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

Wynn Macau’s H1/22 earnings continued to underperform those of peers, with the trend persisting since Q4/21. This could be owing to stiffer competition from newer properties (e.g. MGM Cotai and SJM Holdings’ Grand Lisboa Palace), particularly in the premium mass segment. We highlight that Wynn Macau has sufficient liquidity to sustain 15 months of operating cash burn in a zero-revenue scenario. This does not factor in the company’s USD 500 mn loan from its parent, which we assume would be used to meet the government’s requirement for all operators to raise share capital by MOP 5 bn. Wynn Macau's next debt maturity will be in October 2024, when the USD 600 mn WYNMAC 4.875 24 will come due. Given that the WYNMAC bonds are yielding 9-12%, we believe it could be very difficult for the company to issue new bonds for refinancing. Hence, Wynn Macau might face serious refinancing risk if the industry fails to recover meaningfully beyond 2023.

  Wynn Macau’s H1/22 earnings continued to underperform those of peers, with the trend persisting since Q4/21. This could be owing to stiffer competition from newer properties (e.g. MGM Cotai and SJM Holdings’ Grand Lisboa Palace), particularly in the premium mass segment.   We highlight that Wynn Macau has sufficient liquidity to sustain 15 months of operating cash burn in a zero-revenue scenario. This does not factor in the company’s USD 500 mn loan from its parent, which we assume would be used to meet the government’s requirement for all operators to raise share capital by MOP 5 bn.   Wynn Macau's next debt maturity will be in October 2024, when the USD 600 mn WYNMAC 4.875 24 will come due. Given that the WYNMAC bonds are yielding 9-12%, we believe it could be very difficult for the company to issue new bonds for refinancing. Hence, Wynn Macau might face serious refinancing risk if the industry fails to recover meaningfully beyond 2023. 

Wynn Macau - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

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/pakuwon-jati-tbk-pt' target='_blank' rel='noopener'>Pakuwon Jati</a></li><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/lenovo-group-ltd' target='_blank' rel='noopener'>Lenovo</a></li><li><a href='/entities/china-sce-group-holdings-ltd' target='_blank' rel='noopener'>China SCE</a></li><li><a href='/entities/kwg-group-holdings-ltd' target='_blank' rel='noopener'>Kwg Property Holding</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:Pakuwon JatiSoftbank GroupLenovoChina SCEKwg Property Holdingand more...

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Wynn Macau's ESG as "Adequate", in line with its Social and Governance scores. The company has a "Weak" score for the Environmental pillar. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Wynn Macau's ESG as "Adequate", in line with its Social and Governance scores. The company has a "Weak" score for the Environmental pillar. Controversies are "Immaterial" and Disclosure is "Adequate". 

Wynn Macau - ESG Report - Lucror Analytics

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/gajah-tunggal-tbk-pt' target='_blank' rel='noopener'>Gajah Tunggal</a></li><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</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:Gajah TunggalChina HongqiaoLogan Property HoldingsSino-Ocean GroupSoftbank Groupand more...

This month, we provide an update on developments related to Chinese property companies' restructuring plans. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  This month, we provide an update on developments related to Chinese property companies' restructuring plans.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Property Restructuring Updates - Lucror Analytics

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)

Wynn Macau - Earnings Flash - H1 FY 2022 Results - Lucror Analytics

Wynn Macau’s H1/22 earnings continued to underperform those of peers, with the trend persisting since Q4/21. This could be owing to stiffer...

Lucror Analytics

Weekly Wrap - 12 Aug 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 - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Wynn Macau's ESG as...

Lucror Analytics

Weekly Wrap - 05 Aug 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

Asia HY Monthly - Chinese Property Restructuring Updates - Lucror Analytics

This month, we provide an update on developments related to Chinese property companies' restructuring plans. The Asia Monthly focuses on...

Lucror Analytics

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