Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week I briefly look at the recent bifurcations in <a href="https://www.smartkarma.com/entities/1087" target="_blank" data-smartkarma-citation="entities:1087:1">Sembcorp Industries Ltd (SCI SP)</a>, casino holdcos, amongst others.  These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

This week I briefly look at the recent bifurcations in Sembcorp Industries Ltd (SCI SP), casino holdcos, amongst others.  These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

StubWorld - Set-Up & Unwind Extremes: Sembcorp

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Thematic (Sector/Industry)

<ul>
<li>Genting Berhad has become the most geographically active developer of integrated resorts in more jurisdictions than any of its peers.</li>
<li>It's in the mix all over Asia and the US, expanding existing properties and financing new ones.</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/033/442/original/127877839ja-001.jpg?1505315515" class="editor-image img-responsive" data-smartkarma-image-id="33442"></figure><div class="content-caption">Resorts World New York City</div><ul><li>Is the company dancing at too many weddings with a single pair of legs or spearheading the global growth in gaming forecast by PWC?</li></ul>In this insight, we analyse the prospects of global gaming giant Genting's expansion and development projects. We…


Genting Berhad has become the most geographically active developer of integrated resorts in more jurisdictions than any of its peers.
It's in the mix all over Asia and the US, expanding existing properties and financing new ones.
Resorts World New York CityIs the company dancing at too many weddings with a single pair of legs or spearheading the global growth in gaming forecast by PWC?In this insight, we analyse the prospects of global gaming giant Genting's expansion and development projects. We…

Should Genting's Voracious Global Appetite for Expansion Trigger a Blinking Caution Light?

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

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

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

Johannes Salim, CFA

<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)

<ul>
<li>Vietnam's new Decree #3, while not perfect, clarifies and encourages IR investment that aims to bring minimum $2 billion investors into the market.</li>
<li>Major casino developers won't sit around forever to expand their Asian footprint.</li>
</ul>Japan's LDP Party's local election setbacks cast a lengthening shadow on the timetable of enabling casino legislation.Life teaches us that often the most ardent of lovers can tire of the pursuit of a diffident love object and turn to the lure of pursuing a new, more…


Vietnam's new Decree #3, while not perfect, clarifies and encourages IR investment that aims to bring minimum $2 billion investors into the market.
Major casino developers won't sit around forever to expand their Asian footprint.
Japan's LDP Party's local election setbacks cast a lengthening shadow on the timetable of enabling casino legislation.Life teaches us that often the most ardent of lovers can tire of the pursuit of a diffident love object and turn to the lure of pursuing a new, more…

If Japan Drops the Casino Ball, Vietnam Is Ready to Run with It Faster than Many Observers Think

United States

MGM Resorts International operates gaming, hospitality and entertainment resorts.  The Company owns properties in Nevada, Mississippi and Michigan in the United States; and owns interests in properties in Nevada and Illinois in the United States, and Macau. MGM Resorts also offers hospitality management services for casino and non-casino properties around the world.

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MGM Resorts International (MGM US)

StubWorld - Set-Up & Unwind Extremes: Sembcorp

This week I briefly look at the recent bifurcations in Sembcorp Industries Ltd (SCI SP), casino holdcos, amongst others. These relationships trade...

David Blennerhassett

Should Genting's Voracious Global Appetite for Expansion Trigger a Blinking Caution Light?

Genting Berhad has become the most geographically active developer of integrated resorts in more jurisdictions than any of its peers. It's in the...

Howard J Klein

U.S. Equity Strategy Weekly

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get...

Vermilion Research

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

If Japan Drops the Casino Ball, Vietnam Is Ready to Run with It Faster than Many Observers Think

Vietnam's new Decree #3, while not perfect, clarifies and encourages IR investment that aims to bring minimum $2 billion investors into the...

Howard J Klein

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