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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

China Aoyuan’s H1/20 results were above our expectations, with stronger revenue growth. Moreover, the company has a good base for revenue recognition. The top-line growth should continue, as long as Aoyuan delivers sold properties on schedule. The pace of property delivery should develop in line with an increase in construction loans. Aoyuan’s expansion has been funded extensively by debt. The company's debt burden has surged more than four times from the FYE 2016 level. To refinance its debt, Aoyuan will have to sustain contracted sales growth and incur new borrowings. As a result, it will be more likely to accept a lower ASP (to facilitate faster turnover), as well as incur higher borrowings and interest expense for refinancing. That said, the company did not slow its pace of expansion, with more than half of the contracted sales spent on land acquisitions in H1/20. Moreover, Aoyuan has been increasingly engaged in urban redevelopment projects, which have long development cycles and large upfront capital requirements.

  China Aoyuan’s H1/20 results were above our expectations, with stronger revenue growth. Moreover, the company has a good base for revenue recognition. The top-line growth should continue, as long as Aoyuan delivers sold properties on schedule. The pace of property delivery should develop in line with an increase in construction loans.   Aoyuan’s expansion has been funded extensively by debt. The company's debt burden has surged more than four times from the FYE 2016 level. To refinance its debt, Aoyuan will have to sustain contracted sales growth and incur new borrowings. As a result, it will be more likely to accept a lower ASP (to facilitate faster turnover), as well as incur higher borrowings and interest expense for refinancing.   That said, the company did not slow its pace of expansion, with more than half of the contracted sales spent on land acquisitions in H1/20. Moreover, Aoyuan has been increasingly engaged in urban redevelopment projects, which have long development cycles and large upfront capital requirements. 

China Aoyuan - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

China Aoyuan Property

China Aoyuan - Earnings Flash - H1 FY 2020 Results - Lucror Analytics