Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>After initial  9/11shocks, the consumer discretionary sector recovery ramped faster than most predicted.</li>
<li>As uncertainties begin to abate in Asia, currently battered stocks should rise higher and faster than many algorithms may show.</li>
<li>Right now Las Vegas Sands, Sands China and Nagacorp seem especially cheap for a buy on the dip strategy.</li>
</ul>


After initial  9/11shocks, the consumer discretionary sector recovery ramped faster than most predicted.
As uncertainties begin to abate in Asia, currently battered stocks should rise higher and faster than many algorithms may show.
Right now Las Vegas Sands, Sands China and Nagacorp seem especially cheap for a buy on the dip strategy.


Asia Gaming Stocks: Modeling Durations of the 9/11 Attack Reveal Similar Recovery Patterns

<ul>
<li>Cambodia's biggest gaming moneymaker, Nagacorp pays out 80% of its 2Q and 3Q19 profit to shareholders validating its solid business model.</li>
<li>Coronavirus seen as no immediate threat by management.</li>
<li>The company produced a 31% increase in EBITDA to USD$676M</li>
</ul>


Cambodia's biggest gaming moneymaker, Nagacorp pays out 80% of its 2Q and 3Q19 profit to shareholders validating its solid business model.
Coronavirus seen as no immediate threat by management.
The company produced a 31% increase in EBITDA to USD$676M


Nagacorp Special Bonus to Stockholders Validates Our Long Term Bullish Outlook

<ul>
<li>Macau migrant play is pouring out a tide of strong VIP action to Manila and Cambodia among other ASEAN nations.</li>
<li>Prices for shares do not yet reflect catalysts not yet easily visible.</li>
<li>Revenues from VIP and mass grow prodigiously in comparison to slow recovery of Macau propelled by China "VIP refugees" and mass as well."</li>
</ul>


Macau migrant play is pouring out a tide of strong VIP action to Manila and Cambodia among other ASEAN nations.
Prices for shares do not yet reflect catalysts not yet easily visible.
Revenues from VIP and mass grow prodigiously in comparison to slow recovery of Macau propelled by China "VIP refugees" and mass as well."


Nagacorp's Solid Results Not Reflected in Trade Due To "Budding Alphas" The Market Does yet See

<ul class="">
<li>Unwarranted bearish sentiment lingers for Macau, but there is still money on the table for Cambodia's NagaCorp.</li>
<li>The company's core strengths make for continuing excellent performance: founder skin in the game, sound management focus, strong financials, ebullient market franchise.</li>
<li>Its Phnom Penh gaming exclusive was just extended by the Royal government till 2045.</li>
</ul>


Unwarranted bearish sentiment lingers for Macau, but there is still money on the table for Cambodia's NagaCorp.
The company's core strengths make for continuing excellent performance: founder skin in the game, sound management focus, strong financials, ebullient market franchise.
Its Phnom Penh gaming exclusive was just extended by the Royal government till 2045.


NagaCorp: Still a Standout Buy in the ASEAN Gaming Sector with Its Solid Business Model

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

<p>During September, Asian HY investor focus shifted back to the ongoing Sino-US trade war, and away from problems in Argentina and Turkey.</p>
<p>Late in the month, the Trump administration again threatened to broaden the trade dispute with China into a financial flow war. Bloomberg has reported that some backers of the tariff war are in favour of imposing capital controls to manage: [1] the increasing currency imbalance; and [2] restrict the access of Chinese companies to US capital markets. Concurrently, there are two separate bipartisan bills circulating in Congress that would: [1] limit the flow of foreign capital into the US; and [2] force foreign companies listed in the US to comply with US auditing standards.</p>

During September, Asian HY investor focus shifted back to the ongoing Sino-US trade war, and away from problems in Argentina and Turkey.
Late in the month, the Trump administration again threatened to broaden the trade dispute with China into a financial flow war. Bloomberg has reported that some backers of the tariff war are in favour of imposing capital controls to manage: [1] the increasing currency imbalance; and [2] restrict the access of Chinese companies to US capital markets. Concurrently, there are two separate bipartisan bills circulating in Congress that would: [1] limit the flow of foreign capital into the US; and [2] force foreign companies listed in the US to comply with US auditing standards.

Asia HY Monthly – Macau Gaming Update (September 2019)

Cambodia

NagaCorp Limited is a leisure and tourism company with casino operations in Phnom Penh, the capital city of Cambodia. The Company also offers hotel accommodation, manages food and beverage outlets, recreational facilities, entertainmentand retail operations.

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NagaCorp Ltd (3918 HK)

Asia Gaming Stocks: Modeling Durations of the 9/11 Attack Reveal Similar Recovery Patterns

After initial 9/11shocks, the consumer discretionary sector recovery ramped faster than most predicted. As uncertainties begin to abate in Asia,...

Howard J Klein

Nagacorp Special Bonus to Stockholders Validates Our Long Term Bullish Outlook

Cambodia's biggest gaming moneymaker, Nagacorp pays out 80% of its 2Q and 3Q19 profit to shareholders validating its solid business...

Howard J Klein

Nagacorp's Solid Results Not Reflected in Trade Due To "Budding Alphas" The Market Does yet See

Macau migrant play is pouring out a tide of strong VIP action to Manila and Cambodia among other ASEAN nations. Prices for shares do not yet...

Howard J Klein

NagaCorp: Still a Standout Buy in the ASEAN Gaming Sector with Its Solid Business Model

Unwarranted bearish sentiment lingers for Macau, but there is still money on the table for Cambodia's NagaCorp. The company's core strengths make...

Howard J Klein

Asia HY Monthly – Macau Gaming Update (September 2019)

During September, Asian HY investor focus shifted back to the ongoing Sino-US trade war, and away from problems in Argentina and Turkey. Late in...

Lucror Analytics

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