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

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

First Pacific's (FIRPAC)? FY 2018 results were soft but acceptable. The challenging operating environment in Indonesia and the Philippines put pressure on the operating companies' profitability, on top of the negative impact from FX headwinds. We are encouraged by the company's plan to focus on core assets, while disposing of non-core assets and deleveraging. This should reduce holdco debt while keeping the market-based value of listed assets unchanged (FIRPAC intends to sell private assets), and should result in improved market-based leverage. While gross and net debt were flat at the holdco level, leverage based on the market value of listed assets deteriorated from FYE 2017, owing to the substantial price declines for the group's major assets. Liquidity seems weak, with little cash at the holdco. FIRPAC has a committed credit facility for repayment of the 2019 Notes due in June.

   First Pacific's (FIRPAC)? FY 2018 results were soft but acceptable. The challenging operating environment in Indonesia and the Philippines put pressure on the operating companies' profitability, on top of the negative impact from FX headwinds. We are encouraged by the company's plan to focus on core assets, while disposing of non-core assets and deleveraging. This should reduce holdco debt while keeping the market-based value of listed assets unchanged (FIRPAC intends to sell private assets), and should result in improved market-based leverage.    While gross and net debt were flat at the holdco level, leverage based on the market value of listed assets deteriorated from FYE 2017, owing to the substantial price declines for the group's major assets. Liquidity seems weak, with little cash at the holdco. FIRPAC has a committed credit facility for repayment of the 2019 Notes due in June. 

First Pacific - Earnings Flash - FY 2018 Results - Lucror Analytics

First Pacific Co

First Pacific - Earnings Flash - FY 2018 Results - Lucror Analytics