In today’s briefing:
- Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT
- Zozo Opens Store in Omotesando, to Increase Retail Ties
- Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report
- MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report
- ESG Bonds for Individuals Matching Increased Issuance Intentions
- MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers
- Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers
Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT
- It was a busy Friday with the implementation of the December rebalance for multiple indices. The Yuanta/P-shares Taiwan Dividend Plus ETF will continue to rebalance over the next 4 days.
- The coming week should be relatively quiet with the announcement of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) changes expected.
- There were large inflows to ETFs focused on China, Korea, Japan, Taiwan. There were inflows to Hang Seng H Share Index ETF and outflows from Tracker Fund of Hong Kong.
Zozo Opens Store in Omotesando, to Increase Retail Ties
- Zozo may be the leading online fashion mall but it has spent the last two years using its power to drive more traffic to its merchants’ physical stores.
- Its latest service allows stores to sell stock held at Zozo’s fulfilment centre when they themselves have sold out and thus avoid lost sales opportunities.
- Zozo itself, meanwhile, will open a physical store in Omotesando but one entirely devoted to styling services for its customers.
Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Las Vegas Sands Corp. is one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.
- The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.
- The company continues to pursue opportunities for developing new land-based large-scale destination resorts in both Asia and the U.S.
MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report
- MGM is one of the major operators of casinos, hotels, entertainment resorts, and sports betting platforms in the world.
- The company’s domestic business has been strong with the Las Vegas Strip reaching new highs for revenues but its recent bottom-line has been negative.
- Cosmopolitan Las Vegas continued to surpass the company’s early projections while operating under MGM Resorts’ direction and had one of its finest quarters.
ESG Bonds for Individuals Matching Increased Issuance Intentions
- The benefit of issuing ESG bonds for retail investors is that they provide an investment opportunity for retail investors to become familiar with the ESG initiatives of individual issuers.
- For the issuers, they can reduce issuance costs compared to institutional bonds. For the underwriting investment banks, the bonds are more profitable than institutional bonds because of higher sales fees.
- Since ESG bonds for individuals have a maturity of 3-10 years, ESG factors such as the environment may have a short time to affect credit risk.
MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on MGM, one of the largest owners and operators of casinos, hotels, and entertainment resorts in the world.
- The company reported a mixed quarterly result, surpassing Wall Street expectations in terms of revenues but reporting wider than expected losses.
- Cosmopolitan Las Vegas continued to surpass the company’s early projections while operating under MGM Resorts’ direction and had one of its finest quarters.
Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on Las Vegas Sands Corp, one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.
- The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.
- We initiate coverage on the stock of Las Vegas Sands with a ‘Hold’ rating.
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