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' H1/23 results were acceptable, as earnings improved in Q2 after a disappointing first quarter. Crucially, Grand Lisboa Palace continues to ramp up its operations gradually and the asset has achieved EBITDA break-even since June. That said, the company’s overall GGR market share remains meaningfully below its FY 2019 level.​ SJM reported slight positive EBITDA in H1, albeit we believe FCF was slightly negative after interest payments. The company’s profitability is likely to lag that of peers for the next 1-2 years. We note that some investors are concerned about the economic slowdown in China, which could impact discretionary consumer spending (e.g. gaming and travel to Macau). That said, we believe the Chinese consumer market is large enough to sustain a continued recovery of Macau’s gaming sector.

  SJM Holdings' H1/23 results were acceptable, as earnings improved in Q2 after a disappointing first quarter. Crucially, Grand Lisboa Palace continues to ramp up its operations gradually and the asset has achieved EBITDA break-even since June. That said, the company’s overall GGR market share remains meaningfully below its FY 2019 level.​ SJM reported slight positive EBITDA in H1, albeit we believe FCF was slightly negative after interest payments. The company’s profitability is likely to lag that of peers for the next 1-2 years.   We note that some investors are concerned about the economic slowdown in China, which could impact discretionary consumer spending (e.g. gaming and travel to Macau). That said, we believe the Chinese consumer market is large enough to sustain a continued recovery of Macau’s gaming sector.  

SJM Holdings - Earnings Flash - H1 FY 2023 Results - Lucror Analytics