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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

H&H International’s FY 2018 results were strong, though in H2 revenue growth moderated due to a one-time restocking of infant milk formula in H1. Profitability was healthy, albeit the margin weakened following significantly higher advertising and marketing spending, which is likely to benefit the company in the future. The financial risk profile improved, and liquidity is sound. In FY 2019, we expect revenue growth to remain strong, supported by 2018's advertising and marketing efforts. We anticipate that EBITDA growth will track that of revenue, with the EBITDA margin stable as advertising and marketing costs stay flat (relative to revenues). As a result, the financial risk profile should improve further, in the absence of debt-funded acquisitions. We expect a positive rating action from Moody’s. Our Credit Bias on H&H remains "Positive", on account of its solid business fundamentals, growing brand awareness, and the improvement in the regulatory environment. The integration with Swisse seems to be proceeding smoothly, and is supportive of H&H's business and financial profiles. We maintain our “Buy” recommendation on the BTSDF '21s, taking into account the favourable industry prospects, and the company's operations, steady cash flow, and credit profile.

   H&H International’s FY 2018 results were strong, though in H2 revenue growth moderated due to a one-time restocking of infant milk formula in H1. Profitability was healthy, albeit the margin weakened following significantly higher advertising and marketing spending, which is likely to benefit the company in the future. The financial risk profile improved, and liquidity is sound.    In FY 2019, we expect revenue growth to remain strong, supported by 2018's advertising and marketing efforts. We anticipate that EBITDA growth will track that of revenue, with the EBITDA margin stable as advertising and marketing costs stay flat (relative to revenues). As a result, the financial risk profile should improve further, in the absence of debt-funded acquisitions.    We expect a positive rating action from Moody’s.    Our Credit Bias on H&H remains "Positive", on account of its solid business fundamentals, growing brand awareness, and the improvement in the regulatory environment. The integration with Swisse seems to be proceeding smoothly, and is supportive of H&H's business and financial profiles. We maintain our “Buy” recommendation on the BTSDF '21s, taking into account the favourable industry prospects, and the company's operations, steady cash flow, and credit profile. 

H&H International - Earnings Flash - FY 2018 Results - Lucror Analytics

Health And Happiness (H&H)

H&H International - Earnings Flash - FY 2018 Results - Lucror Analytics