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

China Oil & Gas (COG) reported stable FY 2019 results. The core gas distribution segmentâ€™s performance remainedآ steady, with slight growth in revenue and operating profit. The main concern is the companyâ€™s small upstream O&G business in Canada. This segment accounted for 4% of FY 2019 revenue and 6% of operating profit. Overall, we expect the company to generate neutral FCF and maintain stable leverage.آ  According to management, COG is able to break even (from a production standpoint) at the current WTI price of c. USD 22/bbl. That said, we expect the segment to be loss-making after accounting for overheads. Moreover, the company may have to carry out asset impairments on its O&G reserves if the low oil price environment persists. During the earnings call, management commented that it is unlikely to divest the Canadian business, but it is also not planning for any expansion capexآ in 2020.

  China Oil & Gas (COG) reported stable FY 2019 results. The core gas distribution segmentâ€™s performance remainedآ steady, with slight growth in revenue and operating profit. The main concern is the companyâ€™s small upstream O&G business in Canada. This segment accounted for 4% of FY 2019 revenue and 6% of operating profit. Overall, we expect the company to generate neutral FCF and maintain stable leverage.آ    According to management, COG is able to break even (from a production standpoint) at the current WTI price of c. USD 22/bbl. That said, we expect the segment to be loss-making after accounting for overheads. Moreover, the company may have to carry out asset impairments on its O&G reserves if the low oil price environment persists. During the earnings call, management commented that it is unlikely to divest the Canadian business, but it is also not planning for any expansion capexآ in 2020. 

China Oil & Gas - Earnings Flash - FY 2019 Results - Lucror Analytics

China Oil And Gas

China Oil & Gas - Earnings Flash - FY 2019 Results - Lucror Analytics