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

We view Times China as “Medium Risk” on the LARA scale. The company has eased the pace of its expansion, although it remains highly levered. The recovery in contracted sales has been promising after lockdowns driven by the COVID-19 outbreak. That said, the pandemic has affected property deliveries, with revenue recognition slowing down. We like Times China’s geographical exposure to the Greater Bay Area, considering the robust property market and stable regulatory environment. The company also has a decent land bank and significant exposure to urban development projects. Its target is the robust mid-range residential market. Our Credit Bias on Times China is “Stable”, given the recovery in contracted sales. The company should have a strong base for revenue recognition in the coming years. Furthermore, its pace of expansion was prudent in 2020. Positively, Times China has extended its maturity profile to better match the long development cycle of its urban redevelopment projects. That said, we remain cautious on the company’s elevated debt and high funding costs, as well as its extensive use of JV structures, which undermines transparency. The liquidity profile remains satisfactory. We view Times China as “Weak” on the LAGA scale. This is primarily driven by the 61.5% control wielded by Chairman/CEO Shum Chiu Hung.

  We view Times China as “Medium Risk” on the LARA scale. The company has eased the pace of its expansion, although it remains highly levered. The recovery in contracted sales has been promising after lockdowns driven by the COVID-19 outbreak. That said, the pandemic has affected property deliveries, with revenue recognition slowing down. We like Times China’s geographical exposure to the Greater Bay Area, considering the robust property market and stable regulatory environment. The company also has a decent land bank and significant exposure to urban development projects. Its target is the robust mid-range residential market.   Our Credit Bias on Times China is “Stable”, given the recovery in contracted sales. The company should have a strong base for revenue recognition in the coming years. Furthermore, its pace of expansion was prudent in 2020. Positively, Times China has extended its maturity profile to better match the long development cycle of its urban redevelopment projects. That said, we remain cautious on the company’s elevated debt and high funding costs, as well as its extensive use of JV structures, which undermines transparency. The liquidity profile remains satisfactory.   We view Times China as “Weak” on the LAGA scale. This is primarily driven by the 61.5% control wielded by Chairman/CEO Shum Chiu Hung. 

Times China - Tear Sheet - Lucror Analytics