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

TVB’s FY 2018 results were soft, and implied sequentially weaker H2 performance. The focus was on the impairment of the group's bond holdings, which were acquired only in H1 with the cash originally earmarked for the cancelled share repurchase plan. In FY 2019, we expect relatively stable performance, with the overhang challenges of traditional TV weighing down on the key business and therefore overall profitability. That said, it is hard to foresee whether other bonds in TVB's holdings will default. In our view, there is a misalignment of interests between the controlling shareholders and creditors. It is unclear if TVB will be able to consistently generate profits from its investments, to repay the USD Notes, as it recognised losses on these investments in FY 2018. We are also sceptical on TVB's ability to issue new Notes for refinancing purposes. We maintain "Not Recommended" on the Notes, owing to the corporate governance issues.

   TVB’s FY 2018 results were soft, and implied sequentially weaker H2 performance. The focus was on the impairment of the group's bond holdings, which were acquired only in H1 with the cash originally earmarked for the cancelled share repurchase plan. In FY 2019, we expect relatively stable performance, with the overhang challenges of traditional TV weighing down on the key business and therefore overall profitability. That said, it is hard to foresee whether other bonds in TVB's holdings will default.    In our view, there is a misalignment of interests between the controlling shareholders and creditors. It is unclear if TVB will be able to consistently generate profits from its investments, to repay the USD Notes, as it recognised losses on these investments in FY 2018. We are also sceptical on TVB's ability to issue new Notes for refinancing purposes. We maintain "Not Recommended" on the Notes, owing to the corporate governance issues. 

Television Broadcasts - Earnings Flash - FY 2018 Results - Lucror Analytics