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

Times China has a simple build-to-sell business model and has undertaken extensive debt-funded expansion. The top line was soft in H1/20, with the absence of revenue streams from urban redevelopment and property management. The property sales segment recognised similar revenue as a year ago, but margins deteriorated, possibly as a result of a price-cutting strategy. Debt was elevated, as the company actively raised new bonds both onshore and offshore. This could be due to its significant exposure to the urban redevelopment sector, which requires large capital investments and has a long return cycle. Positively, Times China slowed its pace of expansion, spending 13% of contracted sales on land purchases in H1/20. The liquidity profile remains sound, albeit we note that the large proportion of short-term debt could raise refinancing pressure. A major negative is the extensive use of JV structures, which were loss-making in H1.

  Times China has a simple build-to-sell business model and has undertaken extensive debt-funded expansion. The top line was soft in H1/20, with the absence of revenue streams from urban redevelopment and property management. The property sales segment recognised similar revenue as a year ago, but margins deteriorated, possibly as a result of a price-cutting strategy.   Debt was elevated, as the company actively raised new bonds both onshore and offshore. This could be due to its significant exposure to the urban redevelopment sector, which requires large capital investments and has a long return cycle. Positively, Times China slowed its pace of expansion, spending 13% of contracted sales on land purchases in H1/20. The liquidity profile remains sound, albeit we note that the large proportion of short-term debt could raise refinancing pressure. A major negative is the extensive use of JV structures, which were loss-making in H1. 

Times China - Earnings Flash - H1 FY 2020 Results - Lucror Analytics