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

Country Garden has released its FY 2022 results, with revenue and earnings declines as well as margin contraction. Reported debt decreased. EBITDA/Interest and Debt/EBITDA weakened significantly, but Net Debt/Net Property Assets remained sound. In December, the company received HKD 4.74 bn (c. USD 609 mn) from a private placement of 1.78 bn shares, with the funds primarily to be used for offshore debt commitments. We are not surprised by Country Garden's poor earnings performance in FY 2022, given that it had been a dire year for the Chinese property industry. We view positively the company's repayment of debts due in 2022, despite difficulties in property sales and cash collection. We remain cautious about the likelihood that management can achieve its goal of increasing Country Garden’s market share in higher-tier cities. We also continue to be highly concerned over the recovery trajectory for the group's margins and property sales in FY 2023, considering the relatively large portion of existing inventory in Tier 3 and 4 cities compared to peers.

  Country Garden has released its FY 2022 results, with revenue and earnings declines as well as margin contraction. Reported debt decreased. EBITDA/Interest and Debt/EBITDA weakened significantly, but Net Debt/Net Property Assets remained sound. In December, the company received HKD 4.74 bn (c. USD 609 mn) from a private placement of 1.78 bn shares, with the funds primarily to be used for offshore debt commitments.   We are not surprised by Country Garden's poor earnings performance in FY 2022, given that it had been a dire year for the Chinese property industry. We view positively the company's repayment of debts due in 2022, despite difficulties in property sales and cash collection.   We remain cautious about the likelihood that management can achieve its goal of increasing Country Garden’s market share in higher-tier cities. We also continue to be highly concerned over the recovery trajectory for the group's margins and property sales in FY 2023, considering the relatively large portion of existing inventory in Tier 3 and 4 cities compared to peers. 

Country Garden - Earnings Flash - FY 2022 Results - Lucror Analytics

Country Garden Holdings Co

Country Garden - Earnings Flash - FY 2022 Results - Lucror Analytics