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.

<p>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).<br/> We view NagaCorp's ESG as "Weak" overall, in line with the Governance pillar, while its Environmental and Social scores are "Adequate". Controversies are "Material", but Disclosure is "Adequate".<br/></p>

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view NagaCorp's ESG as "Weak" overall, in line with the Governance pillar, while its Environmental and Social scores are "Adequate". Controversies are "Material", but Disclosure is "Adequate". 

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>Within days of each other, news reports both bullish and bearish for the shares of this sector leader have diluted visibility of a strong bull case intermediate term.</li>
<li>Moody's downgraded Nagacorp debt due to continuing concerns about China's zero tolerance policy seeming to have no defined duration ahead. Lowered VIP also seen as bearish.</li>
<li>Another report within two weeks showed evidence of continuing strong recovery of Nagaworld GGR in VIP, premium mass and mass. Context is needed on all coveage.</li>
</ul>


Within days of each other, news reports both bullish and bearish for the shares of this sector leader have diluted visibility of a strong bull case intermediate term.
Moody's downgraded Nagacorp debt due to continuing concerns about China's zero tolerance policy seeming to have no defined duration ahead. Lowered VIP also seen as bearish.
Another report within two weeks showed evidence of continuing strong recovery of Nagaworld GGR in VIP, premium mass and mass. Context is needed on all coveage.


Nagacorp: Contrary News Flow Is a Symptom of How Volatility Can Hide True Value

<ul>
<li>A recent dip in the shares against an accelerating revenue recovery trend signals a stronger buy signal not yet broadly recognized by the market.</li>
<li>Performance to date augers well for a considerable upside by 4Q22 to 1Q23.</li>
<li>Gains achieved in all customer segments: main floor mass, premium mass as well as VIP.</li>
</ul>


A recent dip in the shares against an accelerating revenue recovery trend signals a stronger buy signal not yet broadly recognized by the market.
Performance to date augers well for a considerable upside by 4Q22 to 1Q23.
Gains achieved in all customer segments: main floor mass, premium mass as well as VIP.


Asia Casino Sector: We Are Raising Guidance on Nagacorp to Strong Buy and Overweight

<ul>
<li>We have long been fans of this company due to its record of sound management decisions and asset allocation moves to expand steadily against demand.</li>
<li>Six month results support our thesis that ASEAN casinos that have reopened are re-ramping revenues apace as Macau remains dead pooled by Beijing zero tolerance covid policies.</li>
<li>At its current price we see mounting sentiment to the upside as sequential earnings improvements y.y can be expected in Qs 3 and 4.</li>
</ul>


We have long been fans of this company due to its record of sound management decisions and asset allocation moves to expand steadily against demand.
Six month results support our thesis that ASEAN casinos that have reopened are re-ramping revenues apace as Macau remains dead pooled by Beijing zero tolerance covid policies.
At its current price we see mounting sentiment to the upside as sequential earnings improvements y.y can be expected in Qs 3 and 4.


Nagacorp: Six Month 2022 Results Validate Bullish Outlook for Year as Pandemic Wanes in Cambodia

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Bloomberg reported <a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a> recently approached <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>’s controlling shareholder, <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>, to express an interest in a deal.  </li>
<li>While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.</li>
<li>Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. </li>
</ul>


Bloomberg reported MGM Resorts International (MGM US) recently approached Genting Singapore (GENS SP)’s controlling shareholder, Genting Bhd (GENT MK), to express an interest in a deal.  
While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.
Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. 


Genting Singapore in the Crosshairs of Potential Suitors

Cambodia

NagaCorp is an investment holding company that manages and operates NagaWorld, an integrated hotel and casino complex in Phnom Penh, Cambodia. It offers gaming, luxury accommodations, dining, entertainment, and convention facilities. The company holds a 70-year casino license until 2065 and has exclusive rights to operate casinos within a 200-kilometer radius of Phnom Penh until 2045. NagaCorp was founded in 1995 and is headquartered in Phnom Penh, Cambodia.

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NagaCorp (3918 HK)

Nagacorp - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view NagaCorp's ESG as "Weak"...

Lucror Analytics

Nagacorp: Contrary News Flow Is a Symptom of How Volatility Can Hide True Value

News flow that sugests bearish outlook offset by ones showing bullish scenario. Investors need context to evaluate true value of this stock often...

Howard J Klein

Asia Casino Sector: We Are Raising Guidance on Nagacorp to Strong Buy and Overweight

Nagacorp is undervalued because its recovery is faster and market is focused on Macau still under zero toleration rules of Beijing.

Howard J Klein

Nagacorp: Six Month 2022 Results Validate Bullish Outlook for Year as Pandemic Wanes in Cambodia

Nagacorp has continued to rebound from covid at a rate higher than most peers. This is due to a clearly superior management culture and pent up...

Howard J Klein

Genting Singapore in the Crosshairs of Potential Suitors

Bloomberg reports that Genting Singapore is drawing takeover interest. Precedent transactions suggest a potential privatisation price of at least...

Arun George

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