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

Greenland HK’s H1/21 results were acceptable. Positively, the company reported strong contracted sales growth and robust cash collections, with the gross margin remaining solid relative to industry trends. This helped the company to maintain stable leverage, despite its very aggressive land spending. Negatively, Greenland HK remains in breach of two of the Three Red Lines thresholds, owing to inadequate short-term debt coverage and a substantial amount of payables that were not classified as debt. In addition, we view negatively the company’s failure to redeem its perpetuals on the first call date, which implies an inability to tap offshore bond markets at a competitive yield. That said, we expect Greenland HK to refinance its debt using internally generated cash or onshore bank funding. We believe the company's access to onshore bank funding is strong, supported by its SOE links. Greenland HK could also monetise its sizeable land bank and investment property portfolio.  We move our recommendation to “Buy” from “Hold” on the GRNLHK 9.625 22.

  Greenland HK’s H1/21 results were acceptable. Positively, the company reported strong contracted sales growth and robust cash collections, with the gross margin remaining solid relative to industry trends. This helped the company to maintain stable leverage, despite its very aggressive land spending. Negatively, Greenland HK remains in breach of two of the Three Red Lines thresholds, owing to inadequate short-term debt coverage and a substantial amount of payables that were not classified as debt.   In addition, we view negatively the company’s failure to redeem its perpetuals on the first call date, which implies an inability to tap offshore bond markets at a competitive yield. That said, we expect Greenland HK to refinance its debt using internally generated cash or onshore bank funding. We believe the company's access to onshore bank funding is strong, supported by its SOE links. Greenland HK could also monetise its sizeable land bank and investment property portfolio.    We move our recommendation to “Buy” from “Hold” on the GRNLHK 9.625 22. 

Greenland HK - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Greenland Hong Kong Holdings

Greenland HK - Earnings Flash - H1 FY 2021 Results - Lucror Analytics