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

We are initiating coverage on ENN Natural Gas, with a "Hold" recommendation on the VEYONG 3.375 2026 Notes. We view ENN Natural Gas as “Medium Risk” on the LARA scale. This reflects the company’s long operating track record and diversified business profile. These are balanced by its weak financial profile, as well as the exposure to commodity price risks and changes in government policies. In addition, the company has significant related-party transactions. Our fundamental Credit Bias is “Stable”. ENN Natural Gas' financial metrics should be stable going forward, supported by good performance in the downstream city gas operations. However, leverage and liquidity could come under pressure if the company makes further acquisitions to expand its operations in the clean energy sector. We view ENN Natural Gas as “Weak” on the LAGA scale, given the: [1] presence of controlling shareholder Wang Yusuo's family on the Board; [2] opaque related-party structure and ongoing transactions; and [3] questionable reliability of the company's independent auditor, which has been criticised many times by the professional accounting body for poor practices.

 We are initiating coverage on ENN Natural Gas, with a "Hold" recommendation on the VEYONG 3.375 2026 Notes.  We view ENN Natural Gas as “Medium Risk” on the LARA scale. This reflects the company’s long operating track record and diversified business profile. These are balanced by its weak financial profile, as well as the exposure to commodity price risks and changes in government policies. In addition, the company has significant related-party transactions.  Our fundamental Credit Bias is “Stable”. ENN Natural Gas' financial metrics should be stable going forward, supported by good performance in the downstream city gas operations. However, leverage and liquidity could come under pressure if the company makes further acquisitions to expand its operations in the clean energy sector.  We view ENN Natural Gas as “Weak” on the LAGA scale, given the: [1] presence of controlling shareholder Wang Yusuo's family on the Board; [2] opaque related-party structure and ongoing transactions; and [3] questionable reliability of the company's independent auditor, which has been criticised many times by the professional accounting body for poor practices.

ENN Natural Gas - Tear Sheet - Lucror Analytics