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

We view Longfor Group as “Low Risk” on the LARA scale. Our assessment reflects the: [1] balanced operating model, with a track record of resilient sales growth through industry headwinds; [2] sound financial profile, thanks to a solid record of financial discipline and stable leverage; [3] multiple sources of financing, leading to low financing costs and a well-structured debt maturity profile; and [4] good-quality land reserve spanning Tier 1, 2 and core Tier 3 cities. The company is expanding its property investment portfolio to boost recurring rental income. We believe Longfor ​can maintain its fundamental credit profile, and has the capability to keep liquidity healthy amid volatile market conditions. Conversely, our assessment also considers risk associated with the company's high exposure to property market volatility, and execution risks for its investment properties. In addition, Longfor is susceptible to weak market sentiment and adverse regulatory changes. Our fundamental Credit Bias on Longfor is "Stable" on account of its: [1] strong liquidity risk profile; [2] sound credit metrics; [3] decent access to financing; [4] growing recurring rental income, which promotes cash-flow stability; and [5] solid market position, with a focus on upper-tier cities. We like the company’s strategy of strict capital management and disciplined financing, which allows it to withstand market volatility and maintain a sound financial profile. Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral".  We move our recommendation on the LNGFOR curve to "Hold" from "Buy".

  We view Longfor Group as “Low Risk” on the LARA scale. Our assessment reflects the: [1] balanced operating model, with a track record of resilient sales growth through industry headwinds; [2] sound financial profile, thanks to a solid record of financial discipline and stable leverage; [3] multiple sources of financing, leading to low financing costs and a well-structured debt maturity profile; and [4] good-quality land reserve spanning Tier 1, 2 and core Tier 3 cities. The company is expanding its property investment portfolio to boost recurring rental income. We believe Longfor ​can maintain its fundamental credit profile, and has the capability to keep liquidity healthy amid volatile market conditions.   Conversely, our assessment also considers risk associated with the company's high exposure to property market volatility, and execution risks for its investment properties. In addition, Longfor is susceptible to weak market sentiment and adverse regulatory changes.   Our fundamental Credit Bias on Longfor is "Stable" on account of its: [1] strong liquidity risk profile; [2] sound credit metrics; [3] decent access to financing; [4] growing recurring rental income, which promotes cash-flow stability; and [5] solid market position, with a focus on upper-tier cities. We like the company’s strategy of strict capital management and disciplined financing, which allows it to withstand market volatility and maintain a sound financial profile.   Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral".    We move our recommendation on the LNGFOR curve to "Hold" from "Buy". 

Longfor Group - Tear Sheet - Lucror Analytics

Longfor Properties

Longfor Group - Tear Sheet - Lucror Analytics