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 Yanlord Land as "Medium Risk" on the LARA scale. The company has a strong brand name, having established its reputation as a high-end Chinese property developer over the last 20 years. While Yanlord's scale is small, its projects are of good quality and distributed across key Tier 1/2 cities in the Yangtze and Pearl River Delta regions. Yanlord enjoys higher gross margins compared to peers, due to its focus on premium products in high-tier cities. This helps the company maintain stronger interest coverage compared to peers, which provides a buffer for rising land prices and ASP declines. These positives are slightly offset by Yanlord's high reliance on JV structures (with low attrition rates). Our fundamental Credit Bias on Yanlord is "Negative", due to a prolonged sales weakness and subdued financing environment across the Chinese Property industry. That said, the company has a good-quality asset base and sizeable investment property portfolio which may allow it to obtain new financing. Yanlord also has a clean debt structure compared to peers. Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral".

  We view Yanlord Land as "Medium Risk" on the LARA scale. The company has a strong brand name, having established its reputation as a high-end Chinese property developer over the last 20 years. While Yanlord's scale is small, its projects are of good quality and distributed across key Tier 1/2 cities in the Yangtze and Pearl River Delta regions. Yanlord enjoys higher gross margins compared to peers, due to its focus on premium products in high-tier cities. This helps the company maintain stronger interest coverage compared to peers, which provides a buffer for rising land prices and ASP declines. These positives are slightly offset by Yanlord's high reliance on JV structures (with low attrition rates).   Our fundamental Credit Bias on Yanlord is "Negative", due to a prolonged sales weakness and subdued financing environment across the Chinese Property industry. That said, the company has a good-quality asset base and sizeable investment property portfolio which may allow it to obtain new financing. Yanlord also has a clean debt structure compared to peers.   Controversies are "Immaterial" and the ESG Impact on Credit is "Neutral". 

Yanlord Land - Tear Sheet - Lucror Analytics