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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

We had a one-on-one call with Yestar Healthcare's COO and CFO this morning, in which we gleaned further details on business developments, its H1/20 impairments, and its plans to deal with upcoming payments. In our view, Yestar's financing plans remain unclear at present. The company will face substantial payment pressure in H2/21, with CNY 236 mn due for the Anbaida put option in August and a USD 200 mn bond maturity in September. Furthermore, uncertainty persists for the remaining two outstanding put options, as Yestar's liquidity would be strained if it were to use cash to make the relevant payments. Our Credit Bias on Yestar remains “Negative”, given: [1] the uncertainty related to the financing of purchase options and the USD Notes; [2] the challenging operating environment for its IVD products; [3] the fact that the company's assets are difficult to value/sell; and [4] the long receivables cycle. That said, it could benefit some government support, on account of its recent expansion into epidemic-prevention products amid the COVID-19 outbreak. We maintain our view of “Not Recommended” on the YESTAR 6.9 ‘21s, given our concerns in relation to Yestar's unclear financing plans and the maturity wall in 2021.

  We had a one-on-one call with Yestar Healthcare's COO and CFO this morning, in which we gleaned further details on business developments, its H1/20 impairments, and its plans to deal with upcoming payments.   In our view, Yestar's financing plans remain unclear at present. The company will face substantial payment pressure in H2/21, with CNY 236 mn due for the Anbaida put option in August and a USD 200 mn bond maturity in September. Furthermore, uncertainty persists for the remaining two outstanding put options, as Yestar's liquidity would be strained if it were to use cash to make the relevant payments.   Our Credit Bias on Yestar remains “Negative”, given: [1] the uncertainty related to the financing of purchase options and the USD Notes; [2] the challenging operating environment for its IVD products; [3] the fact that the company's assets are difficult to value/sell; and [4] the long receivables cycle. That said, it could benefit some government support, on account of its recent expansion into epidemic-prevention products amid the COVID-19 outbreak.   We maintain our view of “Not Recommended” on the YESTAR 6.9 ‘21s, given our concerns in relation to Yestar's unclear financing plans and the maturity wall in 2021. 

Yestar Healthcare - Event Flash - Management Call - Lucror Analytics

Yestar Healthcare Holdings

Yestar Healthcare - Event Flash - Management Call - Lucror Analytics