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

Trung Nguyen

Senior Credit Analyst

Credit

While Honghua’s FY 2020 results were weak, this development was expected considering the challenges caused by the pandemic and low oil prices. Overseas revenue was halved, albeit domestic revenue recorded healthy growth. The financial risk profile continued to deteriorate, with highly elevated credit metrics. Liquidity is weak. We highlight Honghua’s partial SOE status, with the company effectively 30% owned by the China Aerospace Science and Industry Corporation (CASIC). CEO Zhang Mi and CFO Yuan Hai were both appointed by CASIC, which is an SOE. Honghua has received strong support from CASIC, which injected cash into the company in early 2017. Thus, the credit is now partly driven by implied support from CASIC, rather than Honghua's standalone credit profile.

  While Honghua’s FY 2020 results were weak, this development was expected considering the challenges caused by the pandemic and low oil prices. Overseas revenue was halved, albeit domestic revenue recorded healthy growth. The financial risk profile continued to deteriorate, with highly elevated credit metrics. Liquidity is weak.   We highlight Honghua’s partial SOE status, with the company effectively 30% owned by the China Aerospace Science and Industry Corporation (CASIC). CEO Zhang Mi and CFO Yuan Hai were both appointed by CASIC, which is an SOE. Honghua has received strong support from CASIC, which injected cash into the company in early 2017. Thus, the credit is now partly driven by implied support from CASIC, rather than Honghua's standalone credit profile. 

Honghua - Earnings Flash - FY 2020 Results - Lucror Analytics

Honghua Group

Honghua - Earnings Flash - FY 2020 Results - Lucror Analytics