Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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.

Debt Capital Markets

<ul>
<li>US treasury yields fell 3-4 bps across the curve yesterday, partly easing their sharp advance last Friday.</li>
<li>Yields on the 2Y and 10Y USTs declined 3 bps each to 4.00% and 4.48%, respectively.</li>
<li>Equities eked out a small gain, on the back of continued US-China trade talks.</li>
</ul>


US treasury yields fell 3-4 bps across the curve yesterday, partly easing their sharp advance last Friday.
Yields on the 2Y and 10Y USTs declined 3 bps each to 4.00% and 4.48%, respectively.
Equities eked out a small gain, on the back of continued US-China trade talks.


Leonard Law, CFA

Credit

<ul>
<li>SJM Holdings' FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.</li>
<li>In particular, GLP has managed to improve market share gradually over the course of the year.</li>
<li>Still, SJM's overall market share remained below the pre-pandemic FY 2019 level.</li>
</ul>


SJM Holdings' FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.
In particular, GLP has managed to improve market share gradually over the course of the year.
Still, SJM's overall market share remained below the pre-pandemic FY 2019 level.


SJM Holdings - Earnings Flash - FY 2024 Results - Lucror Analytics

SJM Holdings' Q2/24 results were soft. The company reported flat GGR q-o-q (outpacing the industry's slight decline), supported by the continued ramp-up of GLP. This was partly offset by a weaker showing at GL. Positively, the drag from excess staff costs continued to shrink. In addition, management disclosed that SJM's market share grew further in July and August, which could support continued earnings outperformance in Q3. That said, there was little net debt reduction and the company's pace of deleveraging was slower than peers. Still, liquidity remains adequate, and we do not foresee material refinancing risks for the company.

  SJM Holdings' Q2/24 results were soft. The company reported flat GGR q-o-q (outpacing the industry's slight decline), supported by the continued ramp-up of GLP. This was partly offset by a weaker showing at GL. Positively, the drag from excess staff costs continued to shrink. In addition, management disclosed that SJM's market share grew further in July and August, which could support continued earnings outperformance in Q3.   That said, there was little net debt reduction and the company's pace of deleveraging was slower than peers. Still, liquidity remains adequate, and we do not foresee material refinancing risks for the company. 

SJM Holdings - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedge</li><li>The recent 90-day truce in the U.S.-China tariff war has prompted a flurry of activity among Chinese exporters, with traders rushing to ship goods overseas before tensions escalate again.</li><li>But at the same time a major shift is underway among exporters — many are now trying to sell those same goods at home, as they scramble to hedge their bets against future global instability.</li></ul>

TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedgeThe recent 90-day truce in the U.S.-China tariff war has prompted a flurry of activity among Chinese exporters, with traders rushing to ship goods overseas before tensions escalate again.But at the same time a major shift is underway among exporters — many are now trying to sell those same goods at home, as they scramble to hedge their bets against future global instability.

CX Daily: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge 

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>At an 8% discount to NAV, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a> is trading too tight for what is a simple holding company structure.</li>
<li>Preceding my comments on Melco 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>


At an 8% discount to NAV, Melco International Development (200 HK) is trading too tight for what is a simple holding company structure.
Preceding my comments on Melco 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%.


Hong Kong

SJM Holdings Limited offers amusement and recreation services.  The Company operates casinos, hotels, and other tourism-related facilities in Macau.

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SJM Holdings (880 HK)

Lucror Analytics - Morning Views Asia

US treasury yields fell 3-4 bps across the curve yesterday, partly easing their sharp advance last Friday. Yields on the 2Y and 10Y USTs declined 3...

Lucror Analytics

SJM Holdings - Earnings Flash - FY 2024 Results - Lucror Analytics

SJM Holdings' FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.In particular, GLP has managed to...

Lucror Analytics

SJM Holdings - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

SJM Holdings' Q2/24 results were soft. The company reported flat GGR q-o-q (outpacing the industry's slight decline), supported by the continued...

Lucror Analytics

CX Daily: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge

TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedge The recent 90-day truce in the U. S. -China...

Caixin Global

StubWorld: Melco Is Trading Too Tight

At an 8% discount to NAV, Melco International Development (200 HK) is trading too tight for what is a simple holding company structure.

David Blennerhassett

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