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

In our view, Vedanta Resources’ H1/18-19 results were acceptable. We are encouraged by the good disclosure despite the delisting. The key operational highlight was the plan in oil & gas to develop new fields. Revenue and earnings growth was muted, which was understandable given the closure of the Tuticorin mine. In addition, the increase in debt due to the Electrosteel acquisition was negligible. The financial risk profile was stable and liquidity is adequate. Our fundamental Credit Bias on Vedanta remains "Negative", as the recent delisting may lead to reduced transparency and checks and balances. It also highlights our concerns about Chairman Anil Agarwal's aggressive appetite for acquisitions, and offsets the continued improvement in operations, which came on the back of a recovery in commodity prices. We revise our recommendation to "Buy" on the VEDLN curve from "Hold". The curve are trading wide compared to peers.

   In our view, Vedanta Resources’ H1/18-19 results were acceptable. We are encouraged by the good disclosure despite the delisting. The key operational highlight was the plan in oil & gas to develop new fields. Revenue and earnings growth was muted, which was understandable given the closure of the Tuticorin mine. In addition, the increase in debt due to the Electrosteel acquisition was negligible. The financial risk profile was stable and liquidity is adequate.    Our fundamental Credit Bias on Vedanta remains "Negative", as the recent delisting may lead to reduced transparency and checks and balances. It also highlights our concerns about Chairman Anil Agarwal's aggressive appetite for acquisitions, and offsets the continued improvement in operations, which came on the back of a recovery in commodity prices.    We revise our recommendation to "Buy" on the VEDLN curve from "Hold". The curve are trading wide compared to peers. 

Vedanta Resources - Earnings Flash - H1 FY 2018-19 Results - Lucror Analytics