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

Leonard Law, CFA

Senior Credit Analyst

Credit

We view Vista Land & Lifescapes (VLL) as "High Risk" on the LARA scale. This is mainly in consideration of the company's weak financial profile, with high leverage and inadequate Cash/Short-term Debt coverage. Moreover, there are large ongoing related-party transactions. Positively, the company enjoys high margins. It also has a sizeable portfolio of investment properties and long-term securities investments, which supports the balance sheet and provides recurring income. Our fundamental Credit Bias is "Negative", considering the company's track record of negative FCF generation and inadequate liquidity. Moreover, the challenging macroeconomic conditions (with rising costs and interest rates) may impact its margins and financing costs. That said, we believe VLL has good access to funding, which mitigates its debt repayment risk. In addition, we believe the controlling shareholders have a strong incentive to support VLL if needed. We initiate coverage with a "Hold" recommendation on the VLLPM notes. We deem the yield unattractive. That said, market technicals appear robust, possibly supported by demand from private banks and local investors.

  We view Vista Land & Lifescapes (VLL) as "High Risk" on the LARA scale. This is mainly in consideration of the company's weak financial profile, with high leverage and inadequate Cash/Short-term Debt coverage. Moreover, there are large ongoing related-party transactions. Positively, the company enjoys high margins. It also has a sizeable portfolio of investment properties and long-term securities investments, which supports the balance sheet and provides recurring income.   Our fundamental Credit Bias is "Negative", considering the company's track record of negative FCF generation and inadequate liquidity. Moreover, the challenging macroeconomic conditions (with rising costs and interest rates) may impact its margins and financing costs. That said, we believe VLL has good access to funding, which mitigates its debt repayment risk. In addition, we believe the controlling shareholders have a strong incentive to support VLL if needed.   We initiate coverage with a "Hold" recommendation on the VLLPM notes. We deem the yield unattractive. That said, market technicals appear robust, possibly supported by demand from private banks and local investors. 

Vista Land & Lifescapes - Tear Sheet - Lucror Analytics