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 H1/21 results were in line with expectations, with its GGR recovering to 41% of the H1/19 level, outpacing that of the industry (33%). In addition, its market share increased to c. 11.5% (FY 2020: c. 10%). Although MGM generated positive EBITDA, it continued to incur an operating cash burn. We foresee that OCF could turn positive towards end-2021 or early 2022. Like its peers, MGM China’s leverage has weakened severely amid the pandemic. We believe the company will be able to regain its pre-pandemic leverage metrics in FY 2024 at the earliest, assuming it does not pay any dividends in the meantime. That said, MGM China could begin deleveraging earlier than peers, given its relatively light capex plans.

 MGM China’s H1/21 results were in line with expectations, with its GGR recovering to 41% of the H1/19 level, outpacing that of the industry (33%). In addition, its market share increased to c. 11.5% (FY 2020: c. 10%). Although MGM generated positive EBITDA, it continued to incur an operating cash burn. We foresee that OCF could turn positive towards end-2021 or early 2022.  Like its peers, MGM China’s leverage has weakened severely amid the pandemic. We believe the company will be able to regain its pre-pandemic leverage metrics in FY 2024 at the earliest, assuming it does not pay any dividends in the meantime. That said, MGM China could begin deleveraging earlier than peers, given its relatively light capex plans.

MGM China - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

MGM China Holdings

MGM China - Earnings Flash - H1 FY 2021 Results - Lucror Analytics