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

Fosun’s financial profile weakened slightly in FY 2018, mainly on account of the increase in debt (+23% y-o-y). At FYE 2018, Debt/Capitalisation and Debt/EBITDA weakened to 55% and 7.2x, respectively (FY 2017: 54% and 5.7x). In addition, the estimated market value of the company's subsidiaries decreased 17%, owing to volatility in secondary markets. Consequently, Debt/Market Value worsened to 64% (FYE 2017: 43%). While Fosun has remained highly acquisitive, the company has also carried out various asset disposals to raise cash. During the year, Fosun carried out more than 70 investments worth CNY 28.5 bn while divesting CNY 17 bn worth of assets. In 2018, it completed the re-organisation of Yuyuan, and also listed its tourism business on the HKEX. Consequently, more than half of Fosun’s consolidated revenue are now derived from listed entities. In our view, this significantly improves the transparency of Fosun’s investment portfolio. We move to "Hold" from "Not Recommended" on the FOSUNI Notes, on account of the improved transparency. In addition, we revise our Credit Bias to "Stable" from "Negative".

   Fosun’s financial profile weakened slightly in FY 2018, mainly on account of the increase in debt (+23% y-o-y). At FYE 2018, Debt/Capitalisation and Debt/EBITDA weakened to 55% and 7.2x, respectively (FY 2017: 54% and 5.7x). In addition, the estimated market value of the company's subsidiaries decreased 17%, owing to volatility in secondary markets. Consequently, Debt/Market Value worsened to 64% (FYE 2017: 43%).    While Fosun has remained highly acquisitive, the company has also carried out various asset disposals to raise cash. During the year, Fosun carried out more than 70 investments worth CNY 28.5 bn while divesting CNY 17 bn worth of assets. In 2018, it completed the re-organisation of Yuyuan, and also listed its tourism business on the HKEX. Consequently, more than half of Fosun’s consolidated revenue are now derived from listed entities. In our view, this significantly improves the transparency of Fosun’s investment portfolio.    We move to "Hold" from "Not Recommended" on the FOSUNI Notes, on account of the improved transparency. In addition, we revise our Credit Bias to "Stable" from "Negative". 

Fosun - Earnings Flash - FY 2018 Results - Lucror Analytics

Fosun International

Fosun - Earnings Flash - FY 2018 Results - Lucror Analytics