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

Zoomlion’s H1/19 results were strong, in line with expectations given the earlier positive profit alert. The company reported strong revenue and EBITDA growth, while debt was largely stable. Financial metrics improved, albeit from a weak base, with Debt/LTM EBITDA at 5.9x (FYE 2018: 9.3x). We will continue to monitor the trade and finance lease receivables, though the risk appears to have decreased. Negatively, the company carried out a large share repurchase (amounting to CNY 2.1 bn) during the period. We note that the construction equipment industry has continued to recover, and is benefiting from rising replacement demand and infrastructure investments. In the first seven months of 2019, excavator sales in China rose 14% y-o-y, supported by 5.7% growth in fixed-asset investments. In addition, domestic manufacturers may have benefited from the US-China trade war, gaining domestic market share from foreign competitors such as Caterpillar.

   Zoomlion’s H1/19 results were strong, in line with expectations given the earlier positive profit alert. The company reported strong revenue and EBITDA growth, while debt was largely stable. Financial metrics improved, albeit from a weak base, with Debt/LTM EBITDA at 5.9x (FYE 2018: 9.3x). We will continue to monitor the trade and finance lease receivables, though the risk appears to have decreased. Negatively, the company carried out a large share repurchase (amounting to CNY 2.1 bn) during the period.    We note that the construction equipment industry has continued to recover, and is benefiting from rising replacement demand and infrastructure investments. In the first seven months of 2019, excavator sales in China rose 14% y-o-y, supported by 5.7% growth in fixed-asset investments. In addition, domestic manufacturers may have benefited from the US-China trade war, gaining domestic market share from foreign competitors such as Caterpillar. 

Zoomlion - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Zoomlion Heavy Industry H

Zoomlion - Earnings Flash - H1 FY 2019 Results - Lucror Analytics