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

We view Pakuwon Jati (PWON) as “Low Risk” on the LARA scale, on account of the company's prudent financial policy in recent times, strong balance sheet, good access to capital, and track record of achieving growth amid challenging market conditions. The company has the best credit metrics among its Indonesian peers. PWON has withstood the downturn in Indonesian real estate. We like its high share of recurring income (slightly more than half of group revenues) and diversified portfolio of properties spanning the residential, retail, office and hotel segments. These mitigate its history of debt restructuring. The key risk is a change in consumer behaviour, which might result in low mall traffic even long after COVID-19 lockdowns have ended. Our fundamental Credit Bias is “Stable”, as the robust balance sheet should support the company in weathering the negative effects from COVID-19. We view PWON’s corporate governance as “Weak” on the LAGA scale, mainly as it has a history of debt restructuring. Other factors include the ownership structure (it is majority owned and controlled by President Commissioner Alexander Tedja and his family) and the small Board, with only three members.

  We view Pakuwon Jati (PWON) as “Low Risk” on the LARA scale, on account of the company's prudent financial policy in recent times, strong balance sheet, good access to capital, and track record of achieving growth amid challenging market conditions. The company has the best credit metrics among its Indonesian peers. PWON has withstood the downturn in Indonesian real estate. We like its high share of recurring income (slightly more than half of group revenues) and diversified portfolio of properties spanning the residential, retail, office and hotel segments. These mitigate its history of debt restructuring. The key risk is a change in consumer behaviour, which might result in low mall traffic even long after COVID-19 lockdowns have ended.   Our fundamental Credit Bias is “Stable”, as the robust balance sheet should support the company in weathering the negative effects from COVID-19.   We view PWON’s corporate governance as “Weak” on the LAGA scale, mainly as it has a history of debt restructuring. Other factors include the ownership structure (it is majority owned and controlled by President Commissioner Alexander Tedja and his family) and the small Board, with only three members. 

Pakuwon Jati - Tear Sheet - Lucror Analytics