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

Leonard Law, CFA

Senior Credit Analyst

Credit

Gajah Tunggal’s Q4 and FY 2020 results were stronger than expected, aided by significant margin improvement even as revenue continued to slump. The company generated robust free cash flows, which were used towards debt repayment. As a result, leverage improved, reaching a moderately healthy level. In our view, Gajah Tunggal’s earnings recovery will reduce downside pressure on the bonds, and has significantly increased its ability to refinance the existing Notes. It remains uncertain whether the company will be able to issue new Notes, given the severely weakened financing environment for Indonesian issuers. Nevertheless, it seems to retain access to banking facilities, having established firm plans to refinance the senior secured loans.  We revise our recommendation on the GJTLIJ Notes to “Hold” from “Not Recommended”, as we believe the refinancing risk has lessened.

  Gajah Tunggal’s Q4 and FY 2020 results were stronger than expected, aided by significant margin improvement even as revenue continued to slump. The company generated robust free cash flows, which were used towards debt repayment. As a result, leverage improved, reaching a moderately healthy level.   In our view, Gajah Tunggal’s earnings recovery will reduce downside pressure on the bonds, and has significantly increased its ability to refinance the existing Notes. It remains uncertain whether the company will be able to issue new Notes, given the severely weakened financing environment for Indonesian issuers. Nevertheless, it seems to retain access to banking facilities, having established firm plans to refinance the senior secured loans.    We revise our recommendation on the GJTLIJ Notes to “Hold” from “Not Recommended”, as we believe the refinancing risk has lessened. 

Gajah Tunggal - Earnings Flash - FY 2020 Results - Lucror Analytics