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Studio City International Holdings Limited / Equity Bottom-Up

Studio City International Holdings Limited (MSC US)

Studio City International Holdings Limited

<ul>
  <li>Studio City is capitalizing on the Macau gaming market's recovery, demonstrating a significant revenue rebound driven by the return of tourism and a strategic focus on non-gaming attractions to broaden its customer base.</li>
  <li>Despite impressive top-line growth, the company has a history of net losses, and its financial position is characterized by a substantial debt load. A recent turn to profitability in the latest quarter (Q1 2026) is a positive signal, but sustainability remains a key question.</li>
  <li>Positioned as a unique, cinematically-themed integrated resort, the company is expanding its family-friendly and non-gaming offerings, including a large water park and IP-themed attractions, to differentiate itself in the highly competitive Cotai Strip market.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Studio City is capitalizing on the Macau gaming market's recovery, demonstrating a significant revenue rebound driven by the return of tourism and a strategic focus on non-gaming attractions to broaden its customer base.
  Despite impressive top-line growth, the company has a history of net losses, and its financial position is characterized by a substantial debt load. A recent turn to profitability in the latest quarter (Q1 2026) is a positive signal, but sustainability remains a key question.
  Positioned as a unique, cinematically-themed integrated resort, the company is expanding its family-friendly and non-gaming offerings, including a large water park and IP-themed attractions, to differentiate itself in the highly competitive Cotai Strip market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Studio City International Holdings Limited (MSC US) - Aug 2026

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating leverage.</li><li>Management expects FY26 EBITDA to be around the top of its NZ$70m–NZ$74m guidance range, which compares with our unchanged NZ$74m forecast.</li><li>While we expect NPH to continue delivering earnings growth over the medium term, the pace of growth is likely to moderate from recent levels.</li></ul>

Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating leverage.Management expects FY26 EBITDA to be around the top of its NZ$70m–NZ$74m guidance range, which compares with our unchanged NZ$74m forecast.While we expect NPH to continue delivering earnings growth over the medium term, the pace of growth is likely to moderate from recent levels.

<ul><li>We downgrade Port of Tauranga (POT) to NEUTRAL from OUTPERFORM given recent share price strength and an apparently softer volume backdrop through late FY26, but continue to recognise a favourable industry pricing dynamic supporting medium-term earnings growth.</li><li>That said, the company remains on track to achieve its 7% ROIC target on operational assets in FY27 and has scope to justifiably lift returns higher over the medium term.</li><li>Trading at ~20x one-year forward EV/EBITDA, POT is now relatively expensive, trading modestly above its bond-rate (nominal and real) adjusted historical multiple.</li></ul>

We downgrade Port of Tauranga (POT) to NEUTRAL from OUTPERFORM given recent share price strength and an apparently softer volume backdrop through late FY26, but continue to recognise a favourable industry pricing dynamic supporting medium-term earnings growth.That said, the company remains on track to achieve its 7% ROIC target on operational assets in FY27 and has scope to justifiably lift returns higher over the medium term.Trading at ~20x one-year forward EV/EBITDA, POT is now relatively expensive, trading modestly above its bond-rate (nominal and real) adjusted historical multiple.

Port of Tauranga Pricing in Aft and to the Fore, Rating Amidship

<ul><li>Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from OUTPERFORM.</li><li>We expect pricing growth to moderate from FY27, while the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs.</li><li>NPH’s strategic initiatives are tracking well, and we expect its container transformation project to deliver credible productivity and cost benefits from FY28.</li></ul>

Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from OUTPERFORM.We expect pricing growth to moderate from FY27, while the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs.NPH’s strategic initiatives are tracking well, and we expect its container transformation project to deliver credible productivity and cost benefits from FY28.

Napier Port 1H26 Result—The Ship Has Sailed

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

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.

Credit

Studio City International Holdings Limited / Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group</li>
<li>In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).</li>
<li>Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group
In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).
Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.


China

Studio City International Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers dining, entertainment, accommodation, meeting and events, and casino facilities. Studio City International Holdings serves customers worldwide.

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Studio City International Holdings Limited (MSC US)

Primer: Studio City International Holdings Limited (MSC US) - Aug 2026

Studio City is capitalizing on the Macau gaming market's recovery, demonstrating a significant revenue rebound driven by the return of tourism...

αSK Primers

Napier Port More Bang for Each Box

Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating...

Forsyth Barr

Port of Tauranga Pricing in Aft and to the Fore, Rating Amidship

We downgrade Port of Tauranga (POT) to NEUTRAL from OUTPERFORM given recent share price strength and an apparently softer volume backdrop through...

Forsyth Barr

Napier Port 1H26 Result—The Ship Has Sailed

Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from...

Forsyth Barr

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group

Lucror Analytics

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