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

Japfa Comfeed’s 9M/19 results were very weak. This highlights the volatile nature of the commoditised industry, which has very short cycles (vs. hard commodities). The financial risk profile has deteriorated significantly. Leverage metrics remain healthy, but the surge in short-term debt is a concern. Liquidity is weak due to the large short-term debt.   While we expect the credit profile to continue deteriorating, we believe the pace of decline will ease. We also foresee that the company will be able to weather the downturn due to its competitive position as Indonesia's second-largest integrated agri-food player (25% market share, behind Charoen Pokphand Indonesia with 41%). In addition, this is an industry where companies can benefit from economies of scale. Another positive driver is that the government has implemented strong supporting measures (some in Q3/19) to stabilise broiler prices, including the culling of live birds. Hence, we expect better results in the next 12 months.

  Japfa Comfeed’s 9M/19 results were very weak. This highlights the volatile nature of the commoditised industry, which has very short cycles (vs. hard commodities). The financial risk profile has deteriorated significantly. Leverage metrics remain healthy, but the surge in short-term debt is a concern. Liquidity is weak due to the large short-term debt.     While we expect the credit profile to continue deteriorating, we believe the pace of decline will ease. We also foresee that the company will be able to weather the downturn due to its competitive position as Indonesia's second-largest integrated agri-food player (25% market share, behind Charoen Pokphand Indonesia with 41%). In addition, this is an industry where companies can benefit from economies of scale. Another positive driver is that the government has implemented strong supporting measures (some in Q3/19) to stabilise broiler prices, including the culling of live birds. Hence, we expect better results in the next 12 months. 

Japfa Comfeed - Earnings Flash - 9M FY 2019 Results - Lucror Analytics

Japfa Comfeed Indonesia

Japfa Comfeed - Earnings Flash - 9M FY 2019 Results - Lucror Analytics