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

Trung Nguyen

Senior Credit Analyst

Credit

APL's Q4/20 results surpassed our as well as rating agency (Fitch)’s expectations significantly. Revenues and profitability grew strongly due to the industrial land sales in Karawang, which were one-off in nature. The land sales also offset the weak performance of APL's investment properties (hotels and malls) which were hurt due to the pandemic. It is also unclear how much of the improvement was due to the new accounting standards. Financial risk profile improved significantly. Liquidity, however, remains weak. We believe that the surge in marketing sales in H2/20 was one-off and unsustainable. APL’s land bank (c. 6 mn sqm) is one of the smallest among the Indonesian HY real estate companies under our coverage, and will need to be replenished. Given the limited land available in Jakarta, APL will likely achieve this by buying other property players with land banks. Thus, we expect a material weaker FY 2021 with lower revenue and profitability, due to the lack of large one-off sale, and weaker cash flows with capex remaining relatively high (eg little changed vs FY 2020).

  APL's Q4/20 results surpassed our as well as rating agency (Fitch)’s expectations significantly. Revenues and profitability grew strongly due to the industrial land sales in Karawang, which were one-off in nature. The land sales also offset the weak performance of APL's investment properties (hotels and malls) which were hurt due to the pandemic. It is also unclear how much of the improvement was due to the new accounting standards. Financial risk profile improved significantly. Liquidity, however, remains weak.   We believe that the surge in marketing sales in H2/20 was one-off and unsustainable. APL’s land bank (c. 6 mn sqm) is one of the smallest among the Indonesian HY real estate companies under our coverage, and will need to be replenished. Given the limited land available in Jakarta, APL will likely achieve this by buying other property players with land banks.   Thus, we expect a material weaker FY 2021 with lower revenue and profitability, due to the lack of large one-off sale, and weaker cash flows with capex remaining relatively high (eg little changed vs FY 2020).  

Agung Podomoro Land - Earnings Flash - FY 2020 Results - Lucror Analytics