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 Steel’s Q2/19-20 results were unsurprisingly weak, being very similar to peer JSW’s figures for the same period. Revenue and earnings dropped massively. Financial risk increased sharply, and liquidity is poor. We believe that the operating environment in India has passed its peak, with earnings to follow a downtrend for the next few years. The business environment in India is highly worrying. In the next two quarters, we anticipate weaker production and sales volume in India with flattish stats in Europe. The seasonal factors cited by the company should not have much impact, since the comparison is made on a y-o-y basis. Further, while the tax cut has somewhat boosted sentiment, the liquidity crisis remains severe, with banks and shadow financial firms collapsing. We believe that rating pressure will start to build up on Tata Steel’s ratings of Ba2 (stable) / BB- (positive) / BB (stable). We revise our LARA to “High Risk” from “Medium Risk”, as we expect the financial risk profile to remain elevated for a sustained period amid the challenging operating environment.

  Tata Steel’s Q2/19-20 results were unsurprisingly weak, being very similar to peer JSW’s figures for the same period. Revenue and earnings dropped massively. Financial risk increased sharply, and liquidity is poor. We believe that the operating environment in India has passed its peak, with earnings to follow a downtrend for the next few years. The business environment in India is highly worrying.   In the next two quarters, we anticipate weaker production and sales volume in India with flattish stats in Europe. The seasonal factors cited by the company should not have much impact, since the comparison is made on a y-o-y basis. Further, while the tax cut has somewhat boosted sentiment, the liquidity crisis remains severe, with banks and shadow financial firms collapsing.   We believe that rating pressure will start to build up on Tata Steel’s ratings of Ba2 (stable) / BB- (positive) / BB (stable). We revise our LARA to “High Risk” from “Medium Risk”, as we expect the financial risk profile to remain elevated for a sustained period amid the challenging operating environment. 

Tata Steel - Earnings Flash - H1 FY 2019-20 Results - Lucror Analytics

Tata Steel Ltd

Tata Steel - Earnings Flash - H1 FY 2019-20 Results - Lucror Analytics