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' (MLCO) FY 2022 results were better than peers', supported by strong earnings growth at its overseas assets (in the Philippines and Cyprus) amid a weak showing in Macau. In addition, management reported rosy earnings guidance for YTD 2023 (in line with those reported by peers). Going forward, we forecast that the company’s revenue will reach 70-80% of the FY 2019 level, supported by a recovery in industry GGR to 50-60% of the 2019 level, as well as contributions from Studio City Phase 2 and City of Dreams Mediterranean from H2/23. This should allow MLCO to generate positive FCF and deleverage in FY 2023. We move our recommendation to “Buy” on the MPEL curve from “Hold”.

  Melco Resorts' (MLCO) FY 2022 results were better than peers', supported by strong earnings growth at its overseas assets (in the Philippines and Cyprus) amid a weak showing in Macau. In addition, management reported rosy earnings guidance for YTD 2023 (in line with those reported by peers).   Going forward, we forecast that the company’s revenue will reach 70-80% of the FY 2019 level, supported by a recovery in industry GGR to 50-60% of the 2019 level, as well as contributions from Studio City Phase 2 and City of Dreams Mediterranean from H2/23. This should allow MLCO to generate positive FCF and deleverage in FY 2023.   We move our recommendation to “Buy” on the MPEL curve from “Hold”. 

Melco Resorts - Earnings Flash - FY 2022 Results - Lucror Analytics

Melco Resorts & Entertainment

Melco Resorts - Earnings Flash - FY 2022 Results - Lucror Analytics