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.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Credit

Melco Resorts’ Q4/19 results were acceptable, boosted by higher mass-market earnings at Studio City and City of Dreams Macau. The company’s mass-market focus resulted in outperformance relative to VIP-focused peers (such as Wynn Macau). Earnings were partly affected by weaker VIP earnings at COD Macau, as well as a lower contribution from COD Manila. Property EBITDA declined 4% y-o-y to USD 410 mn, but on a luck-adjusted basis, EBITDA would have increased 15% to USD 413 mn. Leverage metrics improved slightly, supported by growth in full-year earnings that outpaced that of debt. That said, we expect leverage to weaken materially in FY 2020 due to a material earnings decline in H1. Furthermore, we expect FCF generation to be weak, as the company has large committed capex plans and dividend payouts.

  Melco Resorts’ Q4/19 results were acceptable, boosted by higher mass-market earnings at Studio City and City of Dreams Macau. The company’s mass-market focus resulted in outperformance relative to VIP-focused peers (such as Wynn Macau). Earnings were partly affected by weaker VIP earnings at COD Macau, as well as a lower contribution from COD Manila. Property EBITDA declined 4% y-o-y to USD 410 mn, but on a luck-adjusted basis, EBITDA would have increased 15% to USD 413 mn.   Leverage metrics improved slightly, supported by growth in full-year earnings that outpaced that of debt. That said, we expect leverage to weaken materially in FY 2020 due to a material earnings decline in H1. Furthermore, we expect FCF generation to be weak, as the company has large committed capex plans and dividend payouts. 

Melco Resorts - Earnings Flash - FY 2019 Results - Lucror Analytics

Melco Resorts & Entertainment

Melco Resorts - Earnings Flash - FY 2019 Results - Lucror Analytics