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

MGM China’s H1/21 results were in line with expectations, with its GGR recovering to 41% of the H1/19 level, outpacing that of the industry (33%). In addition, its market share increased to c. 11.5% (FY 2020: c. 10%). Although MGM generated positive EBITDA, it continued to incur an operating cash burn. We foresee that OCF could turn positive towards end-2021 or early 2022. Like its peers, MGM China’s leverage has weakened severely amid the pandemic. We believe the company will be able to regain its pre-pandemic leverage metrics in FY 2024 at the earliest, assuming it does not pay any dividends in the meantime. That said, MGM China could begin deleveraging earlier than peers, given its relatively light capex plans.

 MGM China’s H1/21 results were in line with expectations, with its GGR recovering to 41% of the H1/19 level, outpacing that of the industry (33%). In addition, its market share increased to c. 11.5% (FY 2020: c. 10%). Although MGM generated positive EBITDA, it continued to incur an operating cash burn. We foresee that OCF could turn positive towards end-2021 or early 2022.  Like its peers, MGM China’s leverage has weakened severely amid the pandemic. We believe the company will be able to regain its pre-pandemic leverage metrics in FY 2024 at the earliest, assuming it does not pay any dividends in the meantime. That said, MGM China could begin deleveraging earlier than peers, given its relatively light capex plans.

MGM China - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Cross Asset Strategy

<ul>
<li>Our indicators have seen a surge in coverage of Macau in the context of the Digital RMB, starting with Macau Chief Executive Ho Lat Seng's mid-April plan to amend legislation in order to accommodate the e-RMB rollout; sentiment on the Macau gaming sector appears to be pulling back as a result</li>
<li>While the long-standing crackdown on VIP junkets has been a factor for Macau's casino operators throughout the previous cycle, rollout of the Digital RMB may also suppress growth in the important premium mass segment</li>
<li>Defensives vs. cyclicals relative sentiment recovered from a multi-year low of -3.5x STDEVs in mid-March to near-neutral readings last week, as the bond rally and flattening yield curve led a few high-profile strategists to call for more defensive positioning; but this phenomenon has now decisively peaked out without any significant thematic reversal, on refreshed expectations of rising yields and action in the commodity complex</li>
<li>European recovery indicators have made new post-pandemic highs, aided by improvement in sentiment on the pace of vaccinations, with implications for EUR/USD</li>
</ul><div class="content-highlight">TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary tools text-mine the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. </div>


Our indicators have seen a surge in coverage of Macau in the context of the Digital RMB, starting with Macau Chief Executive Ho Lat Seng's mid-April plan to amend legislation in order to accommodate the e-RMB rollout; sentiment on the Macau gaming sector appears to be pulling back as a result
While the long-standing crackdown on VIP junkets has been a factor for Macau's casino operators throughout the previous cycle, rollout of the Digital RMB may also suppress growth in the important premium mass segment
Defensives vs. cyclicals relative sentiment recovered from a multi-year low of -3.5x STDEVs in mid-March to near-neutral readings last week, as the bond rally and flattening yield curve led a few high-profile strategists to call for more defensive positioning; but this phenomenon has now decisively peaked out without any significant thematic reversal, on refreshed expectations of rising yields and action in the commodity complex
European recovery indicators have made new post-pandemic highs, aided by improvement in sentiment on the pace of vaccinations, with implications for EUR/USD
TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary tools text-mine the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. 

TMI Snapshots:  Macau, Defensives Vs. Cyclicals, Europe's Recovery

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

EURO STOXX 50 Price EUR / Technical Analysis

Our intermediate-term outlook remains constructive with major support levels holding on the broad global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE). Still, we continue to see some reason for caution as various market dynamics have deteriorated, leading us to a more neutral outlook in the near-term.

Our intermediate-term outlook remains constructive with major support levels holding on the broad global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE). Still, we continue to see some reason for caution as various market dynamics have deteriorated, leading us to a more neutral outlook in the near-term.

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

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 26.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hengan International Group Company Limited (1044 HK) (HKD 92.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.5 million worth of buybacks), Mgm China Holdings Limited (2282 HK) (HKD 46.1 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 26.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hengan International Group Company Limited (1044 HK) (HKD 92.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.5 million worth of buybacks), Mgm China Holdings Limited (2282 HK) (HKD 46.1 million worth of buybacks).

Hong Kong Buybacks: Hengan, Want Want, MGM

Event-Driven

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 19.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a> (HKD 79.6 million worth of buybacks), <a href="https://www.smartkarma.com/entities/want-want-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:355:1" rel="noopener">Want Want (151 HK)</a> (HKD 66.0 million worth of buybacks), <a href="https://www.smartkarma.com/entities/easyknit-international-hldg" target="_blank" data-smartkarma-citation="entities:18880:1" rel="noopener">Easyknit International Hldg (1218 HK)</a> (HKD 21.6 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 19.In the past 7 days, the top 3 companies that repurchased the most shares from the market were MGM China Holdings (2282 HK) (HKD 79.6 million worth of buybacks), Want Want (151 HK) (HKD 66.0 million worth of buybacks), Easyknit International Hldg (1218 HK) (HKD 21.6 million worth of buybacks).

Hong Kong Buybacks: MGM Bought Back HKD 80m This Week

Hong Kong

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

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MGM China Holdings (2282 HK)

MGM China - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

MGM China’s H1/21 results were in line with expectations, with its GGR recovering to 41% of the H1/19 level, outpacing that of the industry...

Lucror Analytics

TMI Snapshots: Macau, Defensives Vs. Cyclicals, Europe's Recovery

Our text analytics see negative sentiment on Macau's gaming operators due to e-RMB progress despite positive reopening data; a return to...

Elan Gore

Major Breakout For EURO STOXX 50

Our intermediate-term outlook remains constructive with major support levels holding on the broad global indexes (MSCI ACWI, ACWI ex-US, EM, and...

Vermilion Research

Hong Kong Buybacks: Hengan, Want Want, MGM

In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hengan International (1044 HK), Want Want (151 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks: MGM Bought Back HKD 80m This Week

Top 3 companies that repurchased the most shares from the market were MGM China Holdings (2282 HK), Want Want (151 HK), and Easyknit International...

Ke Yan, CFA, FRM

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