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

Fantasia’s H1/19 results were in line with our expectations, particularly with revenue growth. We expect the top line to continue increasing in H2/19, given the robust contracted sales and undelivered portfolio. That said, cash collections and the pace of delivery still seem to be weak, possibly with JV contracted sales introducing some noise to our estimates. We like the company’s recurring income, particularly from property operations. The stable cash flow from this source is sufficient to cover interest expenses. Fantasia’s retirement of the 364-day USD Notes has improved its debt structure and eased the refinancing pressure. It appears that the company has limited its expansion expenditure, supporting deleveraging during the period.  We revise our Credit Bias to "Stable" from "Negative" and our recommendation on the FTHDGR curve to "Buy" from "Hold".

   Fantasia’s H1/19 results were in line with our expectations, particularly with revenue growth. We expect the top line to continue increasing in H2/19, given the robust contracted sales and undelivered portfolio. That said, cash collections and the pace of delivery still seem to be weak, possibly with JV contracted sales introducing some noise to our estimates. We like the company’s recurring income, particularly from property operations. The stable cash flow from this source is sufficient to cover interest expenses.    Fantasia’s retirement of the 364-day USD Notes has improved its debt structure and eased the refinancing pressure. It appears that the company has limited its expansion expenditure, supporting deleveraging during the period.     We revise our Credit Bias to "Stable" from "Negative" and our recommendation on the FTHDGR curve to "Buy" from "Hold". 

Fantasia - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Fantasia Holdings Group Co

Fantasia - Earnings Flash - H1 FY 2019 Results - Lucror Analytics