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

SJM Holdings' FY 2020 results were in line with expectations, considering the overall industry softness. Going forward, we expect the company's debt growth to be contained, given the completion of construction works for Grand Lisboa Palace in Q4. Still, SJM is unlikely to achieve meaningful deleveraging (to around pre-COVID-19 levels) before FY 2022. The extent of deleveraging will also depend on when the company intends to resume dividends. While liquidity remains tight, we expect SJM to be able to refinance its secured loans. In other news, the Macau government has removed the few remaining Mainland cities on its quarantine list, with effect from 23 February 2021. This means that visitors from all Chinese cities are now exempt from serving a 14-day quarantine upon entering Macau. While this is a small step towards the normalisation of travel between Macau and Mainland China, it is unlikely to have an immediate impact on tourist arrival numbers. Separately, Macau has begun to roll out Sinopharm COVID-19 vaccines to eligible residents on a voluntary basis, with priority given to people in the healthcare and hospitality industries.

 SJM Holdings' FY 2020 results were in line with expectations, considering the overall industry softness. Going forward, we expect the company's debt growth to be contained, given the completion of construction works for Grand Lisboa Palace in Q4. Still, SJM is unlikely to achieve meaningful deleveraging (to around pre-COVID-19 levels) before FY 2022. The extent of deleveraging will also depend on when the company intends to resume dividends. While liquidity remains tight, we expect SJM to be able to refinance its secured loans.  In other news, the Macau government has removed the few remaining Mainland cities on its quarantine list, with effect from 23 February 2021. This means that visitors from all Chinese cities are now exempt from serving a 14-day quarantine upon entering Macau. While this is a small step towards the normalisation of travel between Macau and Mainland China, it is unlikely to have an immediate impact on tourist arrival numbers. Separately, Macau has begun to roll out Sinopharm COVID-19 vaccines to eligible residents on a voluntary basis, with priority given to people in the healthcare and hospitality industries.

SJM Holdings - Earnings Flash - FY 2020 Results - Lucror Analytics

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of the business model during bankruptcy hiatus. </li>
<li>Development deal in South Korea done, but eyes on Japan and Brazil. The company will need to give up more equity to financial partner than would be license competitors.</li>
<li>Many of its regional US legacy properties are dated, sitting in flat to slow growth markets.</li>
</ul>Slimming of the portfolio could be bullish to pile…


The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of the business model during bankruptcy hiatus. 
Development deal in South Korea done, but eyes on Japan and Brazil. The company will need to give up more equity to financial partner than would be license competitors.
Many of its regional US legacy properties are dated, sitting in flat to slow growth markets.
Slimming of the portfolio could be bullish to pile…

Caesars Entertainment: Ex-Bankruptcy, the Stock Is Cheap, but Masks Risk: Asia Pivot Key

South Korea

SJM Holdings Co., Ltd. manufactures and markets automotive engine parts, such as flexible couplings and crossover joints.  The Company also produces a diverse line of expansion joints for industrial plants and construction uses.

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SJM Holdings (025530 KS)

SJM Holdings - Earnings Flash - FY 2020 Results - Lucror Analytics

SJM Holdings' FY 2020 results were in line with expectations, considering the overall industry softness. Going forward, we expect the company's...

Lucror Analytics

Caesars Entertainment: Ex-Bankruptcy, the Stock Is Cheap, but Masks Risk: Asia Pivot Key

The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of...

Howard J Klein

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