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

Leonard Law, CFA

Senior Credit Analyst

Credit

<p><br/> KWG’s H1/20 results exceeded our expectations, on account of healthy earnings growth and slight leverage improvement. The company’s credit profile is supported by its large and growing portfolio of investment properties. At end-June 2020, the portfolio value was 7% higher relative to FYE 2019 at CNY 29.1 bn, covering 35% of gross debt and 84% of net debt. That said, recurring revenues from rentals and hotels covered only 16% of H1/20 interest expenses (H1/19: 19%). We continue to view negatively the company’s continued heavy use of JV structures, as well as the large loan advances and increased guarantees provided to these JVs.<br/></p>

  KWG’s H1/20 results exceeded our expectations, on account of healthy earnings growth and slight leverage improvement. The company’s credit profile is supported by its large and growing portfolio of investment properties. At end-June 2020, the portfolio value was 7% higher relative to FYE 2019 at CNY 29.1 bn, covering 35% of gross debt and 84% of net debt. That said, recurring revenues from rentals and hotels covered only 16% of H1/20 interest expenses (H1/19: 19%). We continue to view negatively the company’s continued heavy use of JV structures, as well as the large loan advances and increased guarantees provided to these JVs. 

KWG Group - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Kwg Property Holding

KWG Group - Earnings Flash - H1 FY 2020 Results - Lucror Analytics