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)

We view Adani Ports and Special Economic Zone (APSEZ) as “Low Risk” on the LARA scale. This is supported by the company’s: (1) established position as the largest independent port operator in India; (2) diversification in terms of cargo type and business segments; and (3) relatively stable margins and financial metrics. APSEZ has material related-party transactions, albeit these have decreased.  Our fundamental Credit Bias is “Stable”. The company should generate positive FCF in the absence of transformative acquisition plans. We view APSEZ as “Weak” on the LAGA scale. The company is effectively controlled by founder and Chairman Gautam Adani and his family. APSEZ also has a questionable environmental, social and governance track record. That said, major businesses within the Adani Group are listed, which improves corporate transparency.

   We view Adani Ports and Special Economic Zone (APSEZ) as “Low Risk” on the LARA scale. This is supported by the company’s: (1) established position as the largest independent port operator in India; (2) diversification in terms of cargo type and business segments; and (3) relatively stable margins and financial metrics. APSEZ has material related-party transactions, albeit these have decreased.     Our fundamental Credit Bias is “Stable”. The company should generate positive FCF in the absence of transformative acquisition plans.    We view APSEZ as “Weak” on the LAGA scale. The company is effectively controlled by founder and Chairman Gautam Adani and his family. APSEZ also has a questionable environmental, social and governance track record. That said, major businesses within the Adani Group are listed, which improves corporate transparency. 

Adani Ports - Tear Sheet - Lucror Analytics