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

Olam: Lots of Corporate Activity in '22/'23 to Unlock Significant Value for Temasek and Minorities

Olam Unlocks Value Through the Sale of 35.4% of Olam Agri to SALIC

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Credit

Olam’s H1/21 earnings were robust, with strong EBIT growth at OFI and OGA. Leverage has weakened temporarily due to the Olde Thompson acquisition. That said, we expect leverage to improve, given the cash infusion from the July rights issuance and earnings contribution from the newly acquired business. Going forward, the key credit consideration will be the re-organisation of Olam’s debt structure for its three operating entities. Management highlighted that this is still a work in progress, though it should be finalised by end-2021. We revise our LARA to "Medium Risk" from "High Risk", as we expect Temasek to remain the majority shareholder of Olam, as well as of OFI and OGA after their separate listings. We believe the Temasek ownership is critical as it will allow the company to maintain strong access to financing, which is the lifeblood of Olam's trading-oriented business model.

  Olam’s H1/21 earnings were robust, with strong EBIT growth at OFI and OGA. Leverage has weakened temporarily due to the Olde Thompson acquisition. That said, we expect leverage to improve, given the cash infusion from the July rights issuance and earnings contribution from the newly acquired business.   Going forward, the key credit consideration will be the re-organisation of Olam’s debt structure for its three operating entities. Management highlighted that this is still a work in progress, though it should be finalised by end-2021.   We revise our LARA to "Medium Risk" from "High Risk", as we expect Temasek to remain the majority shareholder of Olam, as well as of OFI and OGA after their separate listings. We believe the Temasek ownership is critical as it will allow the company to maintain strong access to financing, which is the lifeblood of Olam's trading-oriented business model. 

Olam International - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Olam Group

Olam International - Earnings Flash - H1 FY 2021 Results - Lucror Analytics