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>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix</li>
<li>UST yields were steady yesterday, after the December core CPI data came in below estimates. The UST curve steepened marginally, with yields on the 2Y and 10Y stable at 3.53% and 4.18%, respectively, while the yield on the 30Y rose 1 bp to 4.84%.</li>
<li>Equities retreated from peak levels, led by a slump in bank stocks, after JPMorgan Chase reported lower investment banking fees. The S&amp;P 500 and Nasdaq declined 0.2% and 0.1% to 6,964 and 23,710, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix
UST yields were steady yesterday, after the December core CPI data came in below estimates. The UST curve steepened marginally, with yields on the 2Y and 10Y stable at 3.53% and 4.18%, respectively, while the yield on the 30Y rose 1 bp to 4.84%.
Equities retreated from peak levels, led by a slump in bank stocks, after JPMorgan Chase reported lower investment banking fees. The S&amp;P 500 and Nasdaq declined 0.2% and 0.1% to 6,964 and 23,710, respectively.


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>
<a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> disclosed a conditional voluntary offer from <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> at RM2.35, a 9.8% premium to the last close price of RM2.14. </li>
<li>The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. </li>
<li>Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. </li>
</ul>



Genting Malaysia (GENM MK) disclosed a conditional voluntary offer from Genting Bhd (GENT MK) at RM2.35, a 9.8% premium to the last close price of RM2.14. 
The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. 
Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. 


Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SJM Holdings (880 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix

Lucror Analytics

Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

The 50% minimum acceptance condition is easily met. However, Genting’s preferred endgame is to delist GENM. Therefore, there is a good chance of a...

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 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)