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

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 - 28 Aug 2019

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Yuzhou Properties’ H1/19 results were weaker than expected, despite the top-line growth. The improvement in contracted sales was good, but revenue growth appears slow given the strong contracted sales in previous years. Moreover, the company did not seem to slow down its rapid pace of expansion, which has been putting pressure on leverage. Yuzhou continues to take on more borrowings with higher financing cost. Margins have been declining, especially with the land cost increasing. Credit metrics weakened, as the mild top-line increase could not fully offset the increase in borrowings and financing costs. We are mainly concerned about the company’s aggressive debt-funded expansion. Moreover, about half of its debt is denominated in the USD or HKD and will likely be vulnerable to a devaluation of the CNY.

   Yuzhou Properties’ H1/19 results were weaker than expected, despite the top-line growth. The improvement in contracted sales was good, but revenue growth appears slow given the strong contracted sales in previous years. Moreover, the company did not seem to slow down its rapid pace of expansion, which has been putting pressure on leverage. Yuzhou continues to take on more borrowings with higher financing cost. Margins have been declining, especially with the land cost increasing.    Credit metrics weakened, as the mild top-line increase could not fully offset the increase in borrowings and financing costs. We are mainly concerned about the company’s aggressive debt-funded expansion. Moreover, about half of its debt is denominated in the USD or HKD and will likely be vulnerable to a devaluation of the CNY. 

Yuzhou Properties - Earnings Flash - H1 FY 2019 Results - 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

Lucror Analytics - Morning Views Asia - 12 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

China

Yuzhou Group Holdings Company Limited develops residential properties in southern China.

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Yuzhou Group (1628 HK)

Lucror Analytics - Morning Views Asia - 28 Aug 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 - H1 FY 2019 Results - Lucror Analytics

Yuzhou Properties’ H1/19 results were weaker than expected, despite the top-line growth. The improvement in contracted sales was good, but...

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

Lucror Analytics - Morning Views Asia - 12 Aug 2019

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 - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Price Gauge

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