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Road King Infrastructure

Road King Infrastructure Limited ("Road King") started off as a toll road operator but expanded into property development in 2004. The property segment is now the major revenue contributor. As of 31 December 2017, gross land bank stood at 8.33 mn sqm, primarily located in the Yangtze River Delta (51%) and Bohai Rim regions (22%). The toll road portfolio comprised 5 expressways of 340 km in Hebei, Hunan, Anhui, and Shanxi province as of 31 December 2017. The planned spin-off of Road King's toll road business has been put off, likely until at least 2019. Road King is listed on the Hong Kong Stock Exchange with a market capitalization of HKD 9.41 bn ($1.20 bn) as of 6 July 2018. Chairman Zen Wei Pao, William, the controlling shareholder of the company, holds 42.04% of the shares through the majority ownership of Wai Kee Holdings and another 2.76% personally. Hover Limited holds 27.00% and other financial institutions and the public hold 28.20%. Wai Kee Holdings has a well-established presence in the construction and infrastructure industries. Hover Limited is a subsidiary of Shenzhen Investment, a property developer in China largely owned by the Shenzhen government. (09 Jul 2018)

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Indonesia Property: 2019 Outlook

Sector Outlook: 04 Dec 2018, 5:19 AM ET - We take a look at the key drivers that would shape the course of Indonesian property heading into 2019. We provide the credit outlook for Indonesian property for 2019 and the recommendations for the individual companies.

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. 

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Site Visits: 21 Nov 2018, 5:01 AM ET - Shenzhen homes are extremely expensive.  The LTM Cost/Income multiple as of September 2018 was 43.2x (National average: 9.9x), indicating that new homes in Shenzhen are significantly less affordable than most places in China.

China Property Sector: PBOC’s Take On Sector

Sector Analysis: 09 Nov 2018, 3:12 AM ET - Is the China property sector risky in the eyes of the People's Bank of China ("PBOC")?

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.

Asia Weekly: Chinese Single-B Developers Sell Off

Asia Weekly: 26 Oct 2018, 3:47 AM ET - Chinese property developers underperformed this week with the single-B developers selling off the most. 9 out of the 10 worst performers were Chinese developers including single-B names such as Evergrande, China South City, and Fantasia. 
Focused

China Property Navigator 3Q18: Macros in Pictures

China Property Navigator: 12 Oct 2018, 4:04 AM ET - This report marks the end of our China Property Navigator 3Q18 series. Developers appear to be shifting their land bank expansion focus to out of China's top 40 cities.
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China Property Navigator 3Q18: Bond Supply

China Property Navigator: 11 Oct 2018, 3:23 AM ET - This report is part 4 of our 5-part 3Q18 China Property Navigator. The domestic public corporate bond market seems to be re-opening quietly. Supply risk from the China property sector is also expected to moderate in 4Q18.
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China Property Navigator 3Q18: Relative Ranking

China Property Navigator: 10 Oct 2018, 12:38 AM ET - This is the 3rd part of our 5-part 3Q18 China Property Navigator. We ranked the 13 Chinese developers under our full coverage and upgraded our recommendations on a number of bond issues.

China Property Navigator 3Q18: 1H18 Results Wrap

China Property Navigator: 09 Oct 2018, 3:54 AM ET - We summarize the LTM to 1H18 results of the Chinese developers under our coverage in this report and highlight broad trends in 1H18. This report is the 2nd part of a 5-part series.

China Property Navigator 3Q18: Housing Policies

China Property Navigator: 08 Oct 2018, 1:55 AM ET - Local governments continued fine-tuning existing housing policies for their respective cities in 3Q18. Tighter resale restrictions and HPRs were rolled out even at the county-level.

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. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.
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Road King Prelim 1H18: Improved & Broadly In Line

Earnings Note: 19 Aug 2018, 10:08 AM ET - Road King reported an improving set of 1H18 results compared to 1H17, in line with most of our expectations. We maintain our M/P recommendations on Road King 2019 & 2021, and U/P recommendations on Road King 7.95% and 7% perps. 

Asia Weekly: Trading Sideways

Asia Weekly: 10 Aug 2018, 3:46 AM ET - Asian $-bond spreads traded sideways this week after a swift rebound from the high in mid-July.  The BAML Asia ex-Japan $ investment grade index remained flat, while the high yield index tightened by 2 bp. 

Asia Credit Calendar: Week of 13 August 2018

Strategy Analysis: 10 Aug 2018, 12:20 AM ET - The National Bureau of Statistics of China will release its July monthly report on Real Estate Investment and Sales, and Monthly Home Price Indices for Top 70 Cities next week. The 1H18 earnings season begins for Chinese issuers.
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Asia Credit Calendar: Week of 6 August 2018

Strategy Analysis: 03 Aug 2018, 12:05 AM ET - CQS will be seeking partial summary judgement against China Shanshui Cement in New York court next week. Reliance Communications has scheduled a meeting to consider proposals relating to restructuring of its $300 mn 6.5% 2020.
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Road King: 25%-Stake Sale of Expressway Unit

Worth Watching: 02 Aug 2018, 6:17 AM ET - Road King Infrastructure ["Road King"; BB- (Stable)/ B1 (Stable)] announced that it had entered into an agreement to sell a 25%-stake in RKE to CVC Capital Partners for a total consideration of HKD 2 bn. RKE is a wholly-owned offshore en ..

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