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

Shimao's H1/21 results were acceptable. The company reported healthy growth in contracted sales and revenue recognition, while the gross margin remained robust. Liquidity is strong, with high Cash/ST Debt coverage. Shimao remains in compliance with all of the Three Red Lines thresholds, even if its perpetuals are treated as debt. This should allow the company to retain its strong access to financing. On a slightly negative note, Shimao's net debt increased marginally despite a steep reduction in land spending. During the earnings call, management explained that the pullback in land spending was due to the company's cautious approach to project selection, with Shimao aiming to maintain its above-average gross margins. We move our recommendation to "Buy" from "Hold" on the SHIMAO curve.

  Shimao's H1/21 results were acceptable. The company reported healthy growth in contracted sales and revenue recognition, while the gross margin remained robust. Liquidity is strong, with high Cash/ST Debt coverage. Shimao remains in compliance with all of the Three Red Lines thresholds, even if its perpetuals are treated as debt. This should allow the company to retain its strong access to financing. On a slightly negative note, Shimao's net debt increased marginally despite a steep reduction in land spending. During the earnings call, management explained that the pullback in land spending was due to the company's cautious approach to project selection, with Shimao aiming to maintain its above-average gross margins.   We move our recommendation to "Buy" from "Hold" on the SHIMAO curve.  

Shimao Group - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Shimao Property Holdings

Shimao Group - Earnings Flash - H1 FY 2021 Results - Lucror Analytics