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>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.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings</li>
<li>UST yields rose on Friday, led by the belly and long end, unwinding part of last week’s yield decline. The yield on the 2Y UST was up 1 bp at 3.56%, while that on the 10Y UST advanced 4 bps to 4.06%.</li>
<li>Equities held steady near record high levels. The S&amp;P 500 was unchanged at 6,584, while the Nasdaq rose 0.4% to 22,141.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings
UST yields rose on Friday, led by the belly and long end, unwinding part of last week’s yield decline. The yield on the 2Y UST was up 1 bp at 3.56%, while that on the 10Y UST advanced 4 bps to 4.06%.
Equities held steady near record high levels. The S&amp;P 500 was unchanged at 6,584, while the Nasdaq rose 0.4% to 22,141.


<ul>
<li>SJM Holding's H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).</li>
<li>The top line continued to expand, in line with the ramp-up of Grand Lisboa Palace (GLP).</li>
<li>That said, EBITDA unexpectedly contracted due to unfavourable win rates (particularly at GLP). FCF was likely negative, owing to the reduced profitability.  Positively, the planned reorganisation of gaming assets will likely raise the properties' margins and provide the company with operational flexibility to optimise its assets going forward.</li>
</ul>


SJM Holding's H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).
The top line continued to expand, in line with the ramp-up of Grand Lisboa Palace (GLP).
That said, EBITDA unexpectedly contracted due to unfavourable win rates (particularly at GLP). FCF was likely negative, owing to the reduced profitability.  Positively, the planned reorganisation of gaming assets will likely raise the properties' margins and provide the company with operational flexibility to optimise its assets going forward.


SJM Holdings - Earnings Flash - H1 FY 2025 Results - Lucror Analytics

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy</li>
<li>Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.</li>
<li>Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&amp;P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy
Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.
Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&amp;P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.


Hong Kong

SJM Holdings Limited offers amusement and recreation services.  The Company operates casinos, hotels, and other tourism-related facilities in Macau.

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SJM Holdings (880 HK)

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

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 rose on Friday, led...

Lucror Analytics

SJM Holdings - Earnings Flash - H1 FY 2025 Results - Lucror Analytics

SJM Holding's H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).

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, Yinson Production, Adani Green...

Lucror Analytics

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