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 Q1/19 results were weak, with lower profitability and very poor cash flows. That said, the commodity nature of the business means that it is volatile, and cash flows will likely reverse later in the year. Revenue growth was acceptable, and supported by higher volumes and selling prices. The financial risk profile deteriorated, but remained healthy. Liquidity is weak, but will likely improve as cash flows strengthen. We have revised down some of our projections to reflect the more challenging operating environment. Specifically, we now project FY 2019 revenue growth of 8% (down from 10%), with a margin 1 ppt lower than before. We also raised our capex forecast slightly. We revise our Credit Bias on Japfa Comfeed to "Stable" from “Positive”, as the company’s strong competitive position, and sound financial risk profile should help to weather volatile operating environment. We maintain our “Hold” recommendation on the JPFAIJ '22s. While we like the credit, the Notes are trading tighter than most peers, but for good reason. We therefore see them as fairly valued.

   Japfa Comfeed's Q1/19 results were weak, with lower profitability and very poor cash flows. That said, the commodity nature of the business means that it is volatile, and cash flows will likely reverse later in the year. Revenue growth was acceptable, and supported by higher volumes and selling prices. The financial risk profile deteriorated, but remained healthy. Liquidity is weak, but will likely improve as cash flows strengthen.    We have revised down some of our projections to reflect the more challenging operating environment. Specifically, we now project FY 2019 revenue growth of 8% (down from 10%), with a margin 1 ppt lower than before. We also raised our capex forecast slightly.    We revise our Credit Bias on Japfa Comfeed to "Stable" from “Positive”, as the company’s strong competitive position, and sound financial risk profile should help to weather volatile operating environment. We maintain our “Hold” recommendation on the JPFAIJ '22s. While we like the credit, the Notes are trading tighter than most peers, but for good reason. We therefore see them as fairly valued. 

Japfa Comfeed - Earnings Flash - Q1 FY 2019 Results - Lucror Analytics

Japfa Comfeed Indonesia

Japfa Comfeed - Earnings Flash - Q1 FY 2019 Results - Lucror Analytics