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 SCE’s FY 2018 results were satisfactory, with strong contracted sales growth, decently higher revenue and improved margins. However, debt was high. The gross margin expanded thanks to the stronger realised ASP, but we expect margins to decline as the company sells more projects in lower-tier cities. We remain concerned about SCE's aggressive debt-funded expansion, which has resulted in weaker credit metrics even with sound top-line growth. The company's new projects are mostly in T2 and selected T3 cities, as the focus has shifted away from T1 cities. The exploration of new markets also entails execution risk.

   China SCE’s FY 2018 results were satisfactory, with strong contracted sales growth, decently higher revenue and improved margins. However, debt was high. The gross margin expanded thanks to the stronger realised ASP, but we expect margins to decline as the company sells more projects in lower-tier cities.    We remain concerned about SCE's aggressive debt-funded expansion, which has resulted in weaker credit metrics even with sound top-line growth. The company's new projects are mostly in T2 and selected T3 cities, as the focus has shifted away from T1 cities. The exploration of new markets also entails execution risk. 

China SCE - Earnings Flash - FY 2018 Results - Lucror Analytics