Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

Health and Happiness H&H International Holdings Ltd provides health care supplements. The Company offers pediatric nutritional and baby care products. Health and Happiness H&H International Holdings serves nutrition and wellness industries worldwide.

<ul>
<li>Here we introduce Modtris as a drastic approach to credit analysis.</li>
<li>Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.</li>
<li>Fair value of H&amp;H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.</li>
</ul>


Here we introduce Modtris as a drastic approach to credit analysis.
Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.
Fair value of H&amp;H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke</li>
<li>Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.</li>
<li>The downgrade follows Vanke's entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke
Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.
The downgrade follows Vanke's entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk


Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad</li>
<li>S&amp;P has affirmed the BBB- ratings on Genting Berhad and Genting Malaysia, as well as the BB+ ratings on Genting New York and Resorts World Las Vegas (RWLV).</li>
<li>The outlooks were revised to negative from stable.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad
S&amp;P has affirmed the BBB- ratings on Genting Berhad and Genting Malaysia, as well as the BB+ ratings on Genting New York and Resorts World Las Vegas (RWLV).
The outlooks were revised to negative from stable.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

<ul><li>Intuit, a key player in financial software, has delivered strong results in the first quarter of fiscal 2026.</li><li>The company reported an 18% increase in revenue, which highlights the momentum and robust growth strategy that Intuit is executing.</li><li>This growth can be attributed to its AI-driven platform, which has further enhanced customer experiences across consumer and business segments.</li></ul>

Intuit, a key player in financial software, has delivered strong results in the first quarter of fiscal 2026.The company reported an 18% increase in revenue, which highlights the momentum and robust growth strategy that Intuit is executing.This growth can be attributed to its AI-driven platform, which has further enhanced customer experiences across consumer and business segments.

Intuit: Inside Credit Karma + TurboTax—How This Integration Is Quietly Winning Market Share!

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.</li>
<li>Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.</li>
<li>The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.
Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.
The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).


Credit
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