Credit Analyst, Lucror Analytics

Chuanyi Zhou

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

Yuzhou Group’s H1/20 results were good, with strong contracted sales and revenue growth. However, borrowings also increased during the period, as a result of the new USD Notes issued during the period. The company might have done so in order to refinance the upcoming offshore maturities. The credit metrics were generally stable compared to FY 2019, as the top-line growth offset the increase in debt. Our key concern about Yuzhou is its large exposure to JVs. Based on the company's disclosed attributable cash collection of 90%, we estimate that only 33% of the contracted sales in H1/20 was attributable to Yuzhou. In April 2020, S&P downgraded its ratings on the company to B+ from BB-, suggesting that only 30% of Yuzhou’s projects were consolidated. One month after the downgrade, the agency withdrew its ratings at Yuzhou’s request.

  Yuzhou Group’s H1/20 results were good, with strong contracted sales and revenue growth. However, borrowings also increased during the period, as a result of the new USD Notes issued during the period. The company might have done so in order to refinance the upcoming offshore maturities. The credit metrics were generally stable compared to FY 2019, as the top-line growth offset the increase in debt.   Our key concern about Yuzhou is its large exposure to JVs. Based on the company's disclosed attributable cash collection of 90%, we estimate that only 33% of the contracted sales in H1/20 was attributable to Yuzhou. In April 2020, S&P downgraded its ratings on the company to B+ from BB-, suggesting that only 30% of Yuzhou’s projects were consolidated. One month after the downgrade, the agency withdrew its ratings at Yuzhou’s request. 

Yuzhou Group - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</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.Guangzhou R&F PropertiesSuzhou Boamax Tech Group

Morning Views Asia: Guangzhou R&F Properties, Suzhou Boamax Tech Group

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-27942'>Agility</a></li><li><a href='#lucror-entity-6159'>China SCE</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-8375'>Shimao Property Holdings</a></li><li><a href='#lucror-entity-2667'>Soechi Lines</a></li><li><a href='#lucror-entity-5519'>Suzhou Boamax Tech Group</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.AgilityChina SCEFantasia Holdings Group CoShimao Property HoldingsSoechi LinesSuzhou Boamax Tech Group

Morning Views Asia: Agility, China SCE, Fantasia Holdings Group Co, Shimao Property Holdings

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe. 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 discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe.   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 - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July 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 July 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 - July 2020 - Lucror Analytics

China

Yuzhou Group is a property developer primarily engaged in property development, investment, and management, as well as hotel operations. The company develops, sells, and manages residential and commercial properties across China. It was founded in 1994 and is headquartered in Shanghai and Shenzhen, China.

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Yuzhou Group (1628 HK)

Yuzhou Group - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Yuzhou Group’s H1/20 results were good, with strong contracted sales and revenue growth. However, borrowings also increased during the period, as...

Lucror Analytics

Morning Views Asia: Guangzhou R&F Properties, Suzhou Boamax Tech Group

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: Agility, China SCE, Fantasia Holdings Group Co, Shimao Property Holdings

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

Lucror Analytics

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years,...

Lucror Analytics

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

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

Lucror Analytics

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