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

Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

Adani Ports and Special Economic Zone's (APSEZ) H1/23-24 results came in slightly above expectations, with revenue growth of 26% y-o-y exceeding management's full-year guidance for a 15-20% increase. EBITDA (excluding FX losses) rose by 17%, at the higher end of the 13-17% guidance. Net adjusted leverage improved to 3.4x (FY 2022-23: 4.0x). We expect the company's leverage to continue improving in FY 2023-24, in line with management's guidance. In our view, there remains a small degree of regulatory overhang and negative headline risk facing the broader Adani Group, which may affect group entities' financing access in the offshore bond market (particularly on an unsecured basis). That said, the group's access to onshore and bank financing remains intact. Separately, we note that the Supreme Court hearing regarding the Securities and Exchange Board of India's (SEBI) investigation on Adani Group has been repeatedly deferred. The Supreme Court requested on November 6th that all parties file final submissions regarding the case by November 8th. We believe the regulatory overhang may only be resolved by the eventual outcome of SEBI's investigation and the Supreme Court's judgement.

  Adani Ports and Special Economic Zone's (APSEZ) H1/23-24 results came in slightly above expectations, with revenue growth of 26% y-o-y exceeding management's full-year guidance for a 15-20% increase. EBITDA (excluding FX losses) rose by 17%, at the higher end of the 13-17% guidance. Net adjusted leverage improved to 3.4x (FY 2022-23: 4.0x). We expect the company's leverage to continue improving in FY 2023-24, in line with management's guidance.   In our view, there remains a small degree of regulatory overhang and negative headline risk facing the broader Adani Group, which may affect group entities' financing access in the offshore bond market (particularly on an unsecured basis). That said, the group's access to onshore and bank financing remains intact.   Separately, we note that the Supreme Court hearing regarding the Securities and Exchange Board of India's (SEBI) investigation on Adani Group has been repeatedly deferred. The Supreme Court requested on November 6th that all parties file final submissions regarding the case by November 8th. We believe the regulatory overhang may only be resolved by the eventual outcome of SEBI's investigation and the Supreme Court's judgement.  

Adani Ports - Earnings Flash - H1 FY 2023-24 Results - Lucror Analytics