Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. </li>
<li>Preceding the chart-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. 
Preceding the chart-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Wynn Resorts managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>In Las Vegas, Wynn Resorts achieved significant results in Q1, supported by a thriving consumer base.</li><li>In Macau, Wynn Resorts generated significant earnings despite some challenges, including a lower VIP hold.</li></ul>

Wynn Resorts managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.In Las Vegas, Wynn Resorts achieved significant results in Q1, supported by a thriving consumer base.In Macau, Wynn Resorts generated significant earnings despite some challenges, including a lower VIP hold.

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

<ul>
<li>Five sell side analysts have recently upped their PT's on Wynn Resorts Ltf.</li>
<li>Our own tracking of this company goes as far back as the '80s to the 2000s, when we competed head to head for market share of the upscale segment.</li>
<li>At US$110 it sustains its long history of trading at a premium to peers.</li>
</ul>


Five sell side analysts have recently upped their PT's on Wynn Resorts Ltf.
Our own tracking of this company goes as far back as the '80s to the 2000s, when we competed head to head for market share of the upscale segment.
At US$110 it sustains its long history of trading at a premium to peers.


Wynn Resorts Ltd: Recent Upgrades Indicate Its Time to Buy the Parent of the Macau Subsidiary

<ul><li>Wynn Resorts delivered a disappointing result with wider than expected losses in the last quarter.</li><li>Despite still suppressed international play in the quarter, the table drop of Wynn was up.</li><li>Wynn is quickly advancing its planning for Wynn AI Marjan Island, the company’s integrated resort in UAE.</li></ul>

Wynn Resorts delivered a disappointing result with wider than expected losses in the last quarter.Despite still suppressed international play in the quarter, the table drop of Wynn was up.Wynn is quickly advancing its planning for Wynn AI Marjan Island, the company’s integrated resort in UAE.

Wynn Resorts: Non-Gaming Businesses Leading The Recovery? – Key Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Star Entertainment Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> will raise A$800 million with a fully underwritten 3:5 pro rata accelerated non-renounceable entitlement offer and institutional placement at A$1.20, a 13.6% discount to TERP.</li>
<li>The equity raise of A$800 million will maintain leverage within the targeted 2.0x-2.5x net debt/EBITDA long-term range in our fines high-case scenario.</li>
<li>Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long-term value for the brave. </li>
</ul>



Star Entertainment Group (SGR AU) will raise A$800 million with a fully underwritten 3:5 pro rata accelerated non-renounceable entitlement offer and institutional placement at A$1.20, a 13.6% discount to TERP.
The equity raise of A$800 million will maintain leverage within the targeted 2.0x-2.5x net debt/EBITDA long-term range in our fines high-case scenario.
Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long-term value for the brave. 


Star Entertainment (SGR AU): A$800m Highly Dilutive Raise to Fix the Balance Sheet

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. Inpex is the key Holdco discussed.

David Blennerhassett

Wynn Resorts

Wynn Resorts managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. In Las Vegas, Wynn Resorts achieved...

Baptista Research

Wynn Resorts Ltd: Recent Upgrades Indicate Its Time to Buy the Parent of the Macau Subsidiary

Wynn shares have been upgraded by consensus recently based on bullish 1Q23 results. Our PT goes even higher in the belief that Macau momentum will...

Howard J Klein

Wynn Resorts: Non-Gaming Businesses Leading The Recovery? – Key Drivers

Wynn Resorts delivered a disappointing result with wider than expected losses in the last quarter. Despite still suppressed international play in...

Baptista Research

Star Entertainment (SGR AU): A$800m Highly Dilutive Raise to Fix the Balance Sheet

Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long...

Arun George

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