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

Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

Adani Ports' H1/19-20 results were in line with expectations. Positively, the core Ports segment continued to report healthy earnings growth, thanks to higher cargo volumes. The company also saw robust revenue growth at the Logistics segment, supported by the contributions of recent acquisitions. These good results helped offset a sharp decline in SEZ segment earnings. The overall financial profile remains manageable, though it has weakened slightly compared to FY 2018-19 and FY 2017-18. Negatively, we note that the company has been making greater shareholder returns through larger dividend payments and share buybacks. Going forward, we expect FCF generation to be negative, on account of the higher capex needs, and potentially small acquisitions and increased shareholder distributions.

  Adani Ports' H1/19-20 results were in line with expectations. Positively, the core Ports segment continued to report healthy earnings growth, thanks to higher cargo volumes. The company also saw robust revenue growth at the Logistics segment, supported by the contributions of recent acquisitions. These good results helped offset a sharp decline in SEZ segment earnings.   The overall financial profile remains manageable, though it has weakened slightly compared to FY 2018-19 and FY 2017-18. Negatively, we note that the company has been making greater shareholder returns through larger dividend payments and share buybacks. Going forward, we expect FCF generation to be negative, on account of the higher capex needs, and potentially small acquisitions and increased shareholder distributions. 

Adani Ports - Earnings Flash - H1 FY 2019-20 Results  - Lucror Analytics