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 Q2/21-22 results were good. Revenue and earnings surged on the account of a favourable operating environment and higher volumes. Leverage improved significantly, with sound metrics. Liquidity is adequate. BPSL reported surprisingly good profitability, and should be consolidated from Q3/21-22.   The outlook for JSW remains positive, underpinned by: (i) large capacity growth, especially the scheduled commencement of the 5 mtpa Dolvi expansion in Q3/21-22, the expansion in BPSL and the 5 mtpa expansion in Vijayanagar; and (ii) high steel prices and good product spreads. Leverage is modest and will likely improve further, while liquidity is adequate. Considering BPSL’s strong profitability and acceptable debt level, the consolidation of BPSL will result in a one-off but minor bump in leverage, which should be offset by stronger earnings at the end of the fiscal year.  We expect positive rating pressure.

  In our view, JSW Steel’s Q2/21-22 results were good. Revenue and earnings surged on the account of a favourable operating environment and higher volumes. Leverage improved significantly, with sound metrics. Liquidity is adequate. BPSL reported surprisingly good profitability, and should be consolidated from Q3/21-22.     The outlook for JSW remains positive, underpinned by: (i) large capacity growth, especially the scheduled commencement of the 5 mtpa Dolvi expansion in Q3/21-22, the expansion in BPSL and the 5 mtpa expansion in Vijayanagar; and (ii) high steel prices and good product spreads. Leverage is modest and will likely improve further, while liquidity is adequate. Considering BPSL’s strong profitability and acceptable debt level, the consolidation of BPSL will result in a one-off but minor bump in leverage, which should be offset by stronger earnings at the end of the fiscal year.    We expect positive rating pressure. 

JSW Steel - Earnings Flash - Q2 FY 2021-22 Results - Lucror Analytics

JSW Steel Ltd

JSW Steel - Earnings Flash - Q2 FY 2021-22 Results - Lucror Analytics