Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Low Volatility and High Dividend yield stocks in Hong Kong outperformed the region during recent global market sell off.</li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a> is outperforming its peers with revenue now exceeding pre-COVID levels.
</li>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> maintains a high cash flow and dividend yield in China's tech sector.  <a href="https://www.smartkarma.com/entities/zhuzhou-crrc-times-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18:1" rel="noopener">Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)</a> benefits from China's new large-scale maintenance cycle.
</li>
</ul>


Low Volatility and High Dividend yield stocks in Hong Kong outperformed the region during recent global market sell off.

MGM China Holdings (2282 HK) is outperforming its peers with revenue now exceeding pre-COVID levels.


Weibo (9898 HK) maintains a high cash flow and dividend yield in China's tech sector.  Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK) benefits from China's new large-scale maintenance cycle.



BUY/SELL/HOLD: Hong Kong Stock Updates (August 6)

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>There is nothing in the main investments at JM that suggests the grind lower on ROE and net profit will suddenly reverse, rather it should continue</li>
<li>Astra International, Hong Kong Land, and DFI Retail are key to JM and there is little joy here, with HKL potentially having more valuation impairments</li>
<li>Quarterly figures from Astra, which are a window on the current interim for JM, are not positive, with the worst quarter in over one year</li>
</ul>


There is nothing in the main investments at JM that suggests the grind lower on ROE and net profit will suddenly reverse, rather it should continue
Astra International, Hong Kong Land, and DFI Retail are key to JM and there is little joy here, with HKL potentially having more valuation impairments
Quarterly figures from Astra, which are a window on the current interim for JM, are not positive, with the worst quarter in over one year


Jardine Matheson - The Slow Grind Lower Can Continue

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

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-316'>ENN Energy</a></li><li><a href='#lucror-entity-16456'>ENN Natural Gas</a></li><li><a href='#lucror-entity-17651'>Indofood CBP Sukses</a></li><li><a href='#lucror-entity-9423'>West China Cement</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.ENN EnergyENN Natural GasIndofood CBP SuksesWest China CementWynn Macau Ltd

Morning Views Asia: ENN Energy, ENN Natural Gas, Indofood CBP Sukses, West China Cement

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International (200 HK)</a> gains as Lawrence Ho increases his position. Melco and 51.1%-held <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts (MLCO US)</a> are the two worst performing gaming stocks over the past year.</li>
<li>Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Melco International (200 HK) gains as Lawrence Ho increases his position. Melco and 51.1%-held Melco Resorts (MLCO US) are the two worst performing gaming stocks over the past year.
Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Melco Gains As Lawrence Ho Buys

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Wynn Macau Ltd

Macau

Wynn Macau, Limited develops, owns, and operates integrated destination casino resorts in Macau. The company's properties, including Wynn Macau and Wynn Palace, offer casino gaming, luxury hotel accommodations, diverse dining, high-end retail, and entertainment facilities. It was incorporated in 2009 and is headquartered in Macau.

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Wynn Macau (1128 HK)

BUY/SELL/HOLD: Hong Kong Stock Updates (August 6)

Low Vol and High Dividend factors outperformed the region during recent sell off. MGM i EBITDA exceeds pre-COVID levels. Weibo will benefit from...

David Mudd

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Results just out for Jardine Matheson, with a loss of $40m compared with a profit $556m and underlying profit is down 33%, all comparatives are...

Daniel Tabbush

Morning Views Asia: ENN Energy, ENN Natural Gas, Indofood CBP Sukses, West China Cement

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

StubWorld: Melco Gains As Lawrence Ho Buys

While it often pays to follows where the family invests, Melco is trading too tight for what is a simple holdco structure. If in, I'd unwind here....

David Blennerhassett

Morning Views Asia: Wynn Macau Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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