Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>LVS stock is undervalued compared with best peers even after a nice 4Q167 earnings beat.</li>
<li>The sale of its Bethlehem, PA property liberates US$1/3b toward its growing Japan cash stockpile.</li>
<li>Continued strong numbers out of Macau and ever-growing sentiment that it stands as leading candidate for Japan IR license should begin showing more dramatically in the trade.</li>
</ul>Theory of this exponential leap in guidance: Note all amounts in USDAt writing, Las Vegas Sands ( <a href="https://www.smartkarma.com/entities/807" target="_blank" data-smartkarma-citation="entities:807:1">Las Vegas Sands Corp (LVS US)</a> sits at $74…


LVS stock is undervalued compared with best peers even after a nice 4Q167 earnings beat.
The sale of its Bethlehem, PA property liberates US$1/3b toward its growing Japan cash stockpile.
Continued strong numbers out of Macau and ever-growing sentiment that it stands as leading candidate for Japan IR license should begin showing more dramatically in the trade.
Theory of this exponential leap in guidance: Note all amounts in USDAt writing, Las Vegas Sands ( Las Vegas Sands Corp (LVS US) sits at $74…

Las Vegas Sands: We're Raising Guidance from $80 to $95 Post Q3. Its a Bet on a Fortress Company

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* Indian Exchange Announcement Really Hurts:  On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP) [SGX] market data licensing agreement.  Indian contracts appear to represent 5.5% of overall derivative revenue – or 10% or more of SGX bottom-line. * De-Listing Challenges:  SGX has robust initial public offering (IPO) pipeline in 2018, but it is not nearly enough to offset the trading volume and market-cap loss associated with the deluge of…

* Indian Exchange Announcement Really Hurts:  On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP) [SGX] market data licensing agreement.  Indian contracts appear to represent 5.5% of overall derivative revenue – or 10% or more of SGX bottom-line. * De-Listing Challenges:  SGX has robust initial public offering (IPO) pipeline in 2018, but it is not nearly enough to offset the trading volume and market-cap loss associated with the deluge of…

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul><li>Conference call with the Head of IR at <a href="https://www.smartkarma.com/entities/3141" target="_blank" data-smartkarma-citation="entities:3141:1">Genting Malaysia Bhd (GENM MK)</a> reveals that new amenities/attractions from GITP (Genting Integrated Tourism Plan) investments have opened progressively.</li><li>Our close look on GENM's overseas investments suggests a mixed bag track record.</li><li>The tribal casino resorts project in Massachusetts, US (via US$368.9 mn promissory notes investment) is currently stalled pending government reviews.</li><li>GENM's valuation (11.0x 2018 EV/EBITDA) compares favorably to Macau gaming plays (15.7x) </li></ul>

Conference call with the Head of IR at Genting Malaysia Bhd (GENM MK) reveals that new amenities/attractions from GITP (Genting Integrated Tourism Plan) investments have opened progressively.Our close look on GENM's overseas investments suggests a mixed bag track record.The tribal casino resorts project in Massachusetts, US (via US$368.9 mn promissory notes investment) is currently stalled pending government reviews.GENM's valuation (11.0x 2018 EV/EBITDA) compares favorably to Macau gaming plays (15.7x) 

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

China: 6.1% industrial production YoY in November and strong Foreign Direct Investment set the stage for a strong finish to 2017. Brazil: Retail sales in October inched up a modest 2.5% y/y after a 6.2% increase in the prior month. Watch for a critical vote on pension reform next week. Malaysia: Retail sales in Oct. rose 10.9% y/y. Consistent with our prediction of strong consumption headed into the election period. We expect this trend to continue and would be long consumer discretionary stocks.

China: 6.1% industrial production YoY in November and strong Foreign Direct Investment set the stage for a strong finish to 2017.  Brazil: Retail sales in October inched up a modest 2.5% y/y after a 6.2% increase in the prior month. Watch for a critical vote on pension reform next week. Malaysia: Retail sales in Oct. rose 10.9% y/y. Consistent with our prediction of strong consumption headed into the election period. We expect this trend to continue and would be long consumer discretionary stocks.

Global Macro - Stable Oil Prices = Low Inflation. What About as Rates and Growth Rise in 2018?

APAC Ex-Japan & China Corporates Analyst, Finsights Research

Nandini Vijayaraghavan, CFA

APAC Ex-Japan & China Corporates Analyst

Finsights Research

Our core competencies include counterparty analysis and credit rating of corporates, banks and government linked entities, debt structuring, credit risk management, and penning financial and investment research.

Counterparty & Credit Analysis

<blockquote class="">Blessed are those who can laugh at themselves, for they shall never cease to be amused.</blockquote> As an analyst, five analytical practices that are common place but need to be changed, in my view are<ul class=""><li>Focussing on accounting profits as opposed to cash flows</li><li>Inconsistent treatment of on-balance sheet and off-balance sheet debt</li><li>Deducting readily marketable inventory from debt, thereby under-stating financial leverage</li><li>Focussing on share of net income rather than dividends from associates and</li><li>Companies maintaining investment portfolios that are opaque and which often generate lower returns than that of the core business and weighted average cost of capital</li></ul>Read the unabridged insight for an analysis of and real-life examples of the above-mentioned issues.

Blessed are those who can laugh at themselves, for they shall never cease to be amused. As an analyst, five analytical practices that are common place but need to be changed, in my view areFocussing on accounting profits as opposed to cash flowsInconsistent treatment of on-balance sheet and off-balance sheet debtDeducting readily marketable inventory from debt, thereby under-stating financial leverageFocussing on share of net income rather than dividends from associates andCompanies maintaining investment portfolios that are opaque and which often generate lower returns than that of the core business and weighted average cost of capitalRead the unabridged insight for an analysis of and real-life examples of the above-mentioned issues.

Institutionalised Quirks for Analysts to Ponder

Malaysia

Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

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Genting Bhd (GENT MK)

Las Vegas Sands: We're Raising Guidance from $80 to $95 Post Q3. Its a Bet on a Fortress Company

LVS stock is undervalued compared with best peers even after a nice 4Q167 earnings beat. The sale of its Bethlehem, PA property liberates US$1/3b...

Howard J Klein

Singapore Exchange – Not So NIFTY

* Indian Exchange Announcement Really Hurts: On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP)...

Thomas J. Monaco

Genting Malaysia: A Steady Grower

Conference call with the Head of IR at Genting Malaysia Bhd (GENM MK) reveals that new amenities/attractions from GITP (Genting Integrated Tourism...

Johannes Salim, CFA

Global Macro - Stable Oil Prices = Low Inflation. What About as Rates and Growth Rise in 2018?

China: 6.1% industrial production YoY in November and strong Foreign Direct Investment set the stage for a strong finish to 2017. Brazil: Retail...

David Riedel

Institutionalised Quirks for Analysts to Ponder

Blessed are those who can laugh at themselves, for they shall never cease to be amused. As an analyst, five analytical practices that are common...

Nandini Vijayaraghavan, CFA

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