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

WCC’s FY 2021 results were somewhat weak, due to the gross margin contraction amid high coal costs. That said, we do not foresee much room for further margin compression, given the already high base for coal prices. Meanwhile, the weaker leverage was within expectations, given that the company continues to invest heavily for its expansion in Africa. In our view, WCC’s expansion in Africa will improve geographical diversification and profitability, as management highlighted that the projects in this region can fetch high margins. That said, leverage is likely to continue deteriorating, as the projects will take time to ramp up. The company may also be exposed to geopolitical and execution risks in the frontier markets. In addition, there is a development lead time of c. 2 years before the projects can generate meaningful earnings.

  WCC’s FY 2021 results were somewhat weak, due to the gross margin contraction amid high coal costs. That said, we do not foresee much room for further margin compression, given the already high base for coal prices. Meanwhile, the weaker leverage was within expectations, given that the company continues to invest heavily for its expansion in Africa.   In our view, WCC’s expansion in Africa will improve geographical diversification and profitability, as management highlighted that the projects in this region can fetch high margins. That said, leverage is likely to continue deteriorating, as the projects will take time to ramp up. The company may also be exposed to geopolitical and execution risks in the frontier markets. In addition, there is a development lead time of c. 2 years before the projects can generate meaningful earnings. 

West China Cement - Earnings Flash - FY 2021 Results - Lucror Analytics