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.

High Yield Experts

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

361 Degrees' H1/19 results contained few surprises. Cash flows continued to be weak, due to poor working capital management and large interest payments. However, the balance sheet appears to be strong (assuming the huge stated cash position is accurate). During the period, the company repurchased USD 11 mn of Senior Notes, which had been issued in 2016 at relatively high interest. We note that 361 had adequate cash on hand at the point of issuance to refinance the CNY Notes. With regard to the credibility of the company's financial information, our key concerns include: [1] seemingly high operating margins that are better than those of industry leaders, particularly given 361’s mass-market focus and low prices; [2] low inventory levels with high prepayments, which could be a sign of round-tripping; and [3] excessive cash position that generates very little interest income.

   361 Degrees' H1/19 results contained few surprises. Cash flows continued to be weak, due to poor working capital management and large interest payments. However, the balance sheet appears to be strong (assuming the huge stated cash position is accurate). During the period, the company repurchased USD 11 mn of Senior Notes, which had been issued in 2016 at relatively high interest. We note that 361 had adequate cash on hand at the point of issuance to refinance the CNY Notes.    With regard to the credibility of the company's financial information, our key concerns include: [1] seemingly high operating margins that are better than those of industry leaders, particularly given 361’s mass-market focus and low prices; [2] low inventory levels with high prepayments, which could be a sign of round-tripping; and [3] excessive cash position that generates very little interest income. 

361 Degrees - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

361 Degrees International

361 Degrees - Earnings Flash - H1 FY 2019 Results - Lucror Analytics