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.

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High Yield Experts

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

Yuzhou’s H1/21 results are within our expectations. There was recovery in revenue recognition and margins, although they were still weak. The company has significant exposure to JVs, and we believe that the low rate of consolidation will not be resolved soon, given the consolidation and attributable portions in the company’s land reserve. Positively, the liquidity profile continues to be adequate, and Yuzhou has detailed its refinancing plan for short-term debt. The company does not face any immediate refinancing pressures. We view positively the company's prudent expansion pace in H1/21. Yuzhou has breached two out of the Three Red Lines requirements, limiting its debt growth at 5%. Management stated that it does not intend to increase the debt level in FY 2021. The company's Cash/Short-term Debt is 1.2x, Net Debt/Equity is 115% (vs. 100% under the Three Red Lines policy) and Liabilities/Asset excluding customer advances is 75% (vs. 70%).

  Yuzhou’s H1/21 results are within our expectations. There was recovery in revenue recognition and margins, although they were still weak. The company has significant exposure to JVs, and we believe that the low rate of consolidation will not be resolved soon, given the consolidation and attributable portions in the company’s land reserve.   Positively, the liquidity profile continues to be adequate, and Yuzhou has detailed its refinancing plan for short-term debt. The company does not face any immediate refinancing pressures. We view positively the company's prudent expansion pace in H1/21.   Yuzhou has breached two out of the Three Red Lines requirements, limiting its debt growth at 5%. Management stated that it does not intend to increase the debt level in FY 2021. The company's Cash/Short-term Debt is 1.2x, Net Debt/Equity is 115% (vs. 100% under the Three Red Lines policy) and Liabilities/Asset excluding customer advances is 75% (vs. 70%). 

Yuzhou Group - Earnings Flash - H1 FY 2021 Results - Lucror Analytics