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Tencent 3Q18: Playing by the Rules

Earnings Note: 15 Nov 2018, 12:26 AM ET - Management stated that there was little update from the government on the games approval process, which has stalled this year. This was disappointing, but not a surprise. The company maintained a healthy credit profile in 3Q nonetheless. 
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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: 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.

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. 
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Tencent: "Green Channel" Games Approvals Halted

Worth Watching: 24 Oct 2018, 4:30 AM ET - Tencent (A1/A+/A+).  China has halted the "green channel" approval process for game licences, according to press reports. The government introduced this process recently to allow a one-month monetisation testing of new games, after it began res ..
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Tencent: Further Delays for Game Approvals

Worth Watching: 15 Oct 2018, 3:19 AM ET - Tencent (A1/A+), along with other video games companies in China, could suffer from further delays in regulatory approvals for new games. According to the press, the delay on approvals could continue until next year. Regulators stopped approvin ..
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Tencent: Tencent Music Entertainment Files for IPO

Worth Watching: 03 Oct 2018, 12:22 AM ET - Tencent  (A1/A+) has submitted an SEC filing for a $1 bn IPO of its music-streaming site Tencent Music Entertainment Group (Tencent Music). Press reports had speculated about the spin-off for some time, so the news does not come as a surprise. It ..

Asia Credit: New York City Investor Meetings

Strategy Analysis: 03 Oct 2018, 12:13 AM ET - Our Asia corporate analysts spent two days meeting investors in New York earlier this month. We met a mix of investor types, including US and non-US based asset managers, investment advisers, investment banks, hedge funds and private banks.

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. 
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Tencent: Corporate Restructuring

Worth Watching: 01 Oct 2018, 3:07 AM ET - Tencent (A1/A+) announced a restructuring plan over the weekend. The Chinese tech company will streamline its number of business units from 7 to 6. It will also set up a technical committee to focus on research and development and increase inves ..

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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Tencent 2Q18: Unable and Unwilling to Monetize

Earnings Note: 16 Aug 2018, 4:15 AM ET - Tencent has been unable to monetize some of its biggest mobile games in China due to a freeze in game monetization approvals in China. Management has also expressed its unwillingness to increase monetization of its social network platforms.

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.

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.

Asia IG News: Alibaba, Sino-Ocean Land, NongHyup

Worth Watching: 23 Jul 2018, 6:37 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: Megvii Inc, a Chinese Artificial Intelligence (AI) start-up, successfully raised about $600 mn from investors such as Alibaba Group. Sino-Ocean Land Treasure IV Limit ..
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Asia IG News: Tencent, Xiaomi, KHNP, Shinhan

Worth Watching: 18 Jul 2018, 5:41 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: Pinduoduo Inc, a Chinese e-commerce operator backed by Tencent, intends to raise as much as $1.6 bn in its U.S. initial price offering. Chinese technology giant Xiaom ..

Asian Corporates: Refinancing Risk

Strategy Analysis: 17 Jul 2018, 3:21 AM ET - The primary $ bond markets are not shut, but high yield corporates are finding it hard to launch new deals in these markets. We highlight some Asian corporates that we would monitor for liquidity pressure over the coming months.
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Asia IG News: Tencent, Alibaba, NongHyup

Worth Watching: 16 Jul 2018, 6:22 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: China reported a GDP growth rate of 6.7% for 2Q18, the lowest since 2016, on the back of an aggressive deleveraging campaign which curtailed investment in infrastruct ..
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Tencent & Alibaba: 100% Reserve Funds Ratio

Worth Watching: 15 Jul 2018, 11:22 PM ET - Tencent & Alibaba (Tencent, A+/A1/A+; Alibaba, A+/A1/A+). The People's Bank of China (PBOC) confirmed late last month that the reserve funds ratio for payment companies will be raised to 100% by January 2019. This will mean that payment firms will ..

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