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

Yanlord’s results remained weaker than expected in Q2/19, owing to a sharp decline (-66% y-o-y) in the GFA of properties delivered during the quarter. This was partly offset by the higher ASP (+11% to CNY 28.5 k per sqm). Quarterly revenue dropped 58% y-o-y, while for H1, revenue and gross profit were both down 54%. According to the company, its H1/19 consolidated contracted sales (including JVs and associates) soared 78% y-o-y to CNY 21 bn. This might boost future revenue recognition and earnings. At end-June 2019, Yanlord’s total debt was 7% lower relative to FYE 2018 at CNY 39 bn, while cash balances increased by CNY 6.6 bn to CNY 16.9 bn. That said, the drop in debt might be due to the deconsolidation of certain debt-bearing subsidiaries. We revise our fundamental Credit Bias on Yanlord to "Negative" from "Stable".

   Yanlord’s results remained weaker than expected in Q2/19, owing to a sharp decline (-66% y-o-y) in the GFA of properties delivered during the quarter. This was partly offset by the higher ASP (+11% to CNY 28.5 k per sqm). Quarterly revenue dropped 58% y-o-y, while for H1, revenue and gross profit were both down 54%.    According to the company, its H1/19 consolidated contracted sales (including JVs and associates) soared 78% y-o-y to CNY 21 bn. This might boost future revenue recognition and earnings. At end-June 2019, Yanlord’s total debt was 7% lower relative to FYE 2018 at CNY 39 bn, while cash balances increased by CNY 6.6 bn to CNY 16.9 bn. That said, the drop in debt might be due to the deconsolidation of certain debt-bearing subsidiaries.    We revise our fundamental Credit Bias on Yanlord to "Negative" from "Stable". 

Yanlord Land - Earnings Flash - H1 FY 2019 Results - Lucror Analytics