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

Sino-Ocean's FY 2018 results were below our expectations. The decline in revenue appears contradictory to the prior year's strong contracted sales, though the company did say it experienced construction delays in 2018. Margins weakened, with ASP soft as land and construction costs increased. We see little room for a recovery in margins, as the contracted ASP has remained soft so far this year. Contracted sales are still robust, albeit this includes sales from JVs and associates. It is difficult to predict Sino-Ocean's revenue recognition and cash collection, as revenue and cash are reflected on an attributable basis, while contracted sales are not. Sino-Ocean has been active in debt financing, issuing onshore and offshore bonds. Its aggregate borrowings surged in FY 2018 in support of its expansion, especially in higher-tier cities. The company’s leverage spiked, with the credit profile weakening.

   Sino-Ocean's FY 2018 results were below our expectations. The decline in revenue appears contradictory to the prior year's strong contracted sales, though the company did say it experienced construction delays in 2018. Margins weakened, with ASP soft as land and construction costs increased. We see little room for a recovery in margins, as the contracted ASP has remained soft so far this year. Contracted sales are still robust, albeit this includes sales from JVs and associates. It is difficult to predict Sino-Ocean's revenue recognition and cash collection, as revenue and cash are reflected on an attributable basis, while contracted sales are not.    Sino-Ocean has been active in debt financing, issuing onshore and offshore bonds. Its aggregate borrowings surged in FY 2018 in support of its expansion, especially in higher-tier cities. The company’s leverage spiked, with the credit profile weakening. 

Sino-Ocean - Earnings Flash - FY 2018 Results - Lucror Analytics

Sino-Ocean Group

Sino-Ocean - Earnings Flash - FY 2018 Results - Lucror Analytics