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Equity Bottom-Up

Melco Resorts & Entertainment / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/melco-crown-entertainme-adr">Melco Resorts &amp; Entertainment</a> is a developer, owner, and operator of integrated casino resorts, with a primary focus on the Macau market and additional properties in the Philippines and Cyprus.</li>
  <li>The company's strategy is centered on the premium-mass market segment, offering high-end accommodations, fine dining, and unique entertainment attractions to differentiate itself from competitors.</li>
  <li>While Melco's high-quality assets and focus on the profitable premium-mass segment are key strengths, its heavy reliance on the Macau market and significant debt load present considerable risks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Melco Resorts &amp; Entertainment is a developer, owner, and operator of integrated casino resorts, with a primary focus on the Macau market and additional properties in the Philippines and Cyprus.
  The company's strategy is centered on the premium-mass market segment, offering high-end accommodations, fine dining, and unique entertainment attractions to differentiate itself from competitors.
  While Melco's high-quality assets and focus on the profitable premium-mass segment are key strengths, its heavy reliance on the Macau market and significant debt load present considerable risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Melco Resorts & Entertainment (MLCO US) - May 2026

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: Melco Resorts, Tata Motors, Fosun International</li>
<li>UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International
UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.
The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor</li>
<li>UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.</li>
<li>Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&amp;P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor
UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.
Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&amp;P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Giant Network Group Co Ltd / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.</li>
<li>We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.


Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Hong Kong

Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resorts with entertainment and casino gaming facilities across Asia and Europe. The company's portfolio includes properties such as City of Dreams Macau, Altira Macau, Studio City Macau, City of Dreams Manila, and City of Dreams Mediterranean, as well as the Mocha Clubs slot machine brand. Incorporated in 2004, the company is headquartered in Hong Kong.

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Melco Resorts & Entertainment (MLCO US)

Primer: Melco Resorts & Entertainment (MLCO US) - May 2026

Melco Resorts & Entertainment is a developer, owner, and operator of integrated casino resorts, with a primary focus on the Macau market...

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Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited,...

Lucror Analytics

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

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