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

SJM Holdings' FY 2022 earnings were strong, albeit inconsequential in our view. The company reported smaller revenue and GGR declines compared to the industry, and delivered commendable market share growth (supported by a better showing at its self-promoted casinos). It is uncertain if SJM can retain the market share gains going forward, considering the slow ramp-up at Grand Lisboa Palace (GLP) as well as the company's closure of five satellite and two self-promoted casinos. SJM may also have to contend with higher employee costs, as it has a surplus of gaming staff (arising from the casino closures) but insufficient headcount to ramp up operations at GLP. We expect FCF to remain deeply negative in FY 2023, due to high capex and an uncertain earnings trajectory.

  SJM Holdings' FY 2022 earnings were strong, albeit inconsequential in our view. The company reported smaller revenue and GGR declines compared to the industry, and delivered commendable market share growth (supported by a better showing at its self-promoted casinos).   It is uncertain if SJM can retain the market share gains going forward, considering the slow ramp-up at Grand Lisboa Palace (GLP) as well as the company's closure of five satellite and two self-promoted casinos. SJM may also have to contend with higher employee costs, as it has a surplus of gaming staff (arising from the casino closures) but insufficient headcount to ramp up operations at GLP. We expect FCF to remain deeply negative in FY 2023, due to high capex and an uncertain earnings trajectory. 

SJM Holdings - Earnings Flash - FY 2022 Results - Lucror Analytics