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

While Lippo Karawaci's (LPKR) Q1/19 results were weaker than expected, the update on the capital-raising plan and the cash inflows made up for the poor showing. Revenue was robust but profitability was disappointing and there were larger cash outflows y-o-y. The positive developments were: [1] the USD 280 mn cash deposit for the right issues from the controlling shareholders was reflected on the balance sheet; and [2] the completion of the sale of the two Myanmar hospitals. We believe the worst may be over for the company. We expect the rest of FY 2019 to be similar, with continued growth in revenue and pressure on profitability, as well as large free cash outflows of c. IDR 3 tn. This should be funded by the significant proceeds from the USD 1.01 bn (IDR 14.2 tn) capital-raising plan. We expect debt to fall on the back of the capital-raising plan. The cash proceeds should enable LPKR to execute its turnaround plan. The large land bank of 1,297 ha (excluding Meikarta) in attractive locations will mitigate execution risk.

   While Lippo Karawaci's (LPKR) Q1/19 results were weaker than expected, the update on the capital-raising plan and the cash inflows made up for the poor showing. Revenue was robust but profitability was disappointing and there were larger cash outflows y-o-y. The positive developments were: [1] the USD 280 mn cash deposit for the right issues from the controlling shareholders was reflected on the balance sheet; and [2] the completion of the sale of the two Myanmar hospitals. We believe the worst may be over for the company.    We expect the rest of FY 2019 to be similar, with continued growth in revenue and pressure on profitability, as well as large free cash outflows of c. IDR 3 tn. This should be funded by the significant proceeds from the USD 1.01 bn (IDR 14.2 tn) capital-raising plan. We expect debt to fall on the back of the capital-raising plan. The cash proceeds should enable LPKR to execute its turnaround plan. The large land bank of 1,297 ha (excluding Meikarta) in attractive locations will mitigate execution risk. 

Lippo Karawaci - Earnings Flash - Q1 FY 2019 Results - Lucror Analytics