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

<p><br/> Garuda’s 9M/19 results were stronger than we had expected, with improvement in the company's operations, decent revenue growth and, more importantly, a turnaround in profitability. The positive FCF was used to pay down debt. It is encouraging to see that the new management team’s commitment to profitability (rather than market share) is paying off. The financial risk profile has improved dramatically with the turnaround in profitability. Without adjusting for aircraft leases, leverage is healthy currently. That said, liquidity remains weak even with the higher cash level. This is due to the large short-term debt, especially with the USD 500 mn 2020 Notes being reclassified (less than a year to maturity). We have revised our forecast upwards to reflect the stronger than expected 9M results.<br/></p>

  Garuda’s 9M/19 results were stronger than we had expected, with improvement in the company's operations, decent revenue growth and, more importantly, a turnaround in profitability. The positive FCF was used to pay down debt. It is encouraging to see that the new management team’s commitment to profitability (rather than market share) is paying off. The financial risk profile has improved dramatically with the turnaround in profitability. Without adjusting for aircraft leases, leverage is healthy currently. That said, liquidity remains weak even with the higher cash level. This is due to the large short-term debt, especially with the USD 500 mn 2020 Notes being reclassified (less than a year to maturity). We have revised our forecast upwards to reflect the stronger than expected 9M results. 

Garuda - Earnings Flash - 9M FY 2019 Results - Lucror Analytics

Garuda Indonesia (Persero)

Garuda - Earnings Flash - 9M FY 2019 Results - Lucror Analytics