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

In our view, Shui On’s FY 2021 results were somewhat strong. The company reported robust earnings growth, albeit this was due to a low base in FY 2020. Still, we expect revenue to increase further in FY 2022, given the good contracted sales. Leverage metrics improved, supported by a significant reduction in net debt. We view positively management’s intention to repay the USD 600 mn 6.4% perpetual securities on the first call date in June. After the repayment, Shui On will not have any perps on its balance sheet. The credit profile continues to be underpinned by the company's large and high-quality investment property portfolio, which covered adjusted debt by 1.4x and net debt by 2.7x at FYE 2021. We move our recommendation to "Buy" from "Hold" on the SHUION 5.75 23 and SHUION 6.15 24, and maintain our "Hold" on the rest of the curve.

  In our view, Shui On’s FY 2021 results were somewhat strong. The company reported robust earnings growth, albeit this was due to a low base in FY 2020. Still, we expect revenue to increase further in FY 2022, given the good contracted sales. Leverage metrics improved, supported by a significant reduction in net debt. We view positively management’s intention to repay the USD 600 mn 6.4% perpetual securities on the first call date in June. After the repayment, Shui On will not have any perps on its balance sheet.   The credit profile continues to be underpinned by the company's large and high-quality investment property portfolio, which covered adjusted debt by 1.4x and net debt by 2.7x at FYE 2021.   We move our recommendation to "Buy" from "Hold" on the SHUION 5.75 23 and SHUION 6.15 24, and maintain our "Hold" on the rest of the curve. 

Shui On Land - Earnings Flash - FY 2021 Results - Lucror Analytics