Asia Credit Monday Morning Ideas: OW NAB tier-2; OW RWLVCA/GENTMK perps

研报英文原文证据摘录

Asia Credit Monday Morning Ideas: OW NAB tier-2; OW RWLVCA/GENTMK perps

(LF.LI) Yusuke Ikeda

Research Analyst

BofAS Japan

yusuke.ikeda@bofa.comOW RWLVCA/GENTMK perps; RWNYC slots a N-T catalyst

We upgraded RWLVCA'29/'30/'31 and GENTMK PerpC'31/'36 from MW to OW following Rachna Jain, CFA

their recent underperformance (Report: Updated view on Genting complex; upgrade Merrill Lynch (Singapore)

RWLVCA / GENTMK perps to OW). While we share market concerns around Genting’s rachna.jain2@bofa.com

elevated capex requirements amid limited earnings visibility across the group, the Suyang Lu Research Analyst

RWNYC regulatory dispute, and potential perpetual issuance, we believe these risks are Merrill Lynch (Hong Kong)

now well understood and largely reflected in valuations. In contrast, we see the planned suyang.lu@bofa.com

expansion of RWNYC's slot capacity from ~2,500 to ~4,000 in Jul'26 as an Di Miao, CFA Research Analyst

underappreciated near-term catalyst. Based on our assumptions of USD850-900 slot win Merrill Lynch (Hong Kong)

per unit per day and USD5.0-5.5k table-game GGR per table per day, RWNYC could dmiao@bofa.com

increase weekly GGR to USD33-35mn from USD27-30mn currently, implying FY26 GGR JingResearchPengAnalyst

of USD1.4 - 1.5bn. At this level, we expect rating agencies to remain on the sidelines and Merrill Lynch (Hong Kong)

jing.peng2@bofa.com

monitor EBITDA margin sustainability before considering any rating actions. Should

RWNYC's ramp-up exceed the market's currently muted expectations, we believe See Team Page for List of Analysts

RWLVCA bonds and GENTMK perps, which are now the widest trading bonds within the

Genting complex, offer the most upside. From a valuation perspective, RWLVCA bonds - NAB