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

We view Greenland HK as “Medium Risk” on the LARA scale. The company is 59% owned by SOE Greenland Holdings, which is in turn 46% held by the Shanghai SASAC. Greenland Holdings is a top-ten Chinese property developer by sales. Compared to its parent, Greenland HK has a slightly stronger standalone financial profile. Its credit profile has improved over the years, supported by sound contracted sales growth. The company has a good brand reputation and land bank in high-tier cities within the Yangtze River and Pearl River delta regions. Despite a tighter domestic funding environment, we believe Greenland HK’s access to financing will be supported by its indirect SOE status. Furthermore, the USD Notes contain Change of Control clauses that require redemption if the Shanghai government ceases to control Greenland Holdings, or if Greenland Holdings ceases to hold at least 50% of Greenland HK. Our Credit Bias on Greenland HK is “Stable”, supported by its sound leverage and liquidity profiles. In addition, it has very little JV exposure compared to peers, resulting in better transparency. Although the company has a small scale relative to its peers, we continue to like its good operating track record.

  We view Greenland HK as “Medium Risk” on the LARA scale. The company is 59% owned by SOE Greenland Holdings, which is in turn 46% held by the Shanghai SASAC. Greenland Holdings is a top-ten Chinese property developer by sales. Compared to its parent, Greenland HK has a slightly stronger standalone financial profile. Its credit profile has improved over the years, supported by sound contracted sales growth. The company has a good brand reputation and land bank in high-tier cities within the Yangtze River and Pearl River delta regions. Despite a tighter domestic funding environment, we believe Greenland HK’s access to financing will be supported by its indirect SOE status. Furthermore, the USD Notes contain Change of Control clauses that require redemption if the Shanghai government ceases to control Greenland Holdings, or if Greenland Holdings ceases to hold at least 50% of Greenland HK.   Our Credit Bias on Greenland HK is “Stable”, supported by its sound leverage and liquidity profiles. In addition, it has very little JV exposure compared to peers, resulting in better transparency. Although the company has a small scale relative to its peers, we continue to like its good operating track record. 

Greenland HK - Tear Sheet - Lucror Analytics

Greenland Hong Kong Holdings

Greenland HK - Tear Sheet - Lucror Analytics