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

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Credit

AAC Technologies' FY 2022 results were in line with our expectations. Total full-year revenue rose 17% y-o-y to CNY 20.6 bn, driven by increased sales of haptic and optic products on the back of strong demand from overseas customers. That said, the overall gross margin declined further to 18.3%, due to: [1] ongoing price pressure and inventory impairment for optic lens products; [2] decreased shipments of Android acoustics products, which led to greater contribution from lower-margin businesses; and [3] rising raw-material costs. AAC managed to maintain a healthy financial position, with reduced back borrowings, adequate cash balance and improved liquidity in FY 2022. The company aims to cut capex by another 10-15% in FY 2023. We view AAC's credit profile as sound.

  AAC Technologies' FY 2022 results were in line with our expectations. Total full-year revenue rose 17% y-o-y to CNY 20.6 bn, driven by increased sales of haptic and optic products on the back of strong demand from overseas customers. That said, the overall gross margin declined further to 18.3%, due to: [1] ongoing price pressure and inventory impairment for optic lens products; [2] decreased shipments of Android acoustics products, which led to greater contribution from lower-margin businesses; and [3] rising raw-material costs.   AAC managed to maintain a healthy financial position, with reduced back borrowings, adequate cash balance and improved liquidity in FY 2022. The company aims to cut capex by another 10-15% in FY 2023. We view AAC's credit profile as sound. 

AAC Technologies - Earnings Flash - FY 2022 Results - Lucror Analytics

AAC Technologies Holdings

AAC Technologies - Earnings Flash - FY 2022 Results - Lucror Analytics