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 H1/21 results were satisfactory, with healthy growth in contracted sales and revenue despite weaker margins. The pace of property delivery remained reasonable, reflecting the company's efficient execution and good access to financing to support construction works. The softer margins stemmed from price controls and increasing land prices. Going forward, profitability may remain at the current levels, with management estimating a gross profit margin of c. 25%. While borrowings continued to increase y-o-y to support SCE's expansion, the credit metrics improved broadly thanks to the strong top-line growth. The expansion pace appeared rather aggressive, with 53% of the gross contracted sales spent on land acquisitions. The land spending rate (as a percentage of contracted sales) has exceeded the regulator's 40% threshold. The company will need to slow its pace of land acquisitions in H2/21.

  SCE's H1/21 results were satisfactory, with healthy growth in contracted sales and revenue despite weaker margins. The pace of property delivery remained reasonable, reflecting the company's efficient execution and good access to financing to support construction works. The softer margins stemmed from price controls and increasing land prices. Going forward, profitability may remain at the current levels, with management estimating a gross profit margin of c. 25%.   While borrowings continued to increase y-o-y to support SCE's expansion, the credit metrics improved broadly thanks to the strong top-line growth. The expansion pace appeared rather aggressive, with 53% of the gross contracted sales spent on land acquisitions. The land spending rate (as a percentage of contracted sales) has exceeded the regulator's 40% threshold. The company will need to slow its pace of land acquisitions in H2/21.     

China SCE - Earnings Flash - H1 FY 2021 Results - Lucror Analytics