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

We view Alam Sutera (ASRI) as "High Risk" on the LARA scale, given the company's refinancing risk amid the challenging financing environment. ASRI's pre-sales have been soft, which is a concern for rating agencies. We also note the group's asset concentration and cash-flow volatility. The company was highly reliant on land sales to key partner CFLD until 2021, when CFLD defaulted on debt. Execution risks are increasing due to ASRI's shift away from developing townships to high-rise buildings. The company has very low recurring income compared to peers. That said, it has a large and low-cost land bank that is bigger than most peers'. The land bank has high potential value, and could be a source of liquidity, supporting high margins for the business. Positively, ASRI's successful cash tender offer in October 2022 has alleviated refinancing risk. It now has no significant maturities until 2025. We maintain our “Stable” Credit Bias, as we expect the company's operations to remain satisfactory, with some positive FCF, and no significant maturities until 2025. Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral".

  We view Alam Sutera (ASRI) as "High Risk" on the LARA scale, given the company's refinancing risk amid the challenging financing environment. ASRI's pre-sales have been soft, which is a concern for rating agencies. We also note the group's asset concentration and cash-flow volatility. The company was highly reliant on land sales to key partner CFLD until 2021, when CFLD defaulted on debt. Execution risks are increasing due to ASRI's shift away from developing townships to high-rise buildings.   The company has very low recurring income compared to peers. That said, it has a large and low-cost land bank that is bigger than most peers'. The land bank has high potential value, and could be a source of liquidity, supporting high margins for the business. Positively, ASRI's successful cash tender offer in October 2022 has alleviated refinancing risk. It now has no significant maturities until 2025.   We maintain our “Stable” Credit Bias, as we expect the company's operations to remain satisfactory, with some positive FCF, and no significant maturities until 2025.   Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral". 

Alam Sutera - Tear Sheet - Lucror Analytics

Alam Sutera Realty

Alam Sutera - Tear Sheet - Lucror Analytics