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

The Asia HY Trade Recommendations report for May 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 May 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 - May 2019 - 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 - 15 May 2019

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Thematic (Sector/Industry)

Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was driven by the extra one day for the labor-day holiday this year, strong mass visitations from mainland and very high VIP rolling.  We estimate that the average rolling amount in VIP rooms reached ~5.5 billion -6.0 billion MOP per day per table, up ~15% YoY (same period in 2018).  The extra day provided in the holiday is to stimulate consumer spending by the government, a similar measure as the income tax cut effective on Oct 1st, 2018.In April, Macau GGR was down 8.3% YoY, dragged down by ~25% decline in VIP GGR.  The VIP luck factor was ~3% last minute, similar to same period in 2018.  Rolling demand was negatively impacted by Beijing’s tightened implementation of capital outflow controls, and crackdown of underground banking and related crimes.

Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was driven by the extra one day for the labor-day holiday this year, strong mass visitations from mainland and very high VIP rolling.  We estimate that the average rolling amount in VIP rooms reached ~5.5 billion -6.0 billion MOP per day per table, up ~15% YoY (same period in 2018).  The extra day provided in the holiday is to stimulate consumer spending by the government, a similar measure as the income tax cut effective on Oct 1st, 2018.In April, Macau GGR was down 8.3% YoY, dragged down by ~25% decline in VIP GGR.  The VIP luck factor was ~3% last minute, similar to same period in 2018.  Rolling demand was negatively impacted by Beijing’s tightened implementation of capital outflow controls, and crackdown of underground banking and related crimes. 

Macau Gaming: Strong Labor Day Holiday GGR

Lucror Analytics - Morning Views Asia - 10 May 2019

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We believe the S&amp;P 500, STOXX Europe 600, MSCI ACWI ex-U.S., EAFE, and MSCI China are pulling back to support at their prior breakout levels -- levels we believe will hold. Tech remains our favorite Sector globally. Additional attractive cyclical areas in which to add exposure at current levels include Financials in Europe, autos and auto parts stocks, and casinos and gaming in Macau... see report for a technical appraisal of all major markets and a collection of actionable stocks.

We believe the S&amp;P 500, STOXX Europe 600, MSCI ACWI ex-U.S., EAFE, and MSCI China are pulling back to support at their prior breakout levels -- levels we believe will hold. Tech remains our favorite Sector globally. Additional attractive cyclical areas in which to add exposure at current levels include Financials in Europe, autos and auto parts stocks, and casinos and gaming in Macau... see report for a technical appraisal of all major markets and a collection of actionable stocks.

Global Equity Strategy: Major Indexes at Logical Support

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)

Asia HY Trade Recommendations - May 2019 - Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia - 15 May 2019

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

Lucror Analytics

Macau Gaming: Strong Labor Day Holiday GGR

Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was...

JL Warren Capital

Lucror Analytics - Morning Views Asia - 10 May 2019

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

Lucror Analytics

Global Equity Strategy: Major Indexes at Logical Support

We believe the S&P 500, STOXX Europe 600, MSCI ACWI ex-U.S., EAFE, and MSCI China are pulling back to support at their prior breakout levels --...

Vermilion Research

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