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

JSW Steel's Q4 and FY 2018-19 results were better than expected amid the challenging steel operating environment in H2. The financial risk profile was stable, as earnings growth kept pace with the large increase in debt. Liquidity was weak in view of the large guided capex plan. Despite the decent FY 2018-19 results, we are less positive on FY 2019-20, owing to the negative outlook for steel on account of tough competition. This, along with the company's ongoing expansion investments, may lead to an increase in debt, softer earnings, and an overall deterioration in the credit profile. Currently, production is capped at 18 mtpa and the company is running near full capacity. It is planning to expand to 24 mtpa with capex of c. INR 49,000 cr, of which INR 34,000 cr is to be spent in FY 2019-20 and FY 2020-21.  Our fundamental Credit Bias remains "Stable", on account of acquisition risk and the group's partly debt-funded and aggressive expansion plan. This may slow the pace of improvement in its operations and balance sheet. We maintain our “Hold” recommendation on the JSTLIN Notes, which appear fairly valued compared to peers. Holders of the 2019 Notes should consider switching into the new Notes.

   JSW Steel's Q4 and FY 2018-19 results were better than expected amid the challenging steel operating environment in H2. The financial risk profile was stable, as earnings growth kept pace with the large increase in debt. Liquidity was weak in view of the large guided capex plan.    Despite the decent FY 2018-19 results, we are less positive on FY 2019-20, owing to the negative outlook for steel on account of tough competition. This, along with the company's ongoing expansion investments, may lead to an increase in debt, softer earnings, and an overall deterioration in the credit profile. Currently, production is capped at 18 mtpa and the company is running near full capacity. It is planning to expand to 24 mtpa with capex of c. INR 49,000 cr, of which INR 34,000 cr is to be spent in FY 2019-20 and FY 2020-21.     Our fundamental Credit Bias remains "Stable", on account of acquisition risk and the group's partly debt-funded and aggressive expansion plan. This may slow the pace of improvement in its operations and balance sheet.    We maintain our “Hold” recommendation on the JSTLIN Notes, which appear fairly valued compared to peers. Holders of the 2019 Notes should consider switching into the new Notes. 

JSW Steel - Earnings Flash - FY 2018-19 Results - Lucror Analytics

JSW Steel Ltd

JSW Steel - Earnings Flash - FY 2018-19 Results - Lucror Analytics