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>The son of legendary Macau gaming entrepreneur Stanley Ho builds his casino empire judiciously: At age 40 he has plenty of runway left to conquer in Asia's second wave of gaming expansion.</li>
<li>Astute capital allocator, deeply rooted in the fabric of mainland China's business and civic/charity establishment, Ho's interests demonstrate a smart long term strategy for Melco Resorts &amp; Entertainment.</li>
<li>As Japan IR enabling legislation moves through the process, Ho has targeted Osaka. Assuming the final…</li>
</ul>


The son of legendary Macau gaming entrepreneur Stanley Ho builds his casino empire judiciously: At age 40 he has plenty of runway left to conquer in Asia's second wave of gaming expansion.
Astute capital allocator, deeply rooted in the fabric of mainland China's business and civic/charity establishment, Ho's interests demonstrate a smart long term strategy for Melco Resorts &amp; Entertainment.
As Japan IR enabling legislation moves through the process, Ho has targeted Osaka. Assuming the final…


Lawrence Ho of Melco Resorts: Why You Might Want to Be Partners with Him Now

Thematic (Sector/Industry)

<ul>
<li>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/030/412/original/Sumatran_tigercubs.jpg?1501007351" class="editor-image img-responsive" data-smartkarma-image-id="30412"></figure>Here comes the inevitable price of success in Asia gaming The six tiger cubs of Asian integrated resorts are on the move propelled by China gaming tourism.</li>
<li>How long can all the upstart markets feed off Chinese VIPs and tourists?</li>
<li>Here's the six countries we dub "Asian tiger cubs of gaming" who will be heard from loudly over the next three years.</li>
</ul>Way back in 1935, there was a hit Broadway show in New York called "Jumbo". It took a wry, musical look at the world of circuses. In one act, a lead…



Here comes the inevitable price of success in Asia gaming The six tiger cubs of Asian integrated resorts are on the move propelled by China gaming tourism.
How long can all the upstart markets feed off Chinese VIPs and tourists?
Here's the six countries we dub "Asian tiger cubs of gaming" who will be heard from loudly over the next three years.
Way back in 1935, there was a hit Broadway show in New York called "Jumbo". It took a wry, musical look at the world of circuses. In one act, a lead…

The Second Wave of Asian Integrated Resorts Is Here Posing Challenges to Beijing Policies

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a><h2>Security Costs to</h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Reasonable port valuation supports M&amp;A activities<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/443/original/ports5.JPG?1454570524" class="editor-image img-responsive" data-smartkarma-image-id="5443"></figure>Note: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/444/original/ports6.JPG?1454570793" class="editor-image img-responsive" data-smartkarma-image-id="5444"></figure> Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Reasonable port valuation supports M&amp;A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Global Port Operators - Reasonable Valuation Supports M&A Activities

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Hong Kong

Summit Ascent Holdings Ltd, through its subsidiaries, trades in, supplies, and installs building products and engineering equipment.  The Company also invests in properties.

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Summit Ascent Holdings (102 HK)

Lawrence Ho of Melco Resorts: Why You Might Want to Be Partners with Him Now

The son of legendary Macau gaming entrepreneur Stanley Ho builds his casino empire judiciously: At age 40 he has plenty of runway left to conquer...

Howard J Klein

The Second Wave of Asian Integrated Resorts Is Here Posing Challenges to Beijing Policies

Here comes the inevitable price of success in Asia gaming The six tiger cubs of Asian integrated resorts are on the move propelled by China...

Howard J Klein

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

Global Port Operators - Reasonable Valuation Supports M&A Activities

Reasonable port valuation supports M&A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0xSource:...

Drewry Maritime Financial Research

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest...

Drewry Maritime Financial Research

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