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: Yuexiu Property, Adani Energy Solutions</li>
<li>In the US, treasuries climbed on safe-haven demand and increased expectations of Fed rate cuts, amid growing concerns over the US economy. The UST curve bull-steepened, with the yield on the 2Y UST declining 12 bps to 3.89%, while the yield on the 10Y UST fell 9 bps to 4.22%. Fed-dated OIS were pricing in 81 bps of rate cuts this year, with the first decrease expected in June.</li>
<li>Equities sank on rising economic uncertainty, given rising trade tensions and after US President Donald Trump’s comments that the economy is facing a "period of transition" this year. The S&amp;P 500 fell 2.7% to 5,615, while the Nasdaq slid 4.0% to 17,468.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Adani Energy Solutions
In the US, treasuries climbed on safe-haven demand and increased expectations of Fed rate cuts, amid growing concerns over the US economy. The UST curve bull-steepened, with the yield on the 2Y UST declining 12 bps to 3.89%, while the yield on the 10Y UST fell 9 bps to 4.22%. Fed-dated OIS were pricing in 81 bps of rate cuts this year, with the first decrease expected in June.
Equities sank on rising economic uncertainty, given rising trade tensions and after US President Donald Trump’s comments that the economy is facing a "period of transition" this year. The S&amp;P 500 fell 2.7% to 5,615, while the Nasdaq slid 4.0% to 17,468.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Vedanta Resources</li>
<li>In the US, the UST curve bear steepened slightly, amid a rise in oil price and a heavy pipeline of corporate bond issuances. The yield on the 2Y UST was unchanged at 4.38%, while that on the 10Y UST was up 2 bps at 4.78%. Equities were mixed.</li>
<li>The S&amp;P 500 rebounded 0.2% from last Friday’s selloff to close at 5,836. That said, the Nasdaq fell 0.4% to 19,088, driven by a decline in large tech stocks.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Vedanta Resources
In the US, the UST curve bear steepened slightly, amid a rise in oil price and a heavy pipeline of corporate bond issuances. The yield on the 2Y UST was unchanged at 4.38%, while that on the 10Y UST was up 2 bps at 4.78%. Equities were mixed.
The S&amp;P 500 rebounded 0.2% from last Friday’s selloff to close at 5,836. That said, the Nasdaq fell 0.4% to 19,088, driven by a decline in large tech stocks.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>400+ days ago, the TCC Group bid for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.</li>
<li>FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.</li>
<li>Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.</li>
</ul>


400+ days ago, the TCC Group bid for Frasers Hospitality Trust (FHT SP) at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.
FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.
Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.


Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>’s IFA opines that the share buyback by way of a scheme at HK$0.62 is fair and reasonable. The vote is on 17 November. </li>
<li>While the offer implies a P/B of 0.29x, it is reasonable compared to peer multiples and historical trading ranges. No disinterested shareholder holds a blocking stake.</li>
<li>Nevertheless, there remains vote risk and caution is warranted. At the current price and for a 4 December payment, the gross/annualised spread is 8.8%/103.6%. </li>
</ul>



Joy City Property (207 HK)’s IFA opines that the share buyback by way of a scheme at HK$0.62 is fair and reasonable. The vote is on 17 November. 
While the offer implies a P/B of 0.29x, it is reasonable compared to peer multiples and historical trading ranges. No disinterested shareholder holds a blocking stake.
Nevertheless, there remains vote risk and caution is warranted. At the current price and for a 4 December payment, the gross/annualised spread is 8.8%/103.6%. 


Joy City Property (207 HK): Wide Spread Ahead of the 17 November Scheme Vote

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor</li>
<li>The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank's independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.</li>
<li>Equities climbed, with the S&amp;P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor
The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank's independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.
Equities climbed, with the S&amp;P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively


China

Yuexiu Property Company Ltd., through its subsidiaries, develops, manages and invests in properties. The Company also invests in a Real Estate Investment Trusts.

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Yuexiu Property (123 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Adani Energy Solutions

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Vedanta Resources

Lucror Analytics

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Frasers Hospitality Trust is trading as if TCC might make another offer. But peers in Singapore/Asia are getting crushed, and globally CRE is in...

Travis Lundy

Joy City Property (207 HK): Wide Spread Ahead of the 17 November Scheme Vote

While the offer is reasonable compared to peer multiples and historical trading ranges, there remains vote risk. For a 4 December payment, the...

Arun George

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp,...

Lucror Analytics

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