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 H1/20 results were satisfactory, with moderate contracted sales growth and strong revenue growth, albeit margins weakened. The property delivery pace has not slowed despite the COVID-19 pandemic, reflecting the company's efficient execution and good access to financing to support construction works. The margin contraction was not significant, and was a result of the price-control policies. Profitability could recover, given the uptrend in contracted ASP. SCE has been using JV structures extensively, as is the case for many medium-sized developers. We note that more than half of the company's contracted sales was generated from JVs, while only two thirds of the land reserves were attributable to the company. However, the JVs' contribution to profit was very thin. Borrowings continued to rise, in order to support SCE's expansion. However, credit metrics improved on the back of the strong top-line growth. Still, we remain cautious on the company’s debt-funded expansion.

  China SCE’s H1/20 results were satisfactory, with moderate contracted sales growth and strong revenue growth, albeit margins weakened. The property delivery pace has not slowed despite the COVID-19 pandemic, reflecting the company's efficient execution and good access to financing to support construction works. The margin contraction was not significant, and was a result of the price-control policies. Profitability could recover, given the uptrend in contracted ASP.   SCE has been using JV structures extensively, as is the case for many medium-sized developers. We note that more than half of the company's contracted sales was generated from JVs, while only two thirds of the land reserves were attributable to the company. However, the JVs' contribution to profit was very thin.   Borrowings continued to rise, in order to support SCE's expansion. However, credit metrics improved on the back of the strong top-line growth. Still, we remain cautious on the company’s debt-funded expansion. 

China SCE - Earnings Flash - H1 FY 2020 Results - Lucror Analytics