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

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/nameson-holdings-ltd' target='_blank' rel='noopener'>Nameson Holdings</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/genting-bhd' target='_blank' rel='noopener'>Genting Bhd</a></li><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Nameson HoldingsSunny Optical Technology GroupGenting BhdShui On LandHealth And Happiness (H&H)and more...

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-12705'>Greenland Holdings Corp</a></li><li><a href='#lucror-entity-13363'>Sunny Optical Technology Group</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.Greenland Holdings CorpSunny Optical Technology Group

Morning Views Asia: Greenland Holdings Corp, Sunny Optical Technology Group

Genting Berhad’s subsidiary, Resorts World Las Vegas LLC (RWLV), is holding roadshows to market an issuance of USD 300 mn Reg-S/144A 7-year senior unsecured notes. The notes are rated BB+/BBB- by S&P and Fitch, respectively. The new notes will rank pari passu with the existing USD 1.35 bn of RWLVCA notes. Proceeds from the notes issuance will be used to refinance a USD 300 mn subordinated shareholder loan from Genting Assets Inc. Hence, the transaction will be leverage neutral. We see fair value for the proposed RWLVCA 2030 notes at c. 8.5%, as we expect the bonds to price in line with the existing curve. That said, there could be strong demand for the notes, given the small issuance size and dearth of issuance in the Asia crossover space so far this year.

  Genting Berhad’s subsidiary, Resorts World Las Vegas LLC (RWLV), is holding roadshows to market an issuance of USD 300 mn Reg-S/144A 7-year senior unsecured notes. The notes are rated BB+/BBB- by S&P and Fitch, respectively. The new notes will rank pari passu with the existing USD 1.35 bn of RWLVCA notes.   Proceeds from the notes issuance will be used to refinance a USD 300 mn subordinated shareholder loan from Genting Assets Inc. Hence, the transaction will be leverage neutral.   We see fair value for the proposed RWLVCA 2030 notes at c. 8.5%, as we expect the bonds to price in line with the existing curve. That said, there could be strong demand for the notes, given the small issuance size and dearth of issuance in the Asia crossover space so far this year. 

Genting Berhad - Event Flash - Resorts World Las Vegas To Issue USD 300 Mn 7Y Notes - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>'s implied stub and the simple ratio (GENT / <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>) are at multi-year lows.</li>
<li>Preceding my comments on Genting are the weekly setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Genting Bhd (GENT MK)'s implied stub and the simple ratio (GENT / Genting Singapore (GENS SP)) are at multi-year lows.
Preceding my comments on Genting are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


Melco International Development / Event-Driven

<ul>
<li>Reportedly Macau authorities are not satisfied with some concessionaire proposals from gaming firms and require them to increase investment into non-gaming facilities under a concession retendering process</li>
<li>Preceding my comments on some of the gaming plays such as <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a> and <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Reportedly Macau authorities are not satisfied with some concessionaire proposals from gaming firms and require them to increase investment into non-gaming facilities under a concession retendering process
Preceding my comments on some of the gaming plays such as Melco International Development (200 HK) and Genting Bhd (GENT MK) are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Macau Plays Need To Up Non-Gaming Game

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)

Weekly Wrap - 21 Jul 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Morning Views Asia: Greenland Holdings Corp, Sunny Optical Technology Group

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

Lucror Analytics

Genting Berhad - Event Flash - Resorts World Las Vegas To Issue USD 300 Mn 7Y Notes - Lucror Analytics

Genting Berhad’s subsidiary, Resorts World Las Vegas LLC (RWLV), is holding roadshows to market an issuance of USD 300 mn Reg-S/144A 7-year...

Lucror Analytics

StubWorld: Genting Berhad Is Cheap

The market is assigning nearly RM12bn less for GENT's stub ops since the onset of Covid, despite improving deconsolidated EBITDA. Set up the stub...

David Blennerhassett

StubWorld: Macau Plays Need To Up Non-Gaming Game

Reportedly Macau authorities are not satisfied with some concessionaire proposals and now require them to increase investment into non-gambling...

David Blennerhassett

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