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

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Yestar Healthcare’s H1/20 results were very weak, with poor revenue growth, margin deterioration and large impairments, which led to a net loss. Gross debt and interest rose marginally, and combined with unsettled purchase options could stress the company’s liquidity. In H2, we expect the operating environment to be more supportive compared to H1, with a recovery in demand for IVD products. Yestar now has CNY 654 mn outstanding in relation to the purchase options. Excluding the amount due from Derunlijia, it would still need to pay CNY 664 mn, of which CNY 236 mn will come due in each of March and August 2021. The remaining CNY 191 mn amount for two purchase options are still being negotiated. Yestar would have to raise additional debt if it were to settle those options in cash. The company will face a repayment cliff in H2/21, with CNY 236 mn due to Anbaida in August and USD 200 mn due in September.

  Yestar Healthcare’s H1/20 results were very weak, with poor revenue growth, margin deterioration and large impairments, which led to a net loss. Gross debt and interest rose marginally, and combined with unsettled purchase options could stress the company’s liquidity. In H2, we expect the operating environment to be more supportive compared to H1, with a recovery in demand for IVD products.   Yestar now has CNY 654 mn outstanding in relation to the purchase options. Excluding the amount due from Derunlijia, it would still need to pay CNY 664 mn, of which CNY 236 mn will come due in each of March and August 2021. The remaining CNY 191 mn amount for two purchase options are still being negotiated. Yestar would have to raise additional debt if it were to settle those options in cash. The company will face a repayment cliff in H2/21, with CNY 236 mn due to Anbaida in August and USD 200 mn due in September. 

Yestar Healthcare - Earnings Flash - H1 FY 2020 Results - 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-246'>Adani Ports & Special Economic Zone</a></li><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-713'>China Evergrande New Energy Vehicle Group</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</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.Adani Ports & Special Economic ZoneAlam Sutera RealtyChina Evergrande New Energy Vehicle GroupLenovoModernland Realty

Morning Views Asia: Adani Ports & Special Economic Zone, Alam Sutera Realty

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-8205'>China South City</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.China South City

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-433'>Fosun International</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-112'>Lifestyle International Holdings</a></li><li><a href='#lucror-entity-15142'>Pan Brothers</a></li><li><a href='#lucror-entity-2667'>Soechi Lines</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</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.Fosun InternationalHopson DevelopmentLifestyle International HoldingsPan BrothersSoechi LinesVedanta Resources

Morning Views Asia: Fosun International, Hopson Development, Lifestyle International Holdings

China

Yestar Healthcare is a leading medical consumables and equipment company in the PRC, focusing on high-margin healthcare consumables and equipment, including medical imaging products and In Vitro Diagnostic (IVD) products. It manufactures medical films for Fujifilm and distributes Roche Diagnostic IVD products, also producing dental films under its 'Yes!Star' brand. The company's principal place of business is in Hong Kong, and it was incorporated on February 1, 2012.

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Yestar Healthcare (2393 HK)

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

Yestar Healthcare - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Yestar Healthcare’s H1/20 results were very weak, with poor revenue growth, margin deterioration and large impairments, which led to a net loss....

Lucror Analytics

Morning Views Asia: Adani Ports & Special Economic Zone, Alam Sutera Realty

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

Lucror Analytics

Morning Views Asia: China South City

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

Lucror Analytics

Morning Views Asia: Fosun International, Hopson Development, Lifestyle International Holdings

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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