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

Jababeka released FY 2018 results that were acceptable, despite the weak revenue. Profits were maintained even with uncertainty due to the power plant's reserve shutdown. The financial risk profile was stable, albeit still elevated. Liquidity remains sound. However, the weak marketing sales may weigh on the credit in 2019. In FY 2019, we expect revenue to bounce back, with the power plant's issues possibly resolved. That said, we expect EBITDA growth will only be in the high single digits, as the gross profits of the power plant remain unchanged even if revenue grows. We anticipate that debt will remain stable, though the quantum might fluctuate in line with FX movements. We do not expect any rating pressure. Our Credit Bias remains "Negative", given the weak real estate market. That said, the situation with the Bekasi power plant has improved materially since Q1/18, and we believe the worst may be over for the plant. Hence, we maintain "Hold" on the KIJAIJ Notes, which we see as fairly valued.

   Jababeka released FY 2018 results that were acceptable, despite the weak revenue. Profits were maintained even with uncertainty due to the power plant's reserve shutdown. The financial risk profile was stable, albeit still elevated. Liquidity remains sound. However, the weak marketing sales may weigh on the credit in 2019.    In FY 2019, we expect revenue to bounce back, with the power plant's issues possibly resolved. That said, we expect EBITDA growth will only be in the high single digits, as the gross profits of the power plant remain unchanged even if revenue grows. We anticipate that debt will remain stable, though the quantum might fluctuate in line with FX movements.    We do not expect any rating pressure.    Our Credit Bias remains "Negative", given the weak real estate market. That said, the situation with the Bekasi power plant has improved materially since Q1/18, and we believe the worst may be over for the plant. Hence, we maintain "Hold" on the KIJAIJ Notes, which we see as fairly valued. 

Jababeka - Earnings Flash - FY 2018 Results - Lucror Analytics

Kawasan Industri Jababeka

Jababeka - Earnings Flash - FY 2018 Results - Lucror Analytics