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

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing uncertainty as to whether the US/Sino trade war will be resolved in the short term, with US President Donald Trump seemingly adopting a belligerent stance and Chinese President Xi Jinping waiting for Mr Trump to blink. Major Asian countries are suffering collateral damage, as Chinese imports to February fell y-o-y.

Asia HY Monthly – China Property Update (March 2019)

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 - 29 Mar 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Yuzhou Properties’ FY 2018 results were in line with our expectations, with decent revenue growth and a satisfactory pace of delivery. Contracted sales growth has slowed, which the company attributed to launch delays on account of price controls in higher-tier cities. Margins contracted but remained above 30%, which was still strong among peers. The credit metrics were weaker given the mild top-line increase, surge in borrowings and higher financing costs. We are mainly concerned about the company’s aggressive debt-funded expansion, and note the significantly higher financing costs. Furthermore, Yuzhou's contracted sales have slowed. We remain cautious on the company's execution risk. We revise our “Buy” recommendation to “Hold" the YUZHOU curve.

   Yuzhou Properties’ FY 2018 results were in line with our expectations, with decent revenue growth and a satisfactory pace of delivery. Contracted sales growth has slowed, which the company attributed to launch delays on account of price controls in higher-tier cities. Margins contracted but remained above 30%, which was still strong among peers.    The credit metrics were weaker given the mild top-line increase, surge in borrowings and higher financing costs. We are mainly concerned about the company’s aggressive debt-funded expansion, and note the significantly higher financing costs. Furthermore, Yuzhou's contracted sales have slowed. We remain cautious on the company's execution risk.    We revise our “Buy” recommendation to “Hold" the YUZHOU curve. 

Yuzhou Properties - Earnings Flash - FY 2018 Results - Lucror Analytics

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

Lucror Analytics - Morning Views Asia - 11 Mar 2019

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)

Asia HY Monthly – China Property Update (March 2019)

Investor sentiment for Asian HY remained healthy in March, maintaining the strong growth from January and February. That said, there is increasing...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 29 Mar 2019

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

Lucror Analytics

Yuzhou Properties - Earnings Flash - FY 2018 Results - Lucror Analytics

Yuzhou Properties’ FY 2018 results were in line with our expectations, with decent revenue growth and a satisfactory pace of delivery. Contracted...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 11 Mar 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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