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 H1/19 results were satisfactory. Earnings declined slightly y-o-y, owing to the impact of weaker VIP volumes and ongoing refurbishments at the Wynn Macau property. These asset enhancements are aimed at increasing the company’s market share in the premium mass-market segment, amid current softness in VIP. The financial risk profile is stable, with Net Debt/LTM EBITDA unchanged at 2.3x. We view positively the proposed Crystal Pavilion expansion, as it will help diversify the product offering and further reduce reliance on the VIP segment. Despite the large amount of capex, we believe the impact on Wynn Macau's financial risk profile will only materialise gradually, as the bulk of the additional debt will be incurred in 3-4 years' time. Still, we continue to see the company’s dividend payments as very aggressive.  .

   Wynn Macau’s H1/19 results were satisfactory. Earnings declined slightly y-o-y, owing to the impact of weaker VIP volumes and ongoing refurbishments at the Wynn Macau property. These asset enhancements are aimed at increasing the company’s market share in the premium mass-market segment, amid current softness in VIP.    The financial risk profile is stable, with Net Debt/LTM EBITDA unchanged at 2.3x. We view positively the proposed Crystal Pavilion expansion, as it will help diversify the product offering and further reduce reliance on the VIP segment. Despite the large amount of capex, we believe the impact on Wynn Macau's financial risk profile will only materialise gradually, as the bulk of the additional debt will be incurred in 3-4 years' time. Still, we continue to see the company’s dividend payments as very aggressive.  . 

Wynn Macau - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. 

Lucror Analytics - Morning Views Asia - 07 Aug 2019

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage.

   In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales trends, regulatory actions and expectations. We also comment broadly on the FY 2018 and Q1/19 results of real estate companies under our coverage. 

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for July includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for July includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>Investors have not yet baked in a clear outperform potential on this Hong Kong traded subsidiary of US Wynn Resorts Ltd (NASDAQ:WYNN).</li>
<li>A recent investor day presentation confirms that this is an Asia centric company based on its capex expectations for Macau vs. Las Vegas.</li>
<li>Macro risk continue to spook the VIP segment. Its part of what keeps the shares trading lower than they should based on bullish forward strategies now in place.</li>
</ul>


Investors have not yet baked in a clear outperform potential on this Hong Kong traded subsidiary of US Wynn Resorts Ltd (NASDAQ:WYNN).
A recent investor day presentation confirms that this is an Asia centric company based on its capex expectations for Macau vs. Las Vegas.
Macro risk continue to spook the VIP segment. Its part of what keeps the shares trading lower than they should based on bullish forward strategies now in place.


Wynn Macau Ltd: Is True Forward Value Still Hidden by Conservative Projections?

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 2019 Results - Lucror Analytics

Wynn Macau’s H1/19 results were satisfactory. Earnings declined slightly y-o-y, owing to the impact of weaker VIP volumes and ongoing...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 07 Aug 2019

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2019) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the background of the last cycle, sales...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for July includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Wynn Macau Ltd: Is True Forward Value Still Hidden by Conservative Projections?

Investors have not yet baked in a clear outperform potential on this Hong Kong traded subsidiary of US Wynn Resorts Ltd (NASDAQ:WYNN). A recent...

Howard J Klein

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52-week Range

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