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

Wynn Macau’s H1/19 results were satisfactory. Earnings declined slightly y-o-y, owing to the impact of weaker VIP volumes and ongoing refurbishments at the Wynn Macau property. These asset enhancements are aimed at increasing the company’s market share in the premium mass-market segment, amid current softness in VIP. The financial risk profile is stable, with Net Debt/LTM EBITDA unchanged at 2.3x. We view positively the proposed Crystal Pavilion expansion, as it will help diversify the product offering and further reduce reliance on the VIP segment. Despite the large amount of capex, we believe the impact on Wynn Macau's financial risk profile will only materialise gradually, as the bulk of the additional debt will be incurred in 3-4 years' time. Still, we continue to see the company’s dividend payments as very aggressive.  .

   Wynn Macau’s H1/19 results were satisfactory. Earnings declined slightly y-o-y, owing to the impact of weaker VIP volumes and ongoing refurbishments at the Wynn Macau property. These asset enhancements are aimed at increasing the company’s market share in the premium mass-market segment, amid current softness in VIP.    The financial risk profile is stable, with Net Debt/LTM EBITDA unchanged at 2.3x. We view positively the proposed Crystal Pavilion expansion, as it will help diversify the product offering and further reduce reliance on the VIP segment. Despite the large amount of capex, we believe the impact on Wynn Macau's financial risk profile will only materialise gradually, as the bulk of the additional debt will be incurred in 3-4 years' time. Still, we continue to see the company’s dividend payments as very aggressive.  . 

Wynn Macau - Earnings Flash - H1 FY 2019 Results - Lucror Analytics

Wynn Macau Ltd

Wynn Macau - Earnings Flash - H1 FY 2019 Results - Lucror Analytics