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

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

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.

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. 

Lucror Analytics - Morning Views Asia - 31 May 2019

The Asia HY Trade Recommendations report for May includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for May includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - May 2019 - Lucror Analytics

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Thematic (Sector/Industry)

Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was driven by the extra one day for the labor-day holiday this year, strong mass visitations from mainland and very high VIP rolling.  We estimate that the average rolling amount in VIP rooms reached ~5.5 billion -6.0 billion MOP per day per table, up ~15% YoY (same period in 2018).  The extra day provided in the holiday is to stimulate consumer spending by the government, a similar measure as the income tax cut effective on Oct 1st, 2018.In April, Macau GGR was down 8.3% YoY, dragged down by ~25% decline in VIP GGR.  The VIP luck factor was ~3% last minute, similar to same period in 2018.  Rolling demand was negatively impacted by Beijing’s tightened implementation of capital outflow controls, and crackdown of underground banking and related crimes.

Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was driven by the extra one day for the labor-day holiday this year, strong mass visitations from mainland and very high VIP rolling.  We estimate that the average rolling amount in VIP rooms reached ~5.5 billion -6.0 billion MOP per day per table, up ~15% YoY (same period in 2018).  The extra day provided in the holiday is to stimulate consumer spending by the government, a similar measure as the income tax cut effective on Oct 1st, 2018.In April, Macau GGR was down 8.3% YoY, dragged down by ~25% decline in VIP GGR.  The VIP luck factor was ~3% last minute, similar to same period in 2018.  Rolling demand was negatively impacted by Beijing’s tightened implementation of capital outflow controls, and crackdown of underground banking and related crimes. 

Macau Gaming: Strong Labor Day Holiday GGR

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

Melco Resorts & Entertainment / Equity Bottom-Up

<ul>
<li>President Trump's latest tweet churned headwinds throughout all markets but hit the Asian gaming sector hard.</li>
<li>Melco just released an earnings beat for 1Q19 that validates expectations that new Morpheus Tower and growing the mass business are producing against macro headwinds.</li>
<li>Despite Aprill's y/y 8.3% decline in Macau GGR, sector showing signs of resilience compensating for slowing VIP. MLCO reflects that trend.</li>
</ul>


President Trump's latest tweet churned headwinds throughout all markets but hit the Asian gaming sector hard.
Melco just released an earnings beat for 1Q19 that validates expectations that new Morpheus Tower and growing the mass business are producing against macro headwinds.
Despite Aprill's y/y 8.3% decline in Macau GGR, sector showing signs of resilience compensating for slowing VIP. MLCO reflects that trend.


Melco 1Q19: Trump's Latest Tweets Churn Asia Gaming Sector, Creates Entry Point Now

Hong Kong

Melco Resorts & Entertainment Limited develops, owns, and operates casinos. The Company offers casino gaming, restaurants, bars, and resorts facilities. Melco Resorts & Entertainment serves customers in Asia.

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Melco Resorts & Entertainment (MLCO US)

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage,...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 31 May 2019

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

Lucror Analytics

Asia HY Trade Recommendations - May 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for May includes a summary of our recommendations, as well as our high-conviction ideas. We also provide...

Lucror Analytics

Macau Gaming: Strong Labor Day Holiday GGR

Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was...

JL Warren Capital

Melco 1Q19: Trump's Latest Tweets Churn Asia Gaming Sector, Creates Entry Point Now

President Trump's latest tweet churned headwinds throughout all markets but hit the Asian gaming sector hard. Melco just released an earnings beat...

Howard J Klein

Price Gauge

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