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

Road King's FY 2021 results were mixed in our view. The company's gross margin continued to contract, albeit this was in line with industry trends. The increase in net debt persisted, as Road King continued to make sizeable land purchases. While the company's cash dividends from toll-road JVs have recovered from the low base in FY 2020, we note the amount remains below those for FY 2018 and FY 2019. The FY 2021 dividends were sufficient to cover 24% of interest expense (FY 2020: 18%). Liquidity appears adequate, and we expect Road King to be able to repay its CNY 869 mn of domestic bonds due in September. Positively, we believe the company does not have to redeem its perpetuals at their respective first call dates. Additionally, Road King has not faced any material allegations of hidden debt to date.

  Road King's FY 2021 results were mixed in our view. The company's gross margin continued to contract, albeit this was in line with industry trends. The increase in net debt persisted, as Road King continued to make sizeable land purchases. While the company's cash dividends from toll-road JVs have recovered from the low base in FY 2020, we note the amount remains below those for FY 2018 and FY 2019. The FY 2021 dividends were sufficient to cover 24% of interest expense (FY 2020: 18%).   Liquidity appears adequate, and we expect Road King to be able to repay its CNY 869 mn of domestic bonds due in September. Positively, we believe the company does not have to redeem its perpetuals at their respective first call dates. Additionally, Road King has not faced any material allegations of hidden debt to date. 

Road King - Earnings Flash - FY 2021 Results - Lucror Analytics

Road King Infrastructure

Road King - Earnings Flash - FY 2021 Results - Lucror Analytics