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)'s H1/23 results were soft, mainly as its Macau properties underperformed in Q1. That said, the company regained some market share in Q2, as GGR from its Macau properties climbed 43% q-o-q. Q2/23 mass market GGR reached 84% of the Q2/19 level, albeit still marginally below the industry figure of 86%. We expect MLCO's mass market GGR in Macau to continue improving going forward, supported by the opening of Studio City Phase 2. In our view, the main credit concern is the company's aggressive stance towards shareholder returns. This is evidenced by MLCO's small share repurchases throughout the COVID-19 pandemic (between FY 2020 and FY 2022), despite its severely deteriorated balance sheet. Moreover, the company has a history of providing cash support to parent Melco International.

  Melco Resorts (MLCO)'s H1/23 results were soft, mainly as its Macau properties underperformed in Q1. That said, the company regained some market share in Q2, as GGR from its Macau properties climbed 43% q-o-q. Q2/23 mass market GGR reached 84% of the Q2/19 level, albeit still marginally below the industry figure of 86%. We expect MLCO's mass market GGR in Macau to continue improving going forward, supported by the opening of Studio City Phase 2.   In our view, the main credit concern is the company's aggressive stance towards shareholder returns. This is evidenced by MLCO's small share repurchases throughout the COVID-19 pandemic (between FY 2020 and FY 2022), despite its severely deteriorated balance sheet. Moreover, the company has a history of providing cash support to parent Melco International. 

Melco Resorts - Earnings Flash - H1 FY 2023 Results - Lucror Analytics

Melco Resorts & Entertainment

Melco Resorts - Earnings Flash - H1 FY 2023 Results - Lucror Analytics