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 H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was still fairly strong thanks to the company's presence in mainly high-tier cities. Financial metrics weakened slightly, with Revenue/Debt of 74% (FY 2018: 88%), Net Debt/Adjusted Inventory of 83% (FYE 2018: 74%) and EBITDA/Interest of 5.8x (FY 2018: 6.6x). Liquidity remains adequate, with the cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which we estimate to cover one-third of interest expenses. Road King’s disclosures are poorer than those of its peers. That said, the company will provide more details when it publishes its interim report.

   Road King’s H1/19 results were soft, with gross profit flat y-o-y. The gross margin contracted from a high base to 40% (H1/18: 47%), which was still fairly strong thanks to the company's presence in mainly high-tier cities. Financial metrics weakened slightly, with Revenue/Debt of 74% (FY 2018: 88%), Net Debt/Adjusted Inventory of 83% (FYE 2018: 74%) and EBITDA/Interest of 5.8x (FY 2018: 6.6x).    Liquidity remains adequate, with the cash balance being sufficient to cover short-term debt. We also like the steady cash dividends from the toll-road business, which we estimate to cover one-third of interest expenses.    Road King’s disclosures are poorer than those of its peers. That said, the company will provide more details when it publishes its interim report. 

Road King - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Road King Infrastructure

Road King - Earnings Flash - H1 FY 2019 Results - Lucror Analytics