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 H1/21 results were in line with our expectations, with good contracted sales and revenue growth, as well as stable debt. The company has a good base for revenue recognition. That said, profitability has been under pressure. Aoyuan has an adequate liquidity profile, and has laid out refinancing plans for its upcoming maturities. The company has a debt-reduction target of 10-15% p.a. in FY 2021, and aims to achieve this by improving cash collection from contracted sales and limiting expansion (particularly land spending) to 20% of contracted sales p.a. Aoyuan has expanded aggressively over the past few years, funded by debt, with the debt burden having doubled over three years. We move our recommendation to "Buy" on the CAPG 8.5 2022 Notes.

  China Aoyuan's H1/21 results were in line with our expectations, with good contracted sales and revenue growth, as well as stable debt. The company has a good base for revenue recognition. That said, profitability has been under pressure. Aoyuan has an adequate liquidity profile, and has laid out refinancing plans for its upcoming maturities.   The company has a debt-reduction target of 10-15% p.a. in FY 2021, and aims to achieve this by improving cash collection from contracted sales and limiting expansion (particularly land spending) to 20% of contracted sales p.a. Aoyuan has expanded aggressively over the past few years, funded by debt, with the debt burden having doubled over three years.   We move our recommendation to "Buy" on the CAPG 8.5 2022 Notes. 

China Aoyuan - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

China Aoyuan Property

China Aoyuan - Earnings Flash - H1 FY 2021 Results - Lucror Analytics