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

Softbank’s FY 2018-19 results did not have any surprises. Underlying revenue and earnings development was still muted. Gross debt decreased thanks to the domestic telco's IPO proceeds, which is encouraging. The financial risk profile improved slightly. Liquidity is sound. We view positively management's commitment to keeping the LTV ratio (Net Debt at Holdco/Value of Holdings) below 25% and maintaining strong liquidity sufficient to cover at least two years of interest and redemption payments. We revise our Credit Bias to “Stable” from “Negative”, in view of the stable operations at key holdings and positive results from investments thus far. We maintain our “Hold” recommendation on the SOFTBK Notes, as they seem fairly valued compared to other investment holding companies in the Asian HY space such as First Pacific and Fosun.

   Softbank’s FY 2018-19 results did not have any surprises. Underlying revenue and earnings development was still muted. Gross debt decreased thanks to the domestic telco's IPO proceeds, which is encouraging. The financial risk profile improved slightly. Liquidity is sound. We view positively management's commitment to keeping the LTV ratio (Net Debt at Holdco/Value of Holdings) below 25% and maintaining strong liquidity sufficient to cover at least two years of interest and redemption payments.    We revise our Credit Bias to “Stable” from “Negative”, in view of the stable operations at key holdings and positive results from investments thus far. We maintain our “Hold” recommendation on the SOFTBK Notes, as they seem fairly valued compared to other investment holding companies in the Asian HY space such as First Pacific and Fosun. 

ソフトバンク - 決算速報 - 2018-19年度決算 - Lucror Analytics

Softbank Group

ソフトバンク - 決算速報 - 2018-19年度決算 - Lucror Analytics