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

Wynn Macau’s FY 2018 results were satisfactory, supported by y-o-y revenue and EBITDA growth of 16% and 28%, respectively. Positively, gaming volumes (especially from the mass-market segment) continued to grow. Financial metrics remain healthy, with Debt/EBITDA at 3.2x and EBIT/Interest at 5.1x. Liquidity remains strong. There was also a marginal improvement in Wynn Resorts’ standalone financial profile. The key risks remain: (1) aggressive cash distribution to shareholders, including to parent Wynn Resorts Ltd; and (2) significant capex or acquisition plans. Wynn Macau announced a marked increase in dividends, which we estimate will be funded with substantially all of the company’s FCF.

   Wynn Macau’s FY 2018 results were satisfactory, supported by y-o-y revenue and EBITDA growth of 16% and 28%, respectively. Positively, gaming volumes (especially from the mass-market segment) continued to grow.    Financial metrics remain healthy, with Debt/EBITDA at 3.2x and EBIT/Interest at 5.1x. Liquidity remains strong. There was also a marginal improvement in Wynn Resorts’ standalone financial profile.    The key risks remain: (1) aggressive cash distribution to shareholders, including to parent Wynn Resorts Ltd; and (2) significant capex or acquisition plans. Wynn Macau announced a marked increase in dividends, which we estimate will be funded with substantially all of the company’s FCF. 

Wynn Macau - Earnings Flash - FY 2018 Results - Lucror Analytics

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.

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. 

Lucror Analytics - Morning Views Asia - 29 Mar 2019

The Asia HY Trade Recommendations report for March includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for March includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We also review recent performance and prospects for the O&G issuers under our coverage.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

The Asia HY Trade Recommendations report for February includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for February includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

Hong Kong

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

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Wynn Macau Ltd (1128 HK)

Wynn Macau - Earnings Flash - FY 2018 Results - Lucror Analytics

Wynn Macau’s FY 2018 results were satisfactory, supported by y-o-y revenue and EBITDA growth of 16% and 28%, respectively. Positively, gaming...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 29 Mar 2019

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

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for March includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - Oil & Gas Overview - Lucror Analytics

In this month’s “In-Focus” section, we look at key developments in the global oil & gas markets in 2018 and consider the 2019 outlook. We...

Lucror Analytics

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for February includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

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