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

MGM China's FY 2019 results were in line with our expectations, with earnings growth driven by the continued ramp-up of the newآ MGM Cotai property. Leverage has improved to a manageable level, with Debt/EBITDA of 3.0x and Net Debt/EBITDA of 2.5x. For FY 2020, we project a 35% y-o-y decline in the top line, as well as a slight contraction in the EBITDA margin. This will push gross leverage above 5x and net leverage to c. 4.1x. We note that parent MGM Resorts has a slightly weaker leverage profile than that ofآ MGM China. That said, the parent has adequate liquidity, along with minimal short-term debt and cash balances that are more than sufficient to meet operating expense and interest expense. Moreover, we believe thatآ MGM Resorts is able to tap onآ loans announced by the US government to support industries impacted by COVID-19.آ

 MGM China's FY 2019 results were in line with our expectations, with earnings growth driven by the continued ramp-up of the newآ MGM Cotai property. Leverage has improved to a manageable level, with Debt/EBITDA of 3.0x and Net Debt/EBITDA of 2.5x. For FY 2020, we project a 35% y-o-y decline in the top line, as well as a slight contraction in the EBITDA margin. This will push gross leverage above 5x and net leverage to c. 4.1x.  We note that parent MGM Resorts has a slightly weaker leverage profile than that ofآ MGM China. That said, the parent has adequate liquidity, along with minimal short-term debt and cash balances that are more than sufficient to meet operating expense and interest expense. Moreover, we believe thatآ MGM Resorts is able to tap onآ loans announced by the US government to support industries impacted by COVID-19.آ 

MGM China - Earnings Flash - FY 2019 Results - Lucror Analytics

MGM China Holdings

MGM China - Earnings Flash - FY 2019 Results - Lucror Analytics