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361 Degrees

361 Degrees was founded in 2003. The company has nearly 6,000 retail stores covering 31 provinces in China. 361 Degrees listed on the Hong Kong Stock Exchange in 2009. It had a market capitalisation of HKD 4.7 bn as at 31 August 2018. 361's management and family own 64% of the company. As at 30 June 2018, 361's shareholders included President Ding Wuhao (16.46%) via Dings International, Mr Ding Wuhao's brother-in-law and 361's chairman Ding Huihuang (15.67%) via Ming Rong international, Mr Ding Wuhao's brother-in-law and Mr Ding Huihuang's brother Ding Huirong (15.67%) via Hui Rong International and 361's vice president Mr Wang Jiabi (8.16%) via Jia Wei international and Mr Wang Jiabi's brother Wang Jiachen (8.16%) via Jia Chen International. (24 Sep 2018)

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Asia Credit Calendar: Week of 17 December 2018

Strategy Analysis: 13 Dec 2018, 10:58 PM ET - China's Central Economic Work Conference will begin on Tuesday. The Chinese sportswear maker 361 Degrees will hold 2019 Fall/Winter Trade Fair on Tuesday in Wuli Industrial Park in Jinjiang city, Fujian province. 
Focused

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 
Focused

361 Degrees: Selling 15% of Kids Business

Worth Watching: 12 Nov 2018, 3:46 AM ET - 361 Degrees  (361, NR/BB/BB) announced on Friday that it will sell 14.93% of Zhuji 361 Degrees (Zhuji) for RMB 500 mn through a share subscription. Zhuji is a PRC entity that was only established in September 2018, but will become the holding c ..
Focused

361 Degrees Meeting Notes: Battle of the Brands

Company Meetings: 09 Nov 2018, 4:46 AM ET - The Chinese sportswear maker painted a cautious tone, warning of the impact of trade tensions, fierce competition from foreign brands and a potential cut to full-year guidance. 

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.
Focused

Chinese Industrials: Currency Risk

Strategy Analysis: 26 Oct 2018, 3:02 AM ET - Almost all of the Chinese industrials we follow suffered FX losses in 1H18. We look at the breakdown of their debt, revenues, costs and cash by currency, as well as their existing hedging policies and currency sensitivity analysis. 

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 
Focused

361 Degrees 1H18: Discount Shoes

Earnings Note: 24 Aug 2018, 12:38 AM ET - The Chinese sportswear maker cut its wholesale selling prices in order to drive sales volumes. Nearly three quarters of its stores are located in Tier-3 and below cities, where consumers tend to be more price-sensitive. 

Asia Credit Calendar: Week of 20 August 2018

Strategy Analysis: 17 Aug 2018, 2:36 AM ET - The 1H18 earning season continues for Chinese issuers. 13 Chinese property developers, 4 Chinese industrial companies and 4 Chinese financial institutions will release results next week.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.
Focused

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Asia Credit Calendar: Week of 18th June 2018

Strategy Analysis: 14 Jun 2018, 1:05 AM ET - 361 Degrees International will be holding its 2019 Spring Trade Fair next week. Honghua Group will be holding its Annual General Meeting next Thursday. 
Focused

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

Asia High Yield Snapshot: 2017 Full Year Edition

Asia High Yield Snapshot: 30 May 2018, 11:05 PM ET - Credit quality remains broadly healthy, although we see mixed trends ahead. We maintain our defensive stance towards Asian high yield. 

Asian Corporates: Post-Results Report Cards

Earnings Note: 04 May 2018, 3:55 AM ET - We take stock of FY17 and 1Q18 results season and update our outlooks for 35 companies in FY18. 

Asia Corporate Recommendations: May 2018

Asia Corporate Recommendations: 02 May 2018, 5:42 AM ET - Last month's changes include Baidu 2019 and 2020 (Outperform), Jimao 2022 (Market perform), rest of Jinmao $ complex (Underperform), Yanlord 2022 (Outperform) and Lippo 2026 (Underperform). 

Asia Credit Calendar: Week of 23 April 2018

Strategy Analysis: 19 Apr 2018, 11:33 PM ET - Chinese corporates start to release 1Q18 results. They include Anton Oilfield, China Aluminium Corp, Baidu, Dr Peng Telecom, China Grand Automotive and PetroChina.
Focused

361 Degrees: Winter Trade Fair and Site Visit

Site Visits: 05 Apr 2018, 5:33 AM ET - We toured 361's production, research and staff facilities last month and watched distributors placing orders for 361's Winter 2018 collection during its trade fair. We also went shopping in Jinjiang City to check out the competition. 

Asia Corporate Recommendations: April 2018

Asia Corporate Recommendations: 03 Apr 2018, 5:49 AM ET - We initiate on the new Baidu 2023 and 2028 with Underperform recommendations, on the new Lenovo 2023 with a Market perform recommendation and on Agile 6.875% perpetual with an Outperform recommendation. 

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