year reductions in spending and deficits.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land
On Friday, Moody's downgraded the US sovereign rating to Aa1 (stable) from Aaa (negative). The downgrade reflects the increase in US government debt and interest payment ratios for more than a decade to levels significantly higher than similarly rated sovereigns, according to the agency.
Moody's does not believe that current fiscal proposals under consideration will lead to material multi-year reductions in spending and deficits.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo</li>
<li>In the US, January personal spending unexpectedly declined 0.2% m-o-m (0.2% e / 0.8% revised p), driven by an outsized drop in motor vehicle purchases, as well as decreases in categories such as recreational goods amid the harsh winter weather. Meanwhile, personal income rose 0.9% m-o-m (0.4% e / 0.4% p).</li>
<li>Separately, the PCE inflation data for January was in line with estimates, showing a slight deceleration on a y-o-y basis. The PCE price index rose 2.5% y-o-y (2.5% e / 2.6% p) and 0.3% m-o-m (0.3% e / 0.3% p) in January, while the core PCE price index (the Fed's preferred measure of inflation) advanced 2.6% y-o-y (2.6% e / 2.9% revised p) and 0.3% mo-m (0.3% e / 0.2% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo
In the US, January personal spending unexpectedly declined 0.2% m-o-m (0.2% e / 0.8% revised p), driven by an outsized drop in motor vehicle purchases, as well as decreases in categories such as recreational goods amid the harsh winter weather. Meanwhile, personal income rose 0.9% m-o-m (0.4% e / 0.4% p).
Separately, the PCE inflation data for January was in line with estimates, showing a slight deceleration on a y-o-y basis. The PCE price index rose 2.5% y-o-y (2.5% e / 2.6% p) and 0.3% m-o-m (0.3% e / 0.3% p) in January, while the core PCE price index (the Fed's preferred measure of inflation) advanced 2.6% y-o-y (2.6% e / 2.9% revised p) and 0.3% mo-m (0.3% e / 0.2% p).


Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>PhillipCapital's Chew maintains 'accumulate' rating for HRnetGroup, target 78 cents.</li><li>RHB maintains DBS as its top banking choice in challenging 2QFY2025.</li><li>DBS raises Yanlord's target price, noting improved debt repayment progress.</li></ul>

PhillipCapital's Chew maintains 'accumulate' rating for HRnetGroup, target 78 cents.RHB maintains DBS as its top banking choice in challenging 2QFY2025.DBS raises Yanlord's target price, noting improved debt repayment progress.

Singapore Market Roundup (19-Aug-2025): Chew rates HRnetGroup 'accumulate', target 78 cents.

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Longfor Group, China Hongqiao,...

Lucror Analytics

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares. The AVDV ETF...

Singapore Exchange Ltd (SGX)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land On Friday, Moody's downgraded...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo

Lucror Analytics

Singapore Market Roundup (19-Aug-2025): Chew rates HRnetGroup 'accumulate', target 78 cents.

PhillipCapital rates HRnetGroup as 'accumulate' with a target of 78 cents. RHB favors DBS in tough 2QFY2025, while DBS raises Yanlord's target price.

Singapore Market Roundup

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