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

We view Genting Berhad as “Low Risk” on the LARA scale. The company has a diversified business profile, having successfully expanded its gaming operations to six countries. In addition, it has minor businesses in plantations, oil & gas and power generation. Genting Berhad has a solid business position in Malaysia (where it is the sole casino licence holder) and Singapore (where it operates in a duopoly with Marina Bay Sands). Despite Genting Berhad's expansion over the years, the company has maintained a prudent financial profile with moderately healthy leverage. Genting Berhad’s USD notes are issued by its various subsidiaries. It is not an issuer and does not provide parental guarantees for any of the bonds. This means investors must assess the standalone credit profile of each individual issuer. Our fundamental Credit Bias on Genting Berhad is “Stable”. We expect the company’s leverage to continue improving, supported by earnings recovery from the COVID-19 pandemic-induced downturn. Genting Berhad is reportedly among the frontrunners vying for a casino licence in New York (housed under Genting Malaysia), albeit the outcome is still uncertain at this point. Controversies are “Immaterial” in our view. In 2019, a small group of Greenpeace activists briefly protested against Genting Plantations over forest fires in Indonesia, albeit the company denied the allegations. Some ESG-compliant funds may be prohibited from investing in Genting Berhad and its subsidiaries, due to the nature of its core businesses (casinos and oil palm plantations). That said, the group's main gaming operations are in established and well-regulated markets (Malaysia, Singapore, the UK and Las Vegas). Overall, the ESG Impact on Credit is "Neutral".

  We view Genting Berhad as “Low Risk” on the LARA scale. The company has a diversified business profile, having successfully expanded its gaming operations to six countries. In addition, it has minor businesses in plantations, oil & gas and power generation. Genting Berhad has a solid business position in Malaysia (where it is the sole casino licence holder) and Singapore (where it operates in a duopoly with Marina Bay Sands). Despite Genting Berhad's expansion over the years, the company has maintained a prudent financial profile with moderately healthy leverage.   Genting Berhad’s USD notes are issued by its various subsidiaries. It is not an issuer and does not provide parental guarantees for any of the bonds. This means investors must assess the standalone credit profile of each individual issuer.   Our fundamental Credit Bias on Genting Berhad is “Stable”. We expect the company’s leverage to continue improving, supported by earnings recovery from the COVID-19 pandemic-induced downturn. Genting Berhad is reportedly among the frontrunners vying for a casino licence in New York (housed under Genting Malaysia), albeit the outcome is still uncertain at this point.   Controversies are “Immaterial” in our view. In 2019, a small group of Greenpeace activists briefly protested against Genting Plantations over forest fires in Indonesia, albeit the company denied the allegations. Some ESG-compliant funds may be prohibited from investing in Genting Berhad and its subsidiaries, due to the nature of its core businesses (casinos and oil palm plantations). That said, the group's main gaming operations are in established and well-regulated markets (Malaysia, Singapore, the UK and Las Vegas). Overall, the ESG Impact on Credit is "Neutral". 

Genting Berhad - Tear Sheet - Lucror Analytics

Genting Bhd

Genting Berhad - Tear Sheet - Lucror Analytics