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

On the surface, Lippo Karawaci’s FY 2018 results were acceptable, with decent growth in revenue and profit driving an improvement in leverage and coverage. Beyond that, however, cash flow issues persisted, with OCF very weak (albeit marginally improved on FY 2017). LPKR’s remains dependent on fundraising to plug its large cash outflows, through asset sales or other means. LPKR remains at risk of negative rating actions, in the light of its liquidity issues and its delay in addressing them. Our fundamental Credit Bias on LPKR remains “Negative”, given its very poor cash flows and liquidity, as well as issues (e.g. permits and bribery allegations) related to the Meikarta project. We maintain "Not Recommended" on the LPKRIJ Notes.

   On the surface, Lippo Karawaci’s FY 2018 results were acceptable, with decent growth in revenue and profit driving an improvement in leverage and coverage. Beyond that, however, cash flow issues persisted, with OCF very weak (albeit marginally improved on FY 2017). LPKR’s remains dependent on fundraising to plug its large cash outflows, through asset sales or other means.    LPKR remains at risk of negative rating actions, in the light of its liquidity issues and its delay in addressing them.    Our fundamental Credit Bias on LPKR remains “Negative”, given its very poor cash flows and liquidity, as well as issues (e.g. permits and bribery allegations) related to the Meikarta project. We maintain "Not Recommended" on the LPKRIJ Notes. 

Lippo Karawaci - Earnings Flash - FY 2018 Results - Lucror Analytics