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

SCE’s FY 2020 results were satisfactory, with healthy growth in contracted sales and revenues, though margins weakened. Positively, the pace of property delivery did not slow down during the year, reflecting the company's efficient execution and good access to financing to support construction works. The softer margins stemmed from price controls. Going forward, profitability could recover, given the uptrend in contracted ASP. SCE has been making extensive use of JV structures, like many other medium-sized developers. We note that its JVs posted a profit in FY 2020, with their contribution in line with the share of JV investments in the company's overall assets. Borrowings continued to rise y-o-y to support SCE's expansion, though credit metrics improved thanks to the strong top-line growth. The pace of expansion appeared to be moderate in 2020, with 40% of contracted sales spent on land banking activities on a gross basis.

  SCE’s FY 2020 results were satisfactory, with healthy growth in contracted sales and revenues, though margins weakened. Positively, the pace of property delivery did not slow down during the year, reflecting the company's efficient execution and good access to financing to support construction works. The softer margins stemmed from price controls. Going forward, profitability could recover, given the uptrend in contracted ASP.   SCE has been making extensive use of JV structures, like many other medium-sized developers. We note that its JVs posted a profit in FY 2020, with their contribution in line with the share of JV investments in the company's overall assets. Borrowings continued to rise y-o-y to support SCE's expansion, though credit metrics improved thanks to the strong top-line growth. The pace of expansion appeared to be moderate in 2020, with 40% of contracted sales spent on land banking activities on a gross basis. 

China SCE - Earnings Flash - FY 2020 Results - Lucror Analytics