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)

Macau News:Last weekend, more than <a href="https://mp.weixin.qq.com/s/1N0KAKt3n2Vs4xtB7s9ybw" target="_blank">100 mainland policemen swept the illegal foreign exchange counters</a> at one basement mall in Gongbei.  We believe that the event is primarily an effort by the authorities to clean up illegal, underground black-market banks.  This action may have a short-term impact on the mass segment, as some visitors get cash from underground exchange counters since they offer more favorable FX rate than the legal banks and ATM machines in/outside casinos. However, we believe…

Macau News:Last weekend, more than 100 mainland policemen swept the illegal foreign exchange counters at one basement mall in Gongbei.  We believe that the event is primarily an effort by the authorities to clean up illegal, underground black-market banks.  This action may have a short-term impact on the mass segment, as some visitors get cash from underground exchange counters since they offer more favorable FX rate than the legal banks and ATM machines in/outside casinos. However, we believe…

Macau Gaming - Little Impact from Police Sweeping Underground Banks, GGR Supported by Stable M2

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>h1Q18 results show strong performance in both Macau and Manila before the imminent opening of Morpheus Tower at City of Dreams.</li>
<li>ROE in 1Q18 rose above industry average and could continue a positive move.</li>
<li>Lawrence Ho's aggressive world development view of his company's potential reaches beyond Macau and the Philippines: His style a blend of entrepreneurial panache and nimble asset management.</li>
</ul>We have long been fans of Melco Resorts &amp; Entertainment Ltd. ( NASDAQGS; MLCO) as the company has dealt…


h1Q18 results show strong performance in both Macau and Manila before the imminent opening of Morpheus Tower at City of Dreams.
ROE in 1Q18 rose above industry average and could continue a positive move.
Lawrence Ho's aggressive world development view of his company's potential reaches beyond Macau and the Philippines: His style a blend of entrepreneurial panache and nimble asset management.
We have long been fans of Melco Resorts &amp; Entertainment Ltd. ( NASDAQGS; MLCO) as the company has dealt…

Melco Could Be 90 Days Away from a Breakthrough Towards $40 as Catalysts Start Producing Revenue

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Universal Entertainment / Equity Bottom-Up

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan, which should be inked this week. The news follows a report on Friday that the following had and hadn’t been agreed:<ul>
<li>Casino facilities limited to 3% of area of integrated resort (but there would be no upper limit on size).</li>
<li>Tax on gross gaming revenue to be flat 30%</li>
<li>Whether entrance fee to be charged for Japanese residents is still being discussed</li>
</ul>The aim is…

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan, which should be inked this week. The news follows a report on Friday that the following had and hadn’t been agreed:
Casino facilities limited to 3% of area of integrated resort (but there would be no upper limit on size).
Tax on gross gaming revenue to be flat 30%
Whether entrance fee to be charged for Japanese residents is still being discussed
The aim is…

Japan Government to Offer Out 3 Casino Licenses - Kyodo

<a href="https://www.smartkarma.com/entities/13915" target="_blank" data-smartkarma-citation="entities:13915:1">Universal Entertainment (6425 JP)</a> may not have got as much out of <a href="https://www.smartkarma.com/entities/606" target="_blank" data-smartkarma-citation="entities:606:1">Wynn Resorts Ltd (WYNN US)</a> as it (and its investors) hoped from the recent court settlement, but it does look as if it may get another, just as significant prize, which is a casino in Hokkaido. As we wrote in <a href="https://www.smartkarma.com/insights/konami-9766-readthrough-from-its-casino-interview" target="_blank" data-smartkarma-citation="insights:9864">Konami (9766): Readthrough from Its Casino Interview</a>, Universal appeared to be completely uninterested in getting involved in casinos in Japan unless it was in Hokkaido, which at the time wasn't even in the running. There…

Universal Entertainment (6425 JP) may not have got as much out of Wynn Resorts Ltd (WYNN US) as it (and its investors) hoped from the recent court settlement, but it does look as if it may get another, just as significant prize, which is a casino in Hokkaido. As we wrote in Konami (9766): Readthrough from Its Casino Interview, Universal appeared to be completely uninterested in getting involved in casinos in Japan unless it was in Hokkaido, which at the time wasn't even in the running. There…

Universal Entertainment (6425) - Casino in Hokkaido?

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)

Macau Gaming - Little Impact from Police Sweeping Underground Banks, GGR Supported by Stable M2

Macau News:Last weekend, more than 100 mainland policemen swept the illegal foreign exchange counters at one basement mall in Gongbei. We believe...

JL Warren Capital

Melco Could Be 90 Days Away from a Breakthrough Towards $40 as Catalysts Start Producing Revenue

h1Q18 results show strong performance in both Macau and Manila before the imminent opening of Morpheus Tower at City of Dreams. ROE in 1Q18 rose...

Howard J Klein

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector. Charts highlighted: AMZN, NFLX, COLM, PVH,...

Vermilion Research

Japan Government to Offer Out 3 Casino Licenses - Kyodo

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan,...

Pelham Smithers Associates

Universal Entertainment (6425) - Casino in Hokkaido?

Universal Entertainment (6425 JP) may not have got as much out of Wynn Resorts Ltd (WYNN US) as it (and its investors) hoped from the recent court...

Pelham Smithers Associates

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