External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul><li>Over the weekend, the Macau government announced that it had agreed with the Chinese government to resume package tours for mainland Chinese to visit Macau, and the electronic visa issuance.</li><li>We expect these changes to help turning most of the gaming operators into positive EBITDA by 1H23 and reverse the trend of cash burnt.</li><li>As we repeatedly discussed, the key drivers for Macau gaming bonds are the visa policy of mainland China and Macau’s quarantine policy.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over the weekend, the Macau government announced that it had agreed with the Chinese government to resume package tours for mainland Chinese to visit Macau, and the electronic visa issuance.We expect these changes to help turning most of the gaming operators into positive EBITDA by 1H23 and reverse the trend of cash burnt.As we repeatedly discussed, the key drivers for Macau gaming bonds are the visa policy of mainland China and Macau’s quarantine policy.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macau gaming: Meaningful policy relaxations to double visitation

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.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeCentral China Real Estateand more...

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>Macau peer shares are higher largely due to bullish resolutions of long term uncertainties about re-licensing which have now been favorably resolved.</li>
<li>Some easing of Hong Kong hotel duration quarantines in general and specific to Wynn, the promotion of Ms. Linda Chen to Presidency will resonate favorably in Beijing.</li>
<li>Wynn's two Macau properties well positioned to recapture leading share of premium mass customer segment. Not reflected in go forward share price.</li>
</ul>


Macau peer shares are higher largely due to bullish resolutions of long term uncertainties about re-licensing which have now been favorably resolved.
Some easing of Hong Kong hotel duration quarantines in general and specific to Wynn, the promotion of Ms. Linda Chen to Presidency will resonate favorably in Beijing.
Wynn's two Macau properties well positioned to recapture leading share of premium mass customer segment. Not reflected in go forward share price.


Wynn Macau Ltd: Trading Below Many Peers Which Are Moving up Facing the Same Headwinds

The Asia HY Trade Book for September 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.

  The Asia HY Trade Book for September 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits. 

Asia HY Trade Book - September 2022 - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Macau gaming companies gained this week as Hong Kong is expected to ease Covid restrictions, with Macau expected to follow suit.</li>
<li>Last week, the six incumbent Macau gaming operators submitted tenders for the gaming concessions, together with last-minute interloper, the Genting Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> has borrowed heavily and also leads other Macau gaming plays in dividends paid out to shareholders. This may not be lost on Macau officials. </li>
</ul>


Macau gaming companies gained this week as Hong Kong is expected to ease Covid restrictions, with Macau expected to follow suit.
Last week, the six incumbent Macau gaming operators submitted tenders for the gaming concessions, together with last-minute interloper, the Genting Group.

Sands China (1928 HK) has borrowed heavily and also leads other Macau gaming plays in dividends paid out to shareholders. This may not be lost on Macau officials. 


Sands China (1928 HK): Positives And Negatives

Hong Kong

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

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Wynn Macau Ltd (1128 HK)

Macau gaming: Meaningful policy relaxations to double visitation

We expect these changes to help turning most of the gaming operators into positive EBITDA by 1H23 and reverse the trend of cash burnt.

CMB International

Weekly Wrap - 23 Sep 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Wynn Macau Ltd: Trading Below Many Peers Which Are Moving up Facing the Same Headwinds

Wynn Macau' is subject to same headwinds as peers but recent price action has not been as bullish. The company led in the critical premium mass...

Howard J Klein

Asia HY Trade Book - September 2022 - Lucror Analytics

The Asia HY Trade Book for September 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Sands China (1928 HK): Positives And Negatives

Sands China appears fairly valued here. If I had to bet on one incumbent whose license could be lost, Sand China stands out. For that, I would...

David Blennerhassett

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