Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>'s unconditional Offer for <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> closed yesterday, the 1st December, with GENT holding 73.13%, up from 49.99% initially. </li>
<li>The IFA previously opined the Offer to be NOT fair, and NOT reasonable. A bump in terms, long rumoured, failed to unfold. </li>
<li>Yesterday, GENM was one of three applicants selected by New York’s Gaming Facility Location Board for a full commercial casino license in downtown New York.</li>
</ul>



Genting Bhd (GENT MK)'s unconditional Offer for Genting Malaysia (GENM MK) closed yesterday, the 1st December, with GENT holding 73.13%, up from 49.99% initially. 
The IFA previously opined the Offer to be NOT fair, and NOT reasonable. A bump in terms, long rumoured, failed to unfold. 
Yesterday, GENM was one of three applicants selected by New York’s Gaming Facility Location Board for a full commercial casino license in downtown New York.


Genting Malaysia (GENM MK): Offer Closes As New York Casino Licence Awarded

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting (GENT MK)</a>'s Offer for <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> 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

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916" rel="noopener">Holcim (HOLN SW)</a> spun off its construction materials and solutions business into a standalone company on Friday, June 20th.</li>
<li>The new company is called <a href="https://www.smartkarma.com/entities/amrize-ltd" target="_blank" data-smartkarma-citation="entities:45209" rel="noopener">Amrize (AMRZ US)</a>. </li>
<li>The first day of trading will be Monday, June 23, 2025.</li>
</ul>



Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
The new company is called Amrize (AMRZ US). 
The first day of trading will be Monday, June 23, 2025.


Independent research on the U.S. markets, Baptista Research

Baptista Research

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Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

MGM Resorts International / Equity Bottom-Up

<ul><li>MGM Resorts International showcased a strong performance in its Third Quarter 2024 Earnings Call, illustrating both growth and challenges in its various business divisions.</li><li>The company, under the leadership of CEO Bill Hornbuckle, and supported by other key executives, reported record consolidated net revenues and an impressive performance by its subsidiary, MGM China.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

MGM Resorts International showcased a strong performance in its Third Quarter 2024 Earnings Call, illustrating both growth and challenges in its various business divisions.The company, under the leadership of CEO Bill Hornbuckle, and supported by other key executives, reported record consolidated net revenues and an impressive performance by its subsidiary, MGM China.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

MGM Resorts International: Focusing on High-Value Casino Operations To Redefine the Industry! - Major Drivers

<ul><li>MGM Resorts International experienced a diverse financial outcome in its second quarter of 2024, balancing pronounced strides in certain sectors with challenges in others.</li><li>A focal point was the 3% increase in net revenues in Las Vegas, bolstered by increased room rates and occupancy, suggesting resilience in MGM’s core operations.</li><li>The integration with Marriott significantly contributed to the company's room bookings, suggesting a promising avenue for revenue enhancement.</li></ul>

MGM Resorts International experienced a diverse financial outcome in its second quarter of 2024, balancing pronounced strides in certain sectors with challenges in others.A focal point was the 3% increase in net revenues in Las Vegas, bolstered by increased room rates and occupancy, suggesting resilience in MGM’s core operations.The integration with Marriott significantly contributed to the company's room bookings, suggesting a promising avenue for revenue enhancement.

MGM Resorts International: Expansion in Digital and Sports Betting Platforms & Other Factors Driving Our Bullish Thesis! - Financial Forecasts

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)

Genting Malaysia (GENM MK): Offer Closes As New York Casino Licence Awarded

I have no strong opinion on GENM's back-end value, post Offer. Metrics are roughly in sync with peers. GENM is going large in NYC, and hoping for...

David Blennerhassett

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

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

MGM Resorts International: Focusing on High-Value Casino Operations To Redefine the Industry! - Major Drivers

MGM Resorts International showcased a strong performance in its Third Quarter 2024 Earnings Call, illustrating both growth and challenges in its...

Baptista Research

MGM Resorts International: Expansion in Digital and Sports Betting Platforms & Other Factors Driving Our Bullish Thesis! - Financial Forecasts

MGM Resorts International experienced a diverse financial outcome in its second quarter of 2024, balancing pronounced strides in certain sectors...

Baptista Research

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