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

<ul>
<li>SJM Holdings' Q4 and FY 2025 results were weak, as the company's market share declined and profitability worsened.</li>
<li>This was owing to a combination of: [1] disruption arising from the transition of gaming tables from the satellite casinos to its self-promoted properties; [2] intensified competition from peers amid the disruption; [3] lower win rates; and [4] one-off costs for smart tables, events, as well as expenses associated with the government's concession requirements.</li>
<li>Looking ahead, SJM’s market share should stabilise and gradually recover from the low level in Q4/25, supported by enhanced marketing efforts for its self-promoted casinos.</li>
</ul>


SJM Holdings' Q4 and FY 2025 results were weak, as the company's market share declined and profitability worsened.
This was owing to a combination of: [1] disruption arising from the transition of gaming tables from the satellite casinos to its self-promoted properties; [2] intensified competition from peers amid the disruption; [3] lower win rates; and [4] one-off costs for smart tables, events, as well as expenses associated with the government's concession requirements.
Looking ahead, SJM’s market share should stabilise and gradually recover from the low level in Q4/25, supported by enhanced marketing efforts for its self-promoted casinos.


SJM Holdings - Earnings Flash - FY 2025 Results - Lucror Analytics

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>On 1 June, <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> confirmed that it had received an offer from <a href="https://www.smartkarma.com/entities/iac-inc-people-incorporated" target="_blank" data-smartkarma-citation="entities:754:1" rel="noopener">People Incorporated (IAC) (IAC US)</a> to acquire it for US$48.30 per share. </li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-limited" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China (2282 HK)</a> rose 7% due to the near-term possibility that the acquisition could trigger a mandatory general offer (downstream offer) and the long-term possibility of a privatisation offer.   </li>
<li>The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless, MGM China’s valuation remains undemanding.</li>
</ul>


On 1 June, MGM Resorts International (MGM US) confirmed that it had received an offer from People Incorporated (IAC) (IAC US) to acquire it for US$48.30 per share. 

MGM China (2282 HK) rose 7% due to the near-term possibility that the acquisition could trigger a mandatory general offer (downstream offer) and the long-term possibility of a privatisation offer.   
The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless, MGM China’s valuation remains undemanding.


MGM China (2282 HK): An MGO Based on the Chain Principle Is Not a Sure Thing

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Nissan Motor</li>
<li>UST yields rose 1-2 bps across the curve yesterday led by the front-end, following better than expected December Challenger job cuts and weekly jobless claims data. The yield on the 2Y and 10Y UST grew 2 bps each to 3.49% and 4.17%, respectively. Equities ended mixed, as investors rotated out of tech stocks into other segments including defence, energy producers and small caps. The S&amp;P 500 was flat at 6,921, while the Nasdaq fell 0.4% to 23,480.</li>
<li>The Indian government has forecast that the country’s real GDP will grow 7.4% in FY 2025-26 (ending March), according to advance estimates by the Ministry of Statistics and Programme Implementation. This is slightly above the 7.3% projected by the Reserve Bank of India, and represents an acceleration from 6.5% in FY 2024-25. Nominal GDP is estimated to expand 8.0% in FY 2025-26.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Nissan Motor
UST yields rose 1-2 bps across the curve yesterday led by the front-end, following better than expected December Challenger job cuts and weekly jobless claims data. The yield on the 2Y and 10Y UST grew 2 bps each to 3.49% and 4.17%, respectively. Equities ended mixed, as investors rotated out of tech stocks into other segments including defence, energy producers and small caps. The S&amp;P 500 was flat at 6,921, while the Nasdaq fell 0.4% to 23,480.
The Indian government has forecast that the country’s real GDP will grow 7.4% in FY 2025-26 (ending March), according to advance estimates by the Ministry of Statistics and Programme Implementation. This is slightly above the 7.3% projected by the Reserve Bank of India, and represents an acceleration from 6.5% in FY 2024-25. Nominal GDP is estimated to expand 8.0% in FY 2025-26.


<ul>
<li>UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.</li>
<li>This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.</li>
<li>The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%. </li>
</ul>


UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.
This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.
The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings</li>
<li>UST yields climbed 2-3 bps across the curve yesterday, rising for the fourth straight day after the Fed’s rate cut last week. The UST curve bear flattened slightly, with the yield on the 2Y UST rising 3 bps to 3.60%, while that on the 10Y UST increased 2 bps to 4.15%. Equities climbed for a third straight day.</li>
<li>The S&amp;P 500 edged up 0.4% to a fresh record high (for the 28th time this year) of 6,694, while the Nasdaq was up 0.7% at 22,789.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings
UST yields climbed 2-3 bps across the curve yesterday, rising for the fourth straight day after the Fed’s rate cut last week. The UST curve bear flattened slightly, with the yield on the 2Y UST rising 3 bps to 3.60%, while that on the 10Y UST increased 2 bps to 4.15%. Equities climbed for a third straight day.
The S&amp;P 500 edged up 0.4% to a fresh record high (for the 28th time this year) of 6,694, while the Nasdaq was up 0.7% at 22,789.


Hong Kong

SJM Holdings is a leading owner, operator, and developer of casinos and integrated entertainment resorts in Macau. The company's operations encompass casino gaming, hotels, dining, shopping, and wellness facilities. SJM Holdings was incorporated in Hong Kong in 2006 and is headquartered in Central, Hong Kong.

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SJM Holdings (880 HK)

SJM Holdings - Earnings Flash - FY 2025 Results - Lucror Analytics

Looking ahead, SJM’s market share should stabilise and gradually recover from the low level in Q4/25, supported by enhanced marketing efforts for...

Lucror Analytics

MGM China (2282 HK): An MGO Based on the Chain Principle Is Not a Sure Thing

The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless,...

Arun George

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Nissan Motor

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings UST yields climbed 2-3 bps...

Lucror Analytics

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