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

In our view, Honghua’s H1/19 results were solid, given strong revenue growth and a turnaround in profitability. However, we find it concerning that despite the rosy outlook guidance, the backlog has declined in both business segments. In its FY 2018 results discussion, Honghua said its SOE parent CASIC had helped it win new orders and achieve business synergies. It did not repeat this statement in the context of the current release. We expect the positive business momentum to continue in H2/19. That said, visibility beyond FYE 2019 is limited, owing to geopolitical uncertainty and trade war tensions, among other factors. Hence, the declining order backlog may be a leading indicator for the company's future performance.

   In our view, Honghua’s H1/19 results were solid, given strong revenue growth and a turnaround in profitability. However, we find it concerning that despite the rosy outlook guidance, the backlog has declined in both business segments. In its FY 2018 results discussion, Honghua said its SOE parent CASIC had helped it win new orders and achieve business synergies. It did not repeat this statement in the context of the current release.    We expect the positive business momentum to continue in H2/19. That said, visibility beyond FYE 2019 is limited, owing to geopolitical uncertainty and trade war tensions, among other factors. Hence, the declining order backlog may be a leading indicator for the company's future performance. 

Honghua - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Honghua Group

Honghua - Earnings Flash - H1 FY 2019 Results - Lucror Analytics