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

<p><br/> Guangzhou R&F's (GRF) H1/20 earnings were weaker than expected, owing to the lower gross margin. That said, leverage was stable, as the company's reduced land acquisitions enabled it to lower debt slightly. We believe that GRF will focus on deleveraging through asset disposals and faster inventory de-stocking (which could lead to price cuts and lower margins further). In addition, the Chinese government’s potential plans to tighten credit for highly leveraged developers will likely contain the company's debt growth. Meanwhile, GRF will likely face higher interest costs to refinance its USD Notes, as the existing long-term Notes are yielding above 10%.<br/></p>

  Guangzhou R&F's (GRF) H1/20 earnings were weaker than expected, owing to the lower gross margin. That said, leverage was stable, as the company's reduced land acquisitions enabled it to lower debt slightly. We believe that GRF will focus on deleveraging through asset disposals and faster inventory de-stocking (which could lead to price cuts and lower margins further). In addition, the Chinese government’s potential plans to tighten credit for highly leveraged developers will likely contain the company's debt growth. Meanwhile, GRF will likely face higher interest costs to refinance its USD Notes, as the existing long-term Notes are yielding above 10%. 

Guangzhou R&F - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Guangzhou R&F Properties

Guangzhou R&F - Earnings Flash - H1 FY 2020 Results - Lucror Analytics