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

Lippo Karawaci’s Q2 and H1/21 results were even better than our strong projections. The COVID-19 situation has benefited LPKR, as demand for affordable landed housing (especially in the suburbs, which are less densely populated) has risen on account of work-from-home policies, which have reduced the need for people to commute to the city centre. The consolidation of LMIRT has made the balance sheet and capital structure appear worse than they really are. Leverage and coverage ratios are not meaningful at the moment. Debt/EBITDA improved to below 5x. Liquidity remains healthy, with a good debt maturity profile. We expect the positive momentum to slow due to the spread of the Delta variant in Indonesia, which has been reporting c. 40 k cases a day. Malls are likely to be impacted for a few months. However, FCF should be positive in H2/21, as the handover of completed project units should result in recognition of revenue and EBITDA, and completed projects would no longer require construction funding.

  Lippo Karawaci’s Q2 and H1/21 results were even better than our strong projections. The COVID-19 situation has benefited LPKR, as demand for affordable landed housing (especially in the suburbs, which are less densely populated) has risen on account of work-from-home policies, which have reduced the need for people to commute to the city centre. The consolidation of LMIRT has made the balance sheet and capital structure appear worse than they really are. Leverage and coverage ratios are not meaningful at the moment. Debt/EBITDA improved to below 5x. Liquidity remains healthy, with a good debt maturity profile.   We expect the positive momentum to slow due to the spread of the Delta variant in Indonesia, which has been reporting c. 40 k cases a day. Malls are likely to be impacted for a few months. However, FCF should be positive in H2/21, as the handover of completed project units should result in recognition of revenue and EBITDA, and completed projects would no longer require construction funding.  

Lippo Karawaci - Earnings Flash - H1 FY 2021 Results - Lucror Analytics