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 September 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 September 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 - September 2019 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments. 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” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as well as regulatory developments.    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 Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for August 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 August 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 - August 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Yestar Healthcare’s H1/19 results did not contain many surprises. Revenue growth was in line with the in-vitro diagnostic device market's development and the company's expanded distribution network. Margins were stable, while borrowings and financing costs were largely unchanged. However, the company’s liquidity could be strained should it fulfil a CNY 675 mn purchase option using internal funds. Yestar has been in negotiations with the seller for more than a year, but has yet to reach an agreement. Another four options will come due next year, as long as the subsidiaries achieve their performance targets for 2019 (very likely). The amount will be close to CNY 800 mn.   .

   Yestar Healthcare’s H1/19 results did not contain many surprises. Revenue growth was in line with the in-vitro diagnostic device market's development and the company's expanded distribution network. Margins were stable, while borrowings and financing costs were largely unchanged.    However, the company’s liquidity could be strained should it fulfil a CNY 675 mn purchase option using internal funds. Yestar has been in negotiations with the seller for more than a year, but has yet to reach an agreement. Another four options will come due next year, as long as the subsidiaries achieve their performance targets for 2019 (very likely). The amount will be close to CNY 800 mn.   . 

Yestar Healthcare - Earnings Flash - H1 FY 2019 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.

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. 

Lucror Analytics - Morning Views Asia - 16 Aug 2019

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 - September 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Chinese Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including trends in contracted sales and operations, as...

Lucror Analytics

Asia HY Trade Recommendations - August 2019 - Lucror Analytics

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

Lucror Analytics

Yestar Healthcare - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Yestar Healthcare’s H1/19 results did not contain many surprises. Revenue growth was in line with the in-vitro diagnostic device market's...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 16 Aug 2019

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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