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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

Logan’s 2020 operating results were in line with our expectations. We remain cautious on the surge in borrowings to support expansion, as well as the weaker disclosure. Growth in contracted sales and revenues were both robust, reflecting good sales execution and a satisfactory pace of property delivery. Margins contracted but remained strong compared to peers'. We note that the contracted ASP has been on an uptrend while the cost of land may also have been increasing, though the company has ceased to disclose the average unit cost. The pace of Logan's expansion in 2020 seemed aggressive, and was mainly funded by debt. Borrowings increased during the year, since Logan was active in debt financing and requires more bank loans to fund construction as it delivers properties. The impact on credit metrics was mixed, as debt increased faster than revenues while EBITDA remained strong.

  Logan’s 2020 operating results were in line with our expectations. We remain cautious on the surge in borrowings to support expansion, as well as the weaker disclosure.   Growth in contracted sales and revenues were both robust, reflecting good sales execution and a satisfactory pace of property delivery. Margins contracted but remained strong compared to peers'. We note that the contracted ASP has been on an uptrend while the cost of land may also have been increasing, though the company has ceased to disclose the average unit cost.   The pace of Logan's expansion in 2020 seemed aggressive, and was mainly funded by debt. Borrowings increased during the year, since Logan was active in debt financing and requires more bank loans to fund construction as it delivers properties. The impact on credit metrics was mixed, as debt increased faster than revenues while EBITDA remained strong. 

Logan Group - Earnings Flash - FY 2020 Results - Lucror Analytics

Logan Property Holdings

Logan Group - Earnings Flash - FY 2020 Results - Lucror Analytics