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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Softbank Group</li>
<li>UST yields fell c. 1 bp across the curve yesterday, on the back of a strong auction of 20Y notes and amid little macro developments.</li>
<li>The yields on the 2Y and 10Y UST dropped 1 bp to 3.45% and 3.95%, respectively. Equities retreated, with the S&amp;P 500 and Nasdaq declining 0.5% and 0.9%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Softbank Group
UST yields fell c. 1 bp across the curve yesterday, on the back of a strong auction of 20Y notes and amid little macro developments.
The yields on the 2Y and 10Y UST dropped 1 bp to 3.45% and 3.95%, respectively. Equities retreated, with the S&amp;P 500 and Nasdaq declining 0.5% and 0.9%, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting (GENT MK)</a></strong>'s Offer for <strong><a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a></strong> is further evidence of the gaming group's move for even greater U.S. exposure. </li>
<li>Preceding my comments on GENT 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>



Genting (GENT MK)'s Offer for Genting Malaysia (GENM MK) is further evidence of the gaming group's move for even greater U.S. exposure. 
Preceding my comments on GENT 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: Genting (GENT MK)'s U.S. Expansion Is A Gamble

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, China Vanke</li>
<li>The US treasury market was closed yesterday for Columbus Day. Equities rebounded from Friday’s decline, after the US and China signalled willingness to continue trade talks. The S&amp;P 500 rose 1.6% to 6,655, while the Nasdaq was up 2.2% at 22,695.</li>
<li>China’s September exports accelerated 8.3% y-o-y (6.6% e / 4.4% p) to USD 329 bn, the highest monthly total YTD.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, China Vanke
The US treasury market was closed yesterday for Columbus Day. Equities rebounded from Friday’s decline, after the US and China signalled willingness to continue trade talks. The S&amp;P 500 rose 1.6% to 6,655, while the Nasdaq was up 2.2% at 22,695.
China’s September exports accelerated 8.3% y-o-y (6.6% e / 4.4% p) to USD 329 bn, the highest monthly total YTD.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 4 stocks listed in Malaysia and Thailand that could be deleted from passive portfolios in August.</li>
<li>There is a fair bit to sell in the stocks with over US$70m flow and between 10.7-44.5x ADV.</li>
<li>The positioning in most stocks does not cover the estimated passive selling and there could be more selling over the next few weeks.</li>
</ul>


There are 4 stocks listed in Malaysia and Thailand that could be deleted from passive portfolios in August.
There is a fair bit to sell in the stocks with over US$70m flow and between 10.7-44.5x ADV.
The positioning in most stocks does not cover the estimated passive selling and there could be more selling over the next few weeks.


Southeast Asia: Potential Global Index Deletions in August

<ul>
<li>Genting Berhad’s H1/25 results were soft.</li>
<li>Revenue and EBITDA picked up q-o-q in Q2, albeit the numbers were down on a y-o-y basis.</li>
<li>The group reported sound earnings growth from Genting Malaysia (supported by improved gaming volumes at Resorts World Genting), though they were offset by earnings declines from Resorts World Singapore and the US assets.</li>
</ul>


Genting Berhad’s H1/25 results were soft.
Revenue and EBITDA picked up q-o-q in Q2, albeit the numbers were down on a y-o-y basis.
The group reported sound earnings growth from Genting Malaysia (supported by improved gaming volumes at Resorts World Genting), though they were offset by earnings declines from Resorts World Singapore and the US assets.


Genting Berhad - Earnings Flash - H1 FY 2025 Results - Lucror Analytics

Malaysia

Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

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Genting Bhd (GENT MK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Softbank Group

Lucror Analytics

StubWorld: Genting (GENT MK)'s U.S. Expansion Is A Gamble

GENT's NAV/implied stub are roughly in set up territory. But a bet on GENT, is a bet on U.S. gaming, specifically NY, wherein GENT's track record...

David Blennerhassett

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, China Vanke

Lucror Analytics

Southeast Asia: Potential Global Index Deletions in August

There are 4 stocks listed in Malaysia and Thailand that could be deleted from passive portfolios in August. Positioning has increased but appears...

Brian Freitas

Genting Berhad - Earnings Flash - H1 FY 2025 Results - Lucror Analytics

Genting Berhad’s H1/25 results were soft. Revenue and EBITDA picked up q-o-q in Q2, albeit the numbers were down on a y-o-y basis. The group...

Lucror Analytics

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