In today’s briefing:
- O2Micro (OIIM US) Privatisation Vote on 31 January
- Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers
- Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers
- Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report
- MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers
- MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report
- Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Trex Company Inc.: Initiation of Coverage – Financial Forecasts
O2Micro (OIIM US) Privatisation Vote on 31 January
- O2Micro International (OIIM US)’s EGM to vote on the US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited is on 31 January 2023.
- Shareholders representing two-thirds of shares need to approve the deal. As rollover shareholders represent 16.92% of voting rights, 59.88% of disinterested shareholders must vote YES to meet the two-thirds threshold.
- While peers have re-rated, the offer is attractive and there are no competing bids. At the last close, the gross spread to the offer is 11.6%.
Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers
- This is our first report on Illumina, a well-known provider of sequencing and array-based solutions for genetic and genomic analysis.
- In the quarter, Illumina saw fantastic customer response to the recently launched NovaSeq X Series.
- Driven by genetic disease testing and oncology testing, there was an increase in clinical sequencing consumable shipments.
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.
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: 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.
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.
Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Illumina is a major provider of sequencing and array-based solutions for genetic and genomic analysis.
- Driven by genetic disease testing and oncology testing, there has been a constant increase in clinical sequencing consumable shipments for the company.
- The company has recently announced an innovative research test for identifying AMR (Antimicrobial Resistance) and genitourinary pathogen infection.
Trex Company Inc.: Initiation of Coverage – Financial Forecasts
- This is our first report on Trex, one of the largest manufacturers of high-performance, wood-alternative railing and decking, as well as a leader in eco-friendly, low-maintenance living products in the world.
- The launch of the new Trex Transcend lineage product line of the company has been received favorably in the market.
- In this quarter, Trex partnered with two more distribution locations in Texas, which enabled it to expand and service the availability of the products of Trex Outdoor Living in the fastest-growing markets.
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