Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

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.

Credit

Studio City International Holdings Limited / Credit

Studio City International Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers dining, entertainment, accommodation, meeting and events, and casino facilities. Studio City International Holdings serves customers worldwide.

Studio City International Holdings Limited (MSC US)

Studio City International Holdings Limited

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group</li>
<li>In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).</li>
<li>Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group
In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).
Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.


Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, ReNew Energy, Softbank Group, Vedanta Resources</li>
<li>In the US, October personal income came in above estimates at 0.6% m-o-m (0.3% e / 0.3% p).</li>
<li>Meanwhile, personal spending slowed to 0.4% m-o-m (0.4% e / 0.6% revised p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, ReNew Energy, Softbank Group, Vedanta Resources
In the US, October personal income came in above estimates at 0.6% m-o-m (0.3% e / 0.3% p).
Meanwhile, personal spending slowed to 0.4% m-o-m (0.4% e / 0.6% revised p).


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

<ul>
<li>Although Hong Kong markets have slumped after Trump's election, mainland China's markets have gained.  Southbound net buying of HK stocks hit a 2024 high on the day Trump won.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> had a breakout from a double top as Macau recorded good Golden Week arrivals.  <a href="https://www.smartkarma.com/entities/blue-moon-group-holdings" target="_blank" data-smartkarma-citation="entities:29179:1" rel="noopener">Blue Moon Group Holdings (6993 HK)</a> had a breakout after 3 years.
</li>
<li>
<a href="https://www.smartkarma.com/entities/cansino-biologics-inc" target="_blank" data-smartkarma-citation="entities:27739:1" rel="noopener">CanSino Biologics (6185 HK)</a> formed a breakout after a new vaccine was approved and it reported better results.  <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> share price advanced as it expands stores.
</li>
</ul>


Although Hong Kong markets have slumped after Trump's election, mainland China's markets have gained.  Southbound net buying of HK stocks hit a 2024 high on the day Trump won.

Sands China (1928 HK) had a breakout from a double top as Macau recorded good Golden Week arrivals.  Blue Moon Group Holdings (6993 HK) had a breakout after 3 years.


CanSino Biologics (6185 HK) formed a breakout after a new vaccine was approved and it reported better results.  Haidilao International Holding (6862 HK) share price advanced as it expands stores.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

<ul>
<li>US services-sector activity unexpectedly surged in October, reaching its highest level in over two years, with employment also showing notable improvement.</li>
<li>The ISM non-manufacturing PMI rose to 56.0 in October, from 54.9 in September and above the consensus projection of 53.8.</li>
<li>The US trade deficit soared to its highest level in nearly two and a half years in September, as businesses increased imports to satisfy strong domestic demand and prepare for anticipated higher tariffs on goods. </li>
</ul>


US services-sector activity unexpectedly surged in October, reaching its highest level in over two years, with employment also showing notable improvement.
The ISM non-manufacturing PMI rose to 56.0 in October, from 54.9 in September and above the consensus projection of 53.8.
The US trade deficit soared to its highest level in nearly two and a half years in September, as businesses increased imports to satisfy strong domestic demand and prepare for anticipated higher tariffs on goods. 


Lucror Analytics - Morning Views Asia - November 6, 2024

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
<ul>
<li><a href="#lucror-entity-182" target="_blank" rel="noopener">Sands China</a></li>
<li><a href="#lucror-entity-16955" target="_blank" rel="noopener">SK Hynix</a></li>
</ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Sands China
SK Hynix


Morning Views Asia: Sands China, SK Hynix

Macau
Gaming and more

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, ReNew Energy, Softbank Group,...

Lucror Analytics

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

Mainland China's A-share market advanced after Trump's election as South Connect buying hit a 3 year high. Sands China had a breakout as Macau...

David Mudd

Lucror Analytics - Morning Views Asia - November 6, 2024

US services-sector activity unexpectedly surged in October, reaching its highest level in over two years, with employment also showing notable...

Lucror Analytics

Morning Views Asia: Sands China, SK Hynix

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics