Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>We have been bullish on the prospects of the Aussie gaming tech maker's real world valuation in the light of its outstanding performance.</li>
<li>The company's relatively low institutional holding profile suggests its visibility is limited.</li>
<li>WE put a one year PT on the stock at AUD$45 vs its current trade at AU$33 because it outperforms industry peers in ROE among other reasons.</li>
</ul>


We have been bullish on the prospects of the Aussie gaming tech maker's real world valuation in the light of its outstanding performance.
The company's relatively low institutional holding profile suggests its visibility is limited.
WE put a one year PT on the stock at AUD$45 vs its current trade at AU$33 because it outperforms industry peers in ROE among other reasons.


Aristocrat Leisure: Recent Dip in Last 90 Days Opens an Entry Point for This Uncut Gaming Tech Gem

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 11th (reported today) which has an aggregated short interest worth USD19.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Westpac, Woodside, Norther Star, ANZ, Aristocrat Leisure, New Hope, Rio Tinto.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 11th (reported today) which has an aggregated short interest worth USD19.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Westpac, Woodside, Norther Star, ANZ, Aristocrat Leisure, New Hope, Rio Tinto.


ASX Short Interest Weekly (Nov 11th): Westpac, Woodside, Norther Star

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 14th (reported today) which has an aggregated short interest worth USD16.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, Domino's Aristocrat, Suncorp, New Hope.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 14th (reported today) which has an aggregated short interest worth USD16.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in ANZ, Domino's Aristocrat, Suncorp, New Hope.


ASX Short Interest Weekly (Oct 14th): ANZ, Domino's Aristocrat, Suncorp, New Hope

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>PUSU deadline for TTB (Gopher) has been extended until 15 July. Playtech states that this time will allow progress in additional negotiations. Talks are credible, but progress is at snail's pace.</li>
<li>Taking comparables' median 9x EV/Fwd EBITDA, fair value for Playtech would be 772p. TTB should offer close to 800p to entice the Honk Kong based shareholders who derailed Aristocrat's offer.</li>
<li>I see the current valuation of Playtech as an attractive entry point, with the upside of a likely bid. Long PTEC LN.</li>
</ul>


PUSU deadline for TTB (Gopher) has been extended until 15 July. Playtech states that this time will allow progress in additional negotiations. Talks are credible, but progress is at snail's pace.
Taking comparables' median 9x EV/Fwd EBITDA, fair value for Playtech would be 772p. TTB should offer close to 800p to entice the Honk Kong based shareholders who derailed Aristocrat's offer.
I see the current valuation of Playtech as an attractive entry point, with the upside of a likely bid. Long PTEC LN.


<ul>
<li>Tis diverse maker of land based gaming machines and publisher of social games platforms has sustained strong growth and built value at the same time over the years.</li>
<li>The company's core strategy involves a strong commitment to M&amp;A that will continue to bring accretive EBITDA to its long range performance.</li>
<li>A strong balance sheet suggests plenty of financial strength to fulfill its M&amp;A goals.</li>
</ul>


Tis diverse maker of land based gaming machines and publisher of social games platforms has sustained strong growth and built value at the same time over the years.
The company's core strategy involves a strong commitment to M&amp;A that will continue to bring accretive EBITDA to its long range performance.
A strong balance sheet suggests plenty of financial strength to fulfill its M&amp;A goals.


Aristocrat Leisure: A Value/Growth Bet on Gaming Trading near 52 Week Low

Australia

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally.  The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

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Aristocrat Leisure (ALL AU)

Aristocrat Leisure: Recent Dip in Last 90 Days Opens an Entry Point for This Uncut Gaming Tech Gem

Aristocrat Leisure's gambling tech products and systems are pervasive and gaining ground. But the shares do not reflect this strong ROE growth.

Howard J Klein

ASX Short Interest Weekly (Nov 11th): Westpac, Woodside, Norther Star

We analyzed ASX short interest report for the past week and highlight short interest changes in Westpac, Woodside, Norther Star, ANZ, Aristocrat...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 14th): ANZ, Domino's Aristocrat, Suncorp, New Hope

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, Domino's Aristocrat, Suncorp, New Hope.

Ke Yan, CFA, FRM

TTB/Playtech: PUSU Deadline Looming

TTB is in talks with Playtech. It should offer close to 800p to entice a group of Hong Kong based shareholders with in aggregate have a blocking...

Jesus Rodriguez Aguilar

Aristocrat Leisure: A Value/Growth Bet on Gaming Trading near 52 Week Low

Aristocrat Leisure has a strong growth arc as well as a value component due to its strong performance in producing superior returns over the past...

Howard J Klein

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