APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Equity Capital Markets

Universal Entertainment / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/13915" target="_blank" data-smartkarma-citation="entities:13915:1">Universal Entertainment Corp (6425 JP)</a> is raising approximately USD191m (JPY21.9bn) through the sale of 5m treasury shares (9.9%). The proceeds will be used to fund the operations of Okada Manila.</p><p>The deal scores well on our framework owing to its strong price momentum and less leveraged balance sheet relative to peers. The company recently revised its forecast of its FY2017 net income up by more than 100% and announced a dividend. Optimism of Philippines casino and Japan casino bill may continue…</p>

Universal Entertainment Corp (6425 JP) is raising approximately USD191m (JPY21.9bn) through the sale of 5m treasury shares (9.9%). The proceeds will be used to fund the operations of Okada Manila.The deal scores well on our framework owing to its strong price momentum and less leveraged balance sheet relative to peers. The company recently revised its forecast of its FY2017 net income up by more than 100% and announced a dividend. Optimism of Philippines casino and Japan casino bill may continue…

Melco Resorts and Entertainment (Philippines) (MRP PM)

Melco Resorts and Entertainment (Philippines)

Universal Entertainment - Positive News Flow May Continue but Discount Has yet to Be Determined