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

Fosun Internationalâ€™s FY 2019 results were surprisingly strong, reflecting a surge in revenue and earnings. That said, the financial risk profile remains highly difficult to assess, as the group has a holdco structure butآ continues to report like a traditional corporate. Liquidity looks sound, with lots of cash and financial assets (74% of debt). In 2020, we forecast revenue will decline 10% y-o-y on account of the likely economic downturn, which will have a significantly negative impact on the Happiness business (more than offsetting the robustness of Health and, to a lesser extent, Wealth). Our revenue forecast is much more pessimistic than the industry consensus of c. CNY 145 bn. We also expect EBITDA will fallآ a third to CNY 25 bn. We see no rating pressure in either direction at this point.

  Fosun Internationalâ€™s FY 2019 results were surprisingly strong, reflecting a surge in revenue and earnings. That said, the financial risk profile remains highly difficult to assess, as the group has a holdco structure butآ continues to report like a traditional corporate. Liquidity looks sound, with lots of cash and financial assets (74% of debt).   In 2020, we forecast revenue will decline 10% y-o-y on account of the likely economic downturn, which will have a significantly negative impact on the Happiness business (more than offsetting the robustness of Health and, to a lesser extent, Wealth). Our revenue forecast is much more pessimistic than the industry consensus of c. CNY 145 bn. We also expect EBITDA will fallآ a third to CNY 25 bn. We see no rating pressure in either direction at this point. 

Fosun - Earnings Flash - FY 2019 Results - Lucror Analytics