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

Alam Sutera's (ASRI) FY 2020 results were much weaker than expected. In our view, the lack of sales to China Fortune Land Development (CFLD) and the challenging real estate market have dealt a severe one-two punch to the company. The financial risk profile has become very stressed, with astronomically high leverage and near-zero coverage ratios. Liquidity is barely adequate for the next 12 months. We are hopeful of a turnaround in 2021, driven by the improvement in the operating environment, as reflected by the surge in marketing sales in Q1/21. However, we do not expect ASRI's operating performance to return to the 2019 level in the near term on account of CFLD's financial difficulties, with this company contributing a third of ASRI’s sales. The company’s future will hinge on its ability to refinance the USD 2022 Notes, of which USD 46.6 mn is outstanding. Our base case is that ASRI will be able to obtain financing to redeem these Notes. ASRI's key credit support stems from its large and clean land bank.

  Alam Sutera's (ASRI) FY 2020 results were much weaker than expected. In our view, the lack of sales to China Fortune Land Development (CFLD) and the challenging real estate market have dealt a severe one-two punch to the company. The financial risk profile has become very stressed, with astronomically high leverage and near-zero coverage ratios. Liquidity is barely adequate for the next 12 months.   We are hopeful of a turnaround in 2021, driven by the improvement in the operating environment, as reflected by the surge in marketing sales in Q1/21. However, we do not expect ASRI's operating performance to return to the 2019 level in the near term on account of CFLD's financial difficulties, with this company contributing a third of ASRI’s sales.   The company’s future will hinge on its ability to refinance the USD 2022 Notes, of which USD 46.6 mn is outstanding. Our base case is that ASRI will be able to obtain financing to redeem these Notes. ASRI's key credit support stems from its large and clean land bank. 

Alam Sutera - Earnings Flash - FY 2020 Results - Lucror Analytics

Alam Sutera Realty

Alam Sutera - Earnings Flash - FY 2020 Results - Lucror Analytics