In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in April 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on dev...
The Asia Trade Book for April 2025 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in March 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on dev...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
Melco Resorts and Entertainment's Q4/24 results remained soft, owing to a decline in the EBITDA margin, and despite GGR outperforming that of peers. In addition, the company's debt reduction and deleveraging continued to lag peers, as FCF generation was constrained by the soft earnings, ongoing share repurchases, as well as capex requirements (including for the development project in Sri Lanka).
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
In our inaugural Asia Monthly for 2025, we share our regional credit outlook for the year, with a focus on China, Macau, India and Indonesia. We also provide a review of 2024, in which we discuss the performance of major Asian credit indices and review UST curve movements for the year. In addition, we provide a recap of major news and macroeconomic releases in December 2024, summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well a...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in November 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
The Asia Trade Book for November 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in October 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
Downgrading Health Care to Underweight Our outlook remains bullish following the S&P 500's multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher. We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670. The prior two election years (2016 and 2020) saw 5% and 10% pullbacks, respectfully, during Septem...
A director at Melco Resorts & Entertainment Ltd sold 271,096 shares at 7.650USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
Risk Appetites Improving While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites. Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors; the fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls. Risk-On Signals. We are seei...
The independent financial analyst theScreener just awarded an improved star rating to MELCO RSTS.& ENTM.LTD. (US), active in the Gambling industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date January 4, 2022, the closin...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI Chi...
Growth Surging Relative to Value Note: This report is presented in an abbreviated format, as we are in production of our January US Macro Vision book. As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted below: • Price Trends Remain Bullish. Price trends for major indexes in the US (large-, mid-, and small-caps) and abroad (MSCI EM and EAFE) remain on bullish trajectories. • Internals are Healthy. Advance/dec...
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