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

Pan Brothers' H1/19 results are reasonable, thanks to the decent growth in revenue (+9%) and EBITDA (+19%). The EBITDA margin improved slightly on reduced SG&A expenses, as the company incurred lower marketing expenses and staff costs. That said, debt remains elevated. We note that debt could pick up further if Pan Brothers executes its plans to expand plant capacity to 130 mn pieces by 2021. Cash flow also remains poor. Moreover, management has guided for negative CFO in FY 2020. For the rest of FY 2019, we foresee revenue growth of 10% and stable EBITDA margins, supported by higher utilisation of existing capacity. We also expect the financial profile to remain broadly stable, aided by cash collections during H2.  .

   Pan Brothers' H1/19 results are reasonable, thanks to the decent growth in revenue (+9%) and EBITDA (+19%). The EBITDA margin improved slightly on reduced SG&A expenses, as the company incurred lower marketing expenses and staff costs. That said, debt remains elevated. We note that debt could pick up further if Pan Brothers executes its plans to expand plant capacity to 130 mn pieces by 2021. Cash flow also remains poor. Moreover, management has guided for negative CFO in FY 2020.    For the rest of FY 2019, we foresee revenue growth of 10% and stable EBITDA margins, supported by higher utilisation of existing capacity. We also expect the financial profile to remain broadly stable, aided by cash collections during H2.  . 

Pan Brothers - Earnings Flash - H1 FY 2019 Results - Lucror Analytics