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

Trung Nguyen

Senior Credit Analyst

Credit

ABM Investama’s H1/19 results were much weaker than anticipated. The strength of the company is in its integrated operations across the coal value chain, which should mitigate the cyclical nature of the operating environment. During the coal downcycle that began in 2013, ABM improved its cash costs, profitability and leverage. Similarly in 2018, coal prices began falling in August but ABM still reported very strong Q4 and FY 2018 results that exceeded our expectations, with a surge in profitability and substantial balance-sheet deleveraging. However, with the H1/19 results much worse than expected (even adjusting for the loss of the key customer), it appears that the challenging coal market conditions have finally caught up with the company after some lag. We revise our forecasts for FY 2019 downward, to reflect the key customer loss and the challenging coal market. We expect revenue to fall 22% y-o-y, with the EBITDA margin 3 ppts lower than previously projected.

   ABM Investama’s H1/19 results were much weaker than anticipated. The strength of the company is in its integrated operations across the coal value chain, which should mitigate the cyclical nature of the operating environment. During the coal downcycle that began in 2013, ABM improved its cash costs, profitability and leverage. Similarly in 2018, coal prices began falling in August but ABM still reported very strong Q4 and FY 2018 results that exceeded our expectations, with a surge in profitability and substantial balance-sheet deleveraging. However, with the H1/19 results much worse than expected (even adjusting for the loss of the key customer), it appears that the challenging coal market conditions have finally caught up with the company after some lag.    We revise our forecasts for FY 2019 downward, to reflect the key customer loss and the challenging coal market. We expect revenue to fall 22% y-o-y, with the EBITDA margin 3 ppts lower than previously projected. 

ABM Investama - Earnings Flash - H1 FY 2019 Results - Lucror Analytics