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’s Q2/19-20 performance was much weaker than both our expectations and the street consensus, with a large drop in selling prices and profitability. The company was greatly affected by the sharp slowdown in the auto segment, which has been severely impacted by the tight liquidity situation onshore. The financial risk profile has deteriorated significantly, and may have tripped the rating agencies’ negative triggers. We expect the profile to worsen even further. Liquidity is weak. The key risk for JSW is its aggressive expansion plan amid the weak operating environment, both organically as well as via acquisitions, especially the large acquisition of bankrupt Bhushan Power and Steel Ltd (c. INR 19,000 cr). We expect negative pressure on JSW’s ratings in the next one year from both Moody’s and Fitch.

  JSW’s Q2/19-20 performance was much weaker than both our expectations and the street consensus, with a large drop in selling prices and profitability. The company was greatly affected by the sharp slowdown in the auto segment, which has been severely impacted by the tight liquidity situation onshore. The financial risk profile has deteriorated significantly, and may have tripped the rating agencies’ negative triggers. We expect the profile to worsen even further. Liquidity is weak.   The key risk for JSW is its aggressive expansion plan amid the weak operating environment, both organically as well as via acquisitions, especially the large acquisition of bankrupt Bhushan Power and Steel Ltd (c. INR 19,000 cr).   We expect negative pressure on JSW’s ratings in the next one year from both Moody’s and Fitch. 

JSW Steel - Earnings Flash - Q2 FY 2019-20 Results - Lucror Analytics

JSW Steel Ltd

JSW Steel - Earnings Flash - Q2 FY 2019-20 Results - Lucror Analytics