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, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of the impact due to COVID-19 becoming apparent in late March. The full-year results were very poor, with H1 impacted by the Indian economy's sharp slowdown and COVID-19 in Q4 negating the slight recovery that materialised in Q3. The financial risk profile has increased significantly due to the debt the group has taken on to fund capex. This is unlikely to generate EBITDA in the short term. We are highly concerned by JSW's aggressive financial policy. Management is maintaining its high guidance for FY 2020-21 debt-funded capex. The company is continuing to fund existing expansion plans despite a highly challenging operating environment in which most other companies are scaling down capex. Liquidity is weak and cannot cover both short-term debt and capex. We expect the financial risk profile will continue to deteriorate.

  In our view, JSW Steel’s Q4/19-20 results were very weak, driven by lower sales volumes, reduced prices, and softer profitability, with some of the impact due to COVID-19 becoming apparent in late March. The full-year results were very poor, with H1 impacted by the Indian economy's sharp slowdown and COVID-19 in Q4 negating the slight recovery that materialised in Q3. The financial risk profile has increased significantly due to the debt the group has taken on to fund capex. This is unlikely to generate EBITDA in the short term.   We are highly concerned by JSW's aggressive financial policy. Management is maintaining its high guidance for FY 2020-21 debt-funded capex. The company is continuing to fund existing expansion plans despite a highly challenging operating environment in which most other companies are scaling down capex. Liquidity is weak and cannot cover both short-term debt and capex. We expect the financial risk profile will continue to deteriorate. 

JSW Steel - Earnings Flash - FY 2019-20 Results - Lucror Analytics

JSW Steel Ltd

JSW Steel - Earnings Flash - FY 2019-20 Results - Lucror Analytics