1 June Watchlist 👀

 

Today we are watching…

1. Coty (#coty)

Kylie Jenner is an overachiever, but how much? The Instagram Influencer sold her make-up brand, Kylie Cosmetics, to Coty last year for a grand one-billion-dollars. However, Forbes has released a scathing piece claiming she showed the Securities and Exchange Commission (SEC) tax filings with “false numbers,” and she isn’t really worth the doe. It also dropped her as a billionaire its famous Forbes list. Investors in Coty sold-off aggressively on publication, around 13%. Forbes isn’t Buzzfeed; it doesn’t search for gossip on celebrities. The market isn’t treating Kylie as innocent until proven guilty, but it’s still early doors, and Coty approved the buyout of Kylie Cosmetics quoting great value-adding synergies. Buy the dip?

2. Melco Crown (#mlco-adr)

Melco is at the heart of the “Las Vegas of Asia,” Macau. It’s a gambling hub in Asia, a city-state technically belonging to China. It’s happy with that (unlike Hong Kong), but its economy is driven by only two things; casinos and malls. Gross domestic product (GDP) growth hasn’t dropped by the normal 4-6% as seen elsewhere in the world but by a whopping 48.7%. It’s down to tourism vanishing (visitor arrivals down 68.9%), and gaming revenues were dropping by 93.2% amid coronavirus lockdown. There’s no doubt about things returning to normal eventually, so the worst may already be over. That’s not how investors feel, as concerns about a second wave grip markets. How will this one play out?

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