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-942'>Car Inc</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</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.Car IncYanlord Land

Morning Views Asia: Car Inc, Yanlord Land

Yanlordâ€™s results were in line with expectations, supported by substantially stronger revenue recognition in Q4/19. The improvement came on the back of weak results in the first three quarters. Still, full-year revenue and gross profit were down 25% and 33% y-o-y, respectively. Positively, the strong contracted sales (+116% y-o-y) should support future revenue growth. For FY 2020, management has guided for contracted sales to increase further to CNY 65-67 bn, the majority of which will be realised in H2. This is based on saleable resources of CNY 125 bn and a lower sell-through rate of c. 55% (FY 2018: 68%), taking into account the potential impact fromآ COVID-19. Earnings-based leverage remained weak, with Revenue/Debt of 41% (FYE 2018: 59%). That said, Net Debt/Adjusted Inventory improved to 65% (FYE 2018: 99%), partly thanks to the consolidation of UELâ€™s investment properties. Management expects net debt to beآ unchanged through FY 2020.

   Yanlordâ€™s results were in line with expectations, supported by substantially stronger revenue recognition in Q4/19. The improvement came on the back of weak results in the first three quarters. Still, full-year revenue and gross profit were down 25% and 33% y-o-y, respectively.    Positively, the strong contracted sales (+116% y-o-y) should support future revenue growth. For FY 2020, management has guided for contracted sales to increase further to CNY 65-67 bn, the majority of which will be realised in H2. This is based on saleable resources of CNY 125 bn and a lower sell-through rate of c. 55% (FY 2018: 68%), taking into account the potential impact fromآ COVID-19.    Earnings-based leverage remained weak, with Revenue/Debt of 41% (FYE 2018: 59%). That said, Net Debt/Adjusted Inventory improved to 65% (FYE 2018: 99%), partly thanks to the consolidation of UELâ€™s investment properties. Management expects net debt to beآ unchanged through FY 2020. 

Yanlord Land - Earnings Flash - FY 2019 Results - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. 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”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   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 - Chinese Offshore Bond Defaults - Lucror Analytics

The Asia HY Trade Recommendations report for January 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 January 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 - January 2020 - Lucror Analytics

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-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</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.JSW Steel LtdYanlord Land

Morning Views Asia: JSW Steel Ltd, Yanlord Land

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)

Morning Views Asia: Car Inc, Yanlord Land

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

Lucror Analytics

Yanlord Land - Earnings Flash - FY 2019 Results - Lucror Analytics

Yanlordâ€™s results were in line with expectations, supported by substantially stronger revenue recognition in Q4/19. The improvement came on the...

Lucror Analytics

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

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

Lucror Analytics

Morning Views Asia: JSW Steel Ltd, Yanlord Land

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

Lucror Analytics

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