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

We view Agung Podomoro Land (APL) as “Very High Risk” on the LARA scale, due to the company's very weak operational performance, steeply declining revenues and profits, and large operating cash outflows. The key credit driver in the near term will be the outcome of the regulatory and suspension issues involving Pluit City, which have been weighing on the credit. Pluit City is one of the company’s reclamation projects, with significant unrecognised marketing sales and only partially-received customer advances. We view favourably APL’s large portfolio of investment properties and that its property-sales business is diversified by geography and by market segment, with exposure to both the low- and high-end segments. Our Credit Bias is “Negative”, given the regulatory uncertainty surrounding Pluit City (with large unrecognised marketing sales and carrying value), as well as the challenging real estate environment in Indonesia. We view the company's corporate governance as “Weak” on the LAGA scale, primarily owing to: [1] the majority ownership (75%) and control by a single shareholder, albeit the family appears to be prudent; [2] short track record as a listed company (since 2010); and [3] the former management's involvement in a bribery case. We maintain “Not Recommended” on the APLN '24s, given the substantial refinancing risk and the high reliance on asset sales to support operations and to repay debt.

   We view Agung Podomoro Land (APL) as “Very High Risk” on the LARA scale, due to the company's very weak operational performance, steeply declining revenues and profits, and large operating cash outflows. The key credit driver in the near term will be the outcome of the regulatory and suspension issues involving Pluit City, which have been weighing on the credit. Pluit City is one of the company’s reclamation projects, with significant unrecognised marketing sales and only partially-received customer advances. We view favourably APL’s large portfolio of investment properties and that its property-sales business is diversified by geography and by market segment, with exposure to both the low- and high-end segments.    Our Credit Bias is “Negative”, given the regulatory uncertainty surrounding Pluit City (with large unrecognised marketing sales and carrying value), as well as the challenging real estate environment in Indonesia.    We view the company's corporate governance as “Weak” on the LAGA scale, primarily owing to: [1] the majority ownership (75%) and control by a single shareholder, albeit the family appears to be prudent; [2] short track record as a listed company (since 2010); and [3] the former management's involvement in a bribery case.    We maintain “Not Recommended” on the APLN '24s, given the substantial refinancing risk and the high reliance on asset sales to support operations and to repay debt. 

Agung Podomoro Land - Tear Sheet - Lucror Analytics