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

Sawit Sumbermas Sarana (SSMS) released soft FY 2018 results, as profitability weakened on a decline in CPO prices. Gross profit and EBITDA decreased 7% and 15% y-o-y, respectively. Operating cash flow also decreased significantly (-64% to IDR 324 bn). Furthermore, the leverage profile continued to deteriorate, with Debt/EBITDA at 5.2x (FY 2017: 3.3x) and Net Debt/EBITDA at 3.2x (FY 2017: 1.8x). We note that the company failed to achieve its previously stated Net Debt/EBITDA target of below 3x.  Part of the increase in debt was used to fund loans to related parties, which increased by c. IDR 500 bn to IDR 2.2 tn at FYE 2018. We continue to view such loans as a major negative. SMSS is aiming for 10% sales growth in FY 2019.

   Sawit Sumbermas Sarana (SSMS) released soft FY 2018 results, as profitability weakened on a decline in CPO prices. Gross profit and EBITDA decreased 7% and 15% y-o-y, respectively. Operating cash flow also decreased significantly (-64% to IDR 324 bn). Furthermore, the leverage profile continued to deteriorate, with Debt/EBITDA at 5.2x (FY 2017: 3.3x) and Net Debt/EBITDA at 3.2x (FY 2017: 1.8x). We note that the company failed to achieve its previously stated Net Debt/EBITDA target of below 3x.     Part of the increase in debt was used to fund loans to related parties, which increased by c. IDR 500 bn to IDR 2.2 tn at FYE 2018. We continue to view such loans as a major negative. SMSS is aiming for 10% sales growth in FY 2019. 

Sawit Sumbermas - Earnings Flash - FY 2018 Results - Lucror Analytics