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

In our view, Indika’s Q3/18 results were soft due to Kideco, but 9M/18 results were strong, as expected. The company's numbers have begun to reflect its credit profile, thanks to Kideco's consolidation from December 2017 onwards. The financial risk profile continued to improve significantly, supported by continued high coal prices. Indika’s debt maturity profile is robust, and the USD Notes are long-dated. Liquidity is sound, with almost USD 800 mn of cash and little short-term debt. Our fundamental Credit Bias on Indika is “Positive”, driven by the 2017 acquisition of 45% of Kideco, the recovery in coal prices, and the extension of the debt maturity profile. We maintain our "Buy" on the INDYIJ '24s. We deem the Notes very attractive, considering Indika's strong credit profile, which is now reflected in the numbers. The '24s were recently trading at below 90, yielding slightly above 8%.

   In our view, Indika’s Q3/18 results were soft due to Kideco, but 9M/18 results were strong, as expected. The company's numbers have begun to reflect its credit profile, thanks to Kideco's consolidation from December 2017 onwards. The financial risk profile continued to improve significantly, supported by continued high coal prices. Indika’s debt maturity profile is robust, and the USD Notes are long-dated. Liquidity is sound, with almost USD 800 mn of cash and little short-term debt.    Our fundamental Credit Bias on Indika is “Positive”, driven by the 2017 acquisition of 45% of Kideco, the recovery in coal prices, and the extension of the debt maturity profile.    We maintain our "Buy" on the INDYIJ '24s. We deem the Notes very attractive, considering Indika's strong credit profile, which is now reflected in the numbers. The '24s were recently trading at below 90, yielding slightly above 8%. 

Indika Energy - Earnings Flash - 9M FY 2018 Results - Lucror Analytics