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

Jinmao’s H1/19 results were weaker than expected, owing to low revenue recognition despite the strong contracted sales in prior years. As a result, earnings-based leverage metrics and interest coverage remained poor relative to peers. At 30 June 2019, the company had CNY 177 bn worth of contracted sales pending delivery. Management expects earnings growth to accelerate in FY 2020, when it will deliver more projects according to schedule. During the earnings presentation, management highlighted its aim to achieve CNY 200 bn of contracted sales in FY 2020. This represents 33% growth from its FY 2019 target. In addition, management affirmed that Sinochem will remain the company's largest shareholder and will continue to consolidate Jinmao on its balance sheet (by retaining a stake of at least 33%). The company also expressed optimism that synergies with Ping An could be achieved in areas such as property investment and financing.

   Jinmao’s H1/19 results were weaker than expected, owing to low revenue recognition despite the strong contracted sales in prior years. As a result, earnings-based leverage metrics and interest coverage remained poor relative to peers. At 30 June 2019, the company had CNY 177 bn worth of contracted sales pending delivery. Management expects earnings growth to accelerate in FY 2020, when it will deliver more projects according to schedule.    During the earnings presentation, management highlighted its aim to achieve CNY 200 bn of contracted sales in FY 2020. This represents 33% growth from its FY 2019 target. In addition, management affirmed that Sinochem will remain the company's largest shareholder and will continue to consolidate Jinmao on its balance sheet (by retaining a stake of at least 33%). The company also expressed optimism that synergies with Ping An could be achieved in areas such as property investment and financing. 

China Jinmao - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

China Jinmao Holdings

China Jinmao - Earnings Flash - H1 FY 2019 Results - Lucror Analytics