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

Guangzhou R&F's (GRF) results were decent, thanks to the satisfactory growth in contracted sales (+60% y-o-y) and revenue (+30%). Debt growth moderated to 13%, as the company slowed the pace of land acquisitions. The financial profile has improved marginally, albeit we still consider it weak. Moreover, GRF has substantial near-term refinancing obligations. At FYE 2018, the company had CNY 58 bn of short-term debt, as well as CNY 6 bn of domestic Notes with put options exercisable in 2019. While this will increase its borrowing costs, we believe GRF has decent access to capital. Positively, recurring income increased on the back of the 2017 hotel acquisitions from Wanda. Revenue from non-property development segments accounted for 14% of group revenue (FY 2017: 9%). A successful issuance of new H-shares would also be credit positive.

   Guangzhou R&F's (GRF) results were decent, thanks to the satisfactory growth in contracted sales (+60% y-o-y) and revenue (+30%). Debt growth moderated to 13%, as the company slowed the pace of land acquisitions.    The financial profile has improved marginally, albeit we still consider it weak. Moreover, GRF has substantial near-term refinancing obligations. At FYE 2018, the company had CNY 58 bn of short-term debt, as well as CNY 6 bn of domestic Notes with put options exercisable in 2019. While this will increase its borrowing costs, we believe GRF has decent access to capital.    Positively, recurring income increased on the back of the 2017 hotel acquisitions from Wanda. Revenue from non-property development segments accounted for 14% of group revenue (FY 2017: 9%). A successful issuance of new H-shares would also be credit positive. 

Guangzhou R&F - Earnings Flash - FY 2018 Results - Lucror Analytics

Guangzhou R&F Properties

Guangzhou R&F - Earnings Flash - FY 2018 Results - Lucror Analytics