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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.

Jain 1HFY19: Debt Increase Burdens Credit Metrics

Worth Watching: 14 Nov 2018, 3:51 AM ET - Jain 1HFY19 or Jain Irrigation (Bond Ratings: B+/ NR/ B+) financial metrics deteriorated due to a substantial increase in its debt. Jain's 1HFY19 revenues rose by 22% YoY to INR 39.6 bn in 1HFY19 (1HFY18: 32.8 bn), driven by a 19% growth in reta ..

Asia Credit Calendar: Week of 12 November 2018

Strategy Analysis: 08 Nov 2018, 11:01 PM ET - The earnings season continues next week, with Indian and Singapore-listed corporates, and Tencent releasing their 2QFY19/3Q18 results. Economic releases from China, India, Indonesia, South Korea, Thailand and the U.S are also due next week.

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. 

India Trip 2018: Itinerary

Announcement: 06 Sep 2018, 11:04 PM ET - Please contact us if you are keen to join the trip on 24-25 September 2018. We have scheduled meetings with Delhi International Airport, Vedanta, Glenmark Pharma, JSW Steel, Tata Steel and Jain Irrigation. 

Indon & India Corporates: Currency Risk

Worth Watching: 06 Sep 2018, 6:30 AM ET - Indon & India Corporates : Both INR and IDR are in another renewed bout of weakness against the $. $/INR recently breached 70 for the first time ever and is currently trading at 71.9. The $/IDR is just shy of the 15,000 mark, presently trading ..

Indian HY Corporates: Currency Risk

HY Note: 17 Aug 2018, 3:57 AM ET - $/INR has breached 70 for the first time ever. We summarise the foreign currency revenues and costs of Indian high yield issuers, as well as their foreign exchange hedging strategies and sensitivity to $/INR movements. 

HK/SG Conference 2018: Asia Strategy

Transcript: 30 Jul 2018, 3:57 AM ET - Falling knives and new opportunities. 

Asia Credit Calendar: Week of 30 July 2018

Strategy Analysis: 27 Jul 2018, 6:04 AM ET - Baidu will hold its 2Q18 earnings call next Wednesday, while Japanese banks Sumitomo Mitsui Banking Corp, Mizuho and MUFG will report their 1QFY19 earnings next week.

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.

Jain FY18: Enhanced Growth, But Debt Grows

Worth Watching: 04 Jun 2018, 1:41 PM ET - Jain FY18 : Jain Irrigation or Jain (Bond ratings: B+/ NR/ B+) FY18 revenues rose 17% year-on-year (YoY) to INR 79.5 bn, driven by 28% growth in the Hi-tech agri input products division on the back of strong growth in India as well as acquisiti ..

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. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Asia Corporate Recommendations: January 2018

Asia Corporate Recommendations: 01 Feb 2018, 3:37 AM ET - We raised our recommendations on Hongqiao 2018 and Beijing Capital Land 8.375% perp to Market perform, and lowered our recommendation on Indika 2023 to Market perform. We also lowered our recommendation on MIE 2018 to Market perform. 

Asia Credit Calendar: Week of 29 January

Strategy Analysis: 25 Jan 2018, 11:27 PM ET - 3QFY18 results season starts for the Indian corporates, Indian banks and Japanese banks (year ending 31 March). Alibaba will also announce its 3QFY18 result on Thursday.

Asia Corporate Recommendations: December 2017

Asia Corporate Recommendations: 02 Jan 2018, 2:45 AM ET - We raised our recommendations on Evergrande 7% 2020 and 6.25% 2021 to Market perform. We downgraded our recommendation on Road King 7% perpetuals to Underperform. We revise our recommendation on Indika 2023 to Market perform.

Jain Irrigation: Clarity Emerges on the Bond Drop

Worth Watching: 06 Dec 2017, 11:49 PM ET - Jain Irrigation or Jain (Bond ratings: B+/NR/B+) divulged further details on the insolvency petition filed against it in the Indian bankruptcy court. Its 2022 $ bond dropped ~3 points on 5 December though it has since climbed ~1.5 points and inc ..

Jain Irrigation: $ Bond Dropped 3 Points

Worth Watching: 05 Dec 2017, 11:50 PM ET - Jain Irrigation or Jain's 2022 $ bond dropped ~3 points yesterday on the back of market chatter that Jain's trade creditors have filed a lawsuit against it in the bankruptcy court (or National Company Law Tribunal). The company has not made any fo ..

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