THE M3: LVS PENALIZED BY SAFE; SO SELLS SHARES; MORE IMPORTED WORKERS; CHINA DATA; HENGQIN

The Macau Metro Monitor, November 10th, 2010

 

LAS VEGAS SANDS: NOTIFIED BY CHINA SAFE OF PRELIMINARY PENALTY OF CNY10.8MLN WSJ

LVS said the State Administration of Foreign Exchange (SAFE) issued a preliminary penalty of US $1.63MM against one of LVS's wholly-owned foreign enterprises in China.  The enterprises "were established to conduct non-gaming marketing activities in China and to create goodwill in China and Macau for the company's operations in Macau."   As disclosed in its 2008 annual report, SAFE had made inquiries and obtained documents relating to payments made by company-owned foreign enterprises to counterparties and other vendors in China.  Also, in its latest 10Q, LVS said that SAFE's decision will become final unless contested.

 

AMBROSE SO SELLING SHARES IN SJM macaubusiness.com

SJM CEO Ambrose So and Executive Director Ng Chi Sing are selling 67MM shares.  They are selling the shares in a price range of HK$11.75-HK$12.25 each, in a deal bookrun by Deutsche Bank AG.


IMPORTED WORKERS CONTINUE TO RISE macaubusiness.com

In September 2010, the total number of non-resident workers in Macau stood at 74,525, up by 806 people MoM.

 

CHINA'S HOME PRICES GROW AT SLOWEST PACE IN 10 MONTHS Xinhua News, BusinessWeek

October home prices in 70 cities climbed 8.6% YoY--the lowest YoY increase this year--and 0.2% MoM.  This missed estimates of 8.9% growth.  Property sales volume dropped 11.2% MoM.


PBOC: TO RAISE RESERVE REQUIREMENT RATIO 50 BPs TUESDAY WSJ

China's central bank said it will raise banks' reserve requirement ratio by 50 bps from Nov 16, the fourth such hike this year.

 

HENGQIN BORDER TARGETING 24-HOUR CROSSING Macau Daily Times, macaubusiness.com

According to Macau govt spokesperson Alexis Tam Chon Weng, The Central Government’s approval of round the clock immigration clearance at the Hengqin checkpoint is expected to be obtained by early 2011.   “Everything is ready right now except the permission from the Central Government,” said Tam.  Expectations are that the scheme will later be extended to the Barrier Gate border.


Did the US Economy Just “Collapse”? "Worst Personal Spending Since 2009"?

This is a brief note written by Hedgeye U.S. Macro analyst Christian Drake on 4/28 dispelling media reporting that “US GDP collapses to 0.7%, the lowest number in three years with the worst personal spending since 2009.”

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7 Tweets Summing Up What You Need to Know About Today's GDP Report

"There's a tremendous opportunity to educate people in our profession on how GDP is stated and projected," Hedgeye CEO Keith McCullough wrote today. Here's everything you need to know about today's GDP report.

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Cartoon of the Day: Crash Test Bear

In the past six months, U.S. stock indices are up between +12% and +18%.

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GOLD: A Deep Dive on What’s Next with a Top Commodities Strategist

“If you saved in gold over the past 20 to 25 years rather than any currency anywhere in the world, gold has outperformed all these currencies,” says Stefan Wieler, Vice President of Goldmoney in this edition of Real Conversations.

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Exact Sciences Up +24% This Week... What's Next? | $EXAS

We remain long Exact Sciences in the Hedgeye Healthcare Position Monitor.

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Inside the Atlanta Fed's Flawed GDP Tracker

"The Atlanta Fed’s GDPNowcast model, while useful at amalgamating investor consensus on one singular GDP estimate for any given quarter, is certainly not the end-all-be-all of forecasting U.S. GDP," writes Hedgeye Senior Macro analyst Darius Dale.

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Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

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People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

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UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

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Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

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Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

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An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

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