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 H1/21 results were in line with expectations. Negatively, the company’s market share remains below the FY 2019 level, due to weakness in the VIP sector (where it has traditionally been more focused on). That said, its market share showed sequential improvement in Q2. We believe Wynn Macau’s market share will continue to improve, as the company converts its VIP clients into premium direct customers. This is supported by the superior quality of its assets, which are positioned to serve the high-end segment.  Like its peers, Wynn Macau’s leverage has weakened severely amid the COVID-19 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. During the earnings call, management said that the Macau situation has continuously been “two steps forward, one step back”. We concur with this. The industry’s GGR is expected to be poor in August, as travel restrictions between Macau and Mainland China were reinstated following an outbreak of COVID-19 cases in the territory earlier in the month. There is little visibility on the timing and magnitude of recovery, as these will depend on Mainland China’s control of the outbreak, as well as the progress of vaccination drives.

  Wynn Macau’s H1/21 results were in line with expectations. Negatively, the company’s market share remains below the FY 2019 level, due to weakness in the VIP sector (where it has traditionally been more focused on). That said, its market share showed sequential improvement in Q2. We believe Wynn Macau’s market share will continue to improve, as the company converts its VIP clients into premium direct customers. This is supported by the superior quality of its assets, which are positioned to serve the high-end segment.    Like its peers, Wynn Macau’s leverage has weakened severely amid the COVID-19 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.   During the earnings call, management said that the Macau situation has continuously been “two steps forward, one step back”. We concur with this. The industry’s GGR is expected to be poor in August, as travel restrictions between Macau and Mainland China were reinstated following an outbreak of COVID-19 cases in the territory earlier in the month. There is little visibility on the timing and magnitude of recovery, as these will depend on Mainland China’s control of the outbreak, as well as the progress of vaccination drives. 

Wynn Macau - Earnings Flash - H1 FY 2021 Results - Lucror Analytics

Wynn Macau Ltd

Wynn Macau - Earnings Flash - H1 FY 2021 Results - Lucror Analytics