Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Nobody "named" having &gt;5.0% in <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing (2427 JP)</a>; no public noise, the stock down; people won't be fighting for a bump unless the delay and impairment are truly meaningless.</li>
<li>Stay long <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> as its FY23 top line surpasses pre-Covid levels.</li>
<li>Investors and risk arbitrageurs who are worried about the potential loss of the case to RF SUNY should simply avoid, or sell then avoid <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> shares.</li>
</ul>


Nobody "named" having &gt;5.0% in Outsourcing (2427 JP); no public noise, the stock down; people won't be fighting for a bump unless the delay and impairment are truly meaningless.
Stay long MGM China Holdings (2282 HK) as its FY23 top line surpasses pre-Covid levels.
Investors and risk arbitrageurs who are worried about the potential loss of the case to RF SUNY should simply avoid, or sell then avoid JSR Corp (4185 JP) shares.


Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

<ul>
<li>
<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>'s FY23 top line surpasses pre-Covid levels. <a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a> figures hit by union strike at MGM Grand Detroit.</li>
<li>Preceding my comments on MGM 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>



MGM China Holdings (2282 HK)'s FY23 top line surpasses pre-Covid levels. MGM Resorts International (MGM US) figures hit by union strike at MGM Grand Detroit.
Preceding my comments on MGM 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: Union Stikes Impact MGM; MGM China Tops Pre-Covid Numbers

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

<ul>
<li>Macau's mass GGR in 3Q23, including slots, was down just 6.7% on 3Q19 levels, but up 11.1% quarter-on-quarter.</li>
<li>The shifting regulatory sands across the gaming landscape has resulted in VIP baccarat revenue accounting for 24% of GGR in 3Q23, down from 43.8% in 3Q19, and 64.6% in 3Q13.</li>
<li>All concessionaires have been impacted by the collapse of the junket industry. But those who relied less on VIP flow have fared better on a comparative basis.</li>
</ul>


Macau's mass GGR in 3Q23, including slots, was down just 6.7% on 3Q19 levels, but up 11.1% quarter-on-quarter.
The shifting regulatory sands across the gaming landscape has resulted in VIP baccarat revenue accounting for 24% of GGR in 3Q23, down from 43.8% in 3Q19, and 64.6% in 3Q13.
All concessionaires have been impacted by the collapse of the junket industry. But those who relied less on VIP flow have fared better on a comparative basis.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

MGM Resorts International / Equity Bottom-Up

<ul><li>MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record for consolidated net revenues.</li><li>The company showcased strength across its diverse portfolio, with solid earnings from domestic operations, particularly notable in MGM China and BetMGM.</li><li>Regional operations also displayed year-over-year growth on a same-store basis, reflecting the company's commitment to maximizing profitability while delivering exceptional customer service.</li></ul>

MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record for consolidated net revenues.The company showcased strength across its diverse portfolio, with solid earnings from domestic operations, particularly notable in MGM China and BetMGM.Regional operations also displayed year-over-year growth on a same-store basis, reflecting the company's commitment to maximizing profitability while delivering exceptional customer service.

MGM Resorts International: An International Strategy That's Raising Eyebrows? - Major Drivers

United States

MGM Resorts International operates gaming, hospitality and entertainment resorts.  The Company owns properties in Nevada, Mississippi and Michigan in the United States; and owns interests in properties in Nevada and Illinois in the United States, and Macau. MGM Resorts also offers hospitality management services for casino and non-casino properties around the world.

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MGM Resorts International (MGM US)

Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

StubWorld: Union Stikes Impact MGM; MGM China Tops Pre-Covid Numbers

The Trade: I'd still be inclined to be long MGM China outright here. MGM/MGM China is a pretty weak holding company structure. I'd be disinclined...

David Blennerhassett

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Macau Casinos: MGM China Looks Solid

MGM China continued to outperform the market amid of industry recovery. I'd be inclined to long MGM China outright here, or hedge against SJM.

David Blennerhassett

MGM Resorts International: An International Strategy That's Raising Eyebrows? - Major Drivers

MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record...

Baptista Research

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Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

StubWorld: Union Stikes Impact MGM; MGM China Tops Pre-Covid Numbers

The Trade: I'd still be inclined to be long MGM China outright here. MGM/MGM China is a pretty weak holding company structure. I'd be disinclined...

David Blennerhassett

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Macau Casinos: MGM China Looks Solid

MGM China continued to outperform the market amid of industry recovery. I'd be inclined to long MGM China outright here, or hedge against SJM.

David Blennerhassett

MGM Resorts International: An International Strategy That's Raising Eyebrows? - Major Drivers

MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record...

Baptista Research

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...