ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

<ul><li>Our field trip to Las Vegas suggests a vibrant, lively entertainment city.</li><li>Downtown Las Vegas, not the Strip, is the key positive surprise in that an old town can be rejuvenated into a robust "experiential consumption" story.</li><li>Meeting take-away indicates that the U.S. gaming companies are more bullish on international markets.</li><li>Macau is the clear front-runner in following Las Vegas's footsteps in the latter's evolution into a family entertainment center (prolonging the growth story).</li></ul>

Our field trip to Las Vegas suggests a vibrant, lively entertainment city.Downtown Las Vegas, not the Strip, is the key positive surprise in that an old town can be rejuvenated into a robust "experiential consumption" story.Meeting take-away indicates that the U.S. gaming companies are more bullish on international markets.Macau is the clear front-runner in following Las Vegas's footsteps in the latter's evolution into a family entertainment center (prolonging the growth story).

Field Trip Series: Viva Vegas (Including Implications for Macau Gaming)

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

The shambolic Republican healthcare reform effort is now dead – a vote to simply repeal Obamacare without any replacement looks unlikely as the focus turns to next year’s mid-term elections.A bipartisan effort to rein in healthcare costs (including medications) and hence surging insurance premiums is now feasible - the recent rally in US biotech would be cut short in that scenario.Although US data like retail sales remains soft, the removal of healthcare uncertainty should prove bullish over the…

The shambolic Republican healthcare reform effort is now dead – a vote to simply repeal Obamacare without any replacement looks unlikely as the focus turns to next year’s mid-term elections.A bipartisan effort to rein in healthcare costs (including medications) and hence surging insurance premiums is now feasible - the recent rally in US biotech would be cut short in that scenario.Although US data like retail sales remains soft, the removal of healthcare uncertainty should prove bullish over the…

Republican Healthcare Plan Implodes, as Quant Investing Boom Fails to Deliver...

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

Melco International Development / Equity Bottom-Up

<ul><li>Improving asset turnover, low price-to-sales, and good growth in core profit relative to its sector</li><li>Melco is ranked among the top-10 companies by casino revenue in the world, and is showing signs of bottoming in overall gaming demand</li><li>The group did a buy-in of its listed casino subsidiary, which should strengthen the balance sheet over the long term, providing more cash for expansion</li><li>Trades above the Asian sector at 17CE* 21.5x PE but offers much better growth prospects</li><li>Risk: Further China anti-corruption crackdown could deter biggest revenue-producing gamers, that is, mainland high rollers</li></ul>* Consensus Estimates

Improving asset turnover, low price-to-sales, and good growth in core profit relative to its sectorMelco is ranked among the top-10 companies by casino revenue in the world, and is showing signs of bottoming in overall gaming demandThe group did a buy-in of its listed casino subsidiary, which should strengthen the balance sheet over the long term, providing more cash for expansionTrades above the Asian sector at 17CE* 21.5x PE but offers much better growth prospectsRisk: Further China anti-corruption crackdown could deter biggest revenue-producing gamers, that is, mainland high rollers* Consensus Estimates

Melco (200 HK): Gambling Remains a High Roller in Asia

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The despatch of <a href="https://www.smartkarma.com/entities/19341" target="_blank" data-smartkarma-citation="entities:19341:1">Television Broadcasts Ltd (511 HK)</a>'s Offer Document has been delayed thrice since TLG’s <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0307/LTN20170307602.pdf" target="_blank">"bid"</a> failed to materialise.The last two despatch delays hinged on when the Takeovers and Mergers Panel (the “Panel”) would rule on the whitewash waiver. That Panel hearing, originally tabled for the 5 April, has been rescheduled for the 27 April.In this note, I detail why the whitewash waiver is required, recent decisions handed down by the Panel and whether or not this could jeopardise the outcome of the buyback/partial offer.

The despatch of Television Broadcasts Ltd (511 HK)'s Offer Document has been delayed thrice since TLG’s "bid" failed to materialise.The last two despatch delays hinged on when the Takeovers and Mergers Panel (the “Panel”) would rule on the whitewash waiver. That Panel hearing, originally tabled for the 5 April, has been rescheduled for the 27 April.In this note, I detail why the whitewash waiver is required, recent decisions handed down by the Panel and whether or not this could jeopardise the outcome of the buyback/partial offer.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">We see the reduced exposure to Melco Crown as a positive as it reduces exposure to the volatile Macau gaming market and an uncertainty around Chinese policies towards gaming.</li><li class="p1">Side benefits include a more conservative outlook due to lower gearing and development risk.</li></ul>Analyst: Ravi Reddy

We see the reduced exposure to Melco Crown as a positive as it reduces exposure to the volatile Macau gaming market and an uncertainty around Chinese policies towards gaming.Side benefits include a more conservative outlook due to lower gearing and development risk.Analyst: Ravi Reddy

Crown Resorts Sells Down More of Its Melco Crown Stake; FVE Unchanged

Hong Kong

Melco International Development Limited, through its subsidiaries, operates investment banking, financial services, technology, fine-dining, leisure and tourism, property investment, and investment businesses. The Company carries on financial service businesses under the VC CFN and VC CEF brand names.  Melco also customizes and sells trading and back office systems under the iAsia name.

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Melco International Development (200 HK)

Field Trip Series: Viva Vegas (Including Implications for Macau Gaming)

Our field trip to Las Vegas suggests a vibrant, lively entertainment city. Downtown Las Vegas, not the Strip, is the key positive surprise in that...

Johannes Salim, CFA

Republican Healthcare Plan Implodes, as Quant Investing Boom Fails to Deliver...

The shambolic Republican healthcare reform effort is now dead – a vote to simply repeal Obamacare without any replacement looks unlikely as the...

Sean Maher

Melco (200 HK): Gambling Remains a High Roller in Asia

Improving asset turnover, low price-to-sales, and good growth in coreprofit relative to its sector Melco is ranked among the top-10 companies by...

A. Stotz Investment Research

TVB - Whitewash Musings

The despatch of Television Broadcasts Ltd (511 HK)'s Offer Document has been delayed thrice since TLG’s "bid" failed to materialise.The last two...

David Blennerhassett

Crown Resorts Sells Down More of Its Melco Crown Stake; FVE Unchanged

We see the reduced exposure to Melco Crown as a positive as it reduces exposure to the volatile Macau gaming market and an uncertainty around...

Morningstar, Inc.

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