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

Trung Nguyen

Senior Credit Analyst

Credit

Tata Motors’ Q4 and FY 2020-21 results were strong, with significant improvement in profitability thanks to the company's cost-saving programme as well as robust sales volumes across segments. The financial risk profile also improved substantially. Liquidity is sound. However, we note that Jaguar Land Rover (JLR) continued to write down its capitalised development assets, with the capitalisation cost being much higher than the industry average (e.g. BMW and Daimler). Five quarters ago, JLR wrote down GBP 3.1 bn "due to slowdown in China and Brexit uncertainties". Higher capitalised costs will bolster EBITDA (costs are understated, while depreciation is not captured). The frequent writing down of development costs suggests that some of these costs should be categorised as operating expenses instead.

  Tata Motors’ Q4 and FY 2020-21 results were strong, with significant improvement in profitability thanks to the company's cost-saving programme as well as robust sales volumes across segments. The financial risk profile also improved substantially. Liquidity is sound.   However, we note that Jaguar Land Rover (JLR) continued to write down its capitalised development assets, with the capitalisation cost being much higher than the industry average (e.g. BMW and Daimler). Five quarters ago, JLR wrote down GBP 3.1 bn "due to slowdown in China and Brexit uncertainties". Higher capitalised costs will bolster EBITDA (costs are understated, while depreciation is not captured). The frequent writing down of development costs suggests that some of these costs should be categorised as operating expenses instead. 

Tata Motors - Earnings Flash - Q4 And FY 2020-21 Results - Lucror Analytics

Tata Motors Ltd

Tata Motors - Earnings Flash - Q4 And FY 2020-21 Results - Lucror Analytics