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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

Ronshine’s FY 2020 results surprised on the downside, especially the margin contraction. The revenue decline was somewhat within expectations, considering the disruption to construction activity on account of COVID-19. Contracted sales growth was satisfactory thanks to the company's significant exposure to the Yangtze River Delta region. That said, we note the rather low consolidation rate of around 43%, by our estimate. In addition, credit metrics worsened on account of the weak earnings and higher borrowings. In 2021, we expect Ronshine to maintain contracted sales growth and accelerate revenue recognition. However, the margin will continue to be low, with a gradual recovery expected only from 2022 onwards. Management said that debt will be kept around the same level in 2021, though it is keen to optimise the debt structure and lower the financing cost. Ronshine is likely to reduce its offshore debt, replacing this with lower-cost onshore borrowings.

  Ronshine’s FY 2020 results surprised on the downside, especially the margin contraction. The revenue decline was somewhat within expectations, considering the disruption to construction activity on account of COVID-19. Contracted sales growth was satisfactory thanks to the company's significant exposure to the Yangtze River Delta region. That said, we note the rather low consolidation rate of around 43%, by our estimate. In addition, credit metrics worsened on account of the weak earnings and higher borrowings.   In 2021, we expect Ronshine to maintain contracted sales growth and accelerate revenue recognition. However, the margin will continue to be low, with a gradual recovery expected only from 2022 onwards. Management said that debt will be kept around the same level in 2021, though it is keen to optimise the debt structure and lower the financing cost. Ronshine is likely to reduce its offshore debt, replacing this with lower-cost onshore borrowings. 

Ronshine - Earnings Flash - FY 2020 Results - Lucror Analytics

Ronshine China Holdings

Ronshine - Earnings Flash - FY 2020 Results - Lucror Analytics